The government is ready to offer loan scheme to Grab driver-partners as part of the loan program being offered to micro and small businesses who has been badly affected by enhanced community quarantine due to the outbreak of Severe Acute Respiratory Syndrome-CoronaVirus (SARS-COV).
In a GMA News Online report, Department of Trade and Industry (DTI) Secretary Mon Lopez explained that the loan intended for micro businesses can go as low as P5,000 up to P200,000.
On the other hand, small businesses can borrow from P200,000 to P500,000.
The report noted that the loan is payable in two to three years time, with a monthly 0.5 percent monthly interest.
Further the report stated that the payment will not be collected for the first three to six months—depending on the loan amount.
"This loan is for micro and small business, including those who bought a car on loan for Grab services. Ang micro and small businesses, zero to P3 million ang asset. Ito iyong mga tindahan, carinderia," Lopez was quoted as saying, adding that those included in small businesses has P3-million worth of assets.
For their part, Grab expressed gratitude over the assistance that the government extended to their driver-partners.
" Our government relations team is still awaiting for the full details of the DTI Loan but we are very thankful for the assistance that DTI is willing to provide for our thousands of driver partners especially during these trying times."
Right now, Grab has utilized its driver-partners provided free, 24-hour transportation service for healthcare workers.
Aside from that, volunteer driver-partners are receiving a minimum daily income of PhP 550 for 8 hours of service and a PhP 300 in gas vouchers sponsored by oil firms.
Around 100 GrabBayanihan Cars have been initially alloted—with official approval from the IATF.