CEBU CITY, Feb. 9 (PNA) — The Department of Science and Technology (DOST) has allotted Php45 million for the upgrading of the machinery and equipment of small local enterprises, an official said.
Jesus F. Zamora Jr., DOST 7 assistant director for technical operations said, said the fund is part of the agency’s Small Enterprise Technology Upgrading Program (Set Up) allocation for 2015.
The same amount was allocated to DOST 7 under the program last year, which benefited 40 enterprises in Central Visayas.
The entire amount was fully used last year, according to Zamora.
“This year, we hope to have 50 enterprises to benefit from the funding,” he said.
Under Set Up, enterprises can avail themselves of funds from Php50,000 to Php7 million or even higher, based on the technology requirement of the company and DOST’s assessment.
Zamora said borrowers will only have to return the amount borrowed to DOST within five years, at no interest.
“We feel that for companies to be competitive they need to upgrade, instead of starting another one,” Zamora said.
He said the priority sectors in Central Visayas under Set Up include food processing, furniture, gifts, toys, houseware, fashion aquaculture and horticulture. (PNA)