MANILA CITY GIVES P5-K CAPITAL TO THOUSANDS OF RESIDENTS
MANILA CITY – The Manila City government has extended capital assistance to thousands of residents in a bid to improve their livelihood.
Each beneficiary receives P5,000 worth of financial assistance under the local government’s Capital Assistance Program which, according to Manila City Mayor Joseph Estrada, would help lift people from poverty.
Under this program, each indigent beneficiary will be given a cash loan which they can use to open a business.
No interest will be charged for taking the loan. Those with good standing can borrower a larger amount of money to grow their business.
“It is not enough to give them fish, you also teach them how to fish," Estrada said, adding the local government holds seminars at teach-in sessions to educate beneficiaries on financial literacy and how to start a business.
Earlier, Chinese Ambassador to the Philippines Zhao Jianhua and Estrada Chinese government inspected 50 units of electric motorcycles which the Chinese government to the Manila Police District during the latter’s 118th founding anniversary.