SETUP clients of the Department of Science and Technology now have another opportunity to enhance further their businesses with Development Bank of the Philippines’ DBP-BEST Program. To promote this great news, the DOST-Surigao del Sur, headed by PSTD Caressa Leanne Lim, conducted the “DOST-SETUP and DBP-BEST Forum in Surigao del Sur” which was held in 2 separate venues: Tandag and Bislig Cities on December 1 and 8, 2016, respectively. A total of 82 persons who participated, 41 in each city, learned this great news first-hand from DBP’s Assistant Vice-President Maria Ana Visitacion M. Domingo and DBP-Tandag Manager Frankline L. Tabo.
DBP Bankability Enhancement for SETUP Technopreneurs (DBP-BEST) provides complementary credit facilities and other banking services to eligible and qualified SETUP technopreneurs. Specifically, techopreneurs can loan an amount up to 90% of the project cost with a minimum loan amount of P300,000.00 which can be used as working capital and capital expenditures (building construction, plant/project expansion, fixed asset/equipment acquisition) at minimum equity of 10% from borrower.
The DOST-SETUP cannot provide MSMEs with funds for working capital and capital expenditures. It only can provide financial assistance for MSMEs to adopt technological innovations to improve operations in order to boost productivity and competitiveness. Thus, DBP-BEST complements what DOST-SETUP cannot provide to SETUP technopreneurs.
The objectives of DOST-SETUP and DBP-BEST program are:
- To harness the potential and improve the capabilities of SETUP Technopreneurs through infusion of new/advanced technologies, technological trainings, technical consultancy and other S&T services to improve operations as catalyst for job creation and local economic development;
- To contribute towards an improved standard of living through the financing and support of SETUP Technopreneurs’ entrepreneurial activities;
- To enhance the bankability of SETUP Technopreneurs.
The above objectives of DBP-BEST and DOST-SETUP are aligned to the Philippines’ Ambisyon Natin 2040. According to Ms. Jazmin “Coco” D. Berido of NEDA-Caraga, in her presentation of Ambisyon Natin 2040 on December 8, 2016 during DOST-SETUP and DBP-BEST Forum in Bislig City, that Filipinos desire to live a simple and comfortable life: to have enough earnings to support everyday needs, to have a medium-sized home, to own at least one car/vehicle, have the capacity to provide college education to children, to be able to go on local trips for vacation.