Financing Program for Tourism Projects
Program Title: Financing Program for Tourism Projects
Program Objectives:
- To provide long-term financing to SSS members engaged in tourism projects through the SSS accredited conduit banks / participating financial institutions (PFIs) as a means of spurring economic growth and regional development;
- To contribute to the government's program of generating more employment opportunities especially in the countryside; and
- To contribute to the country's foreign exchange earnings.
Eligible Borrowers:
- New or Existing enterprises engaged in tourism business;
- At least 60% Filipino-owned;
- Must have a track record, experience and training on the project being proposed;
- Must have debt-to-equity ratio of not more than 75:25 before and after financing; and
- Must be an SSS member of good standing
Loan Purposes:
- Site development;
- Enhancement of existing facilities;
- Construction of building e.g. resort cottages;
- Acquisition of machinery and equipment, furniture, furnishings and fixtures; and
- Acquisition of land.
Terms/Requirements:
Amount: Depends on the requirements of the project/business but not to exceed P150.0 million.
For land acquisition, the loanable amount is up to 40% of its cost but not to exceed 40% of SSS loan.
Interest Rates : Subject to review every five years
| Borrower | To PFI | To End-User |
| 1-3 years over 3-5 years over 5-10 years |
9% 10% 11% |
13% 14% 15% |
Maturity / Repayment Maximum of ten (10) years, in equal monthly, quarterly or semi-annual payments, including a grace period on the repayment of principal of not more than three (3) years.
Security: Real Estate/Chattel Mortgage and other collaterals acceptable to the PFIs.
Contact Details:
Social Security System (SSS)
Institutional Loans Department (ILD)
SSS Building, East Avenue, Diliman, Quezon City
Phone: (02) 927.8249, 920-6401 locals 5115 or 5118
Email: marquezls@sss.gov.phh
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September 8th, 2009 - 15:25
I would like to make inquiry about the tourism financing project loan. I am currently constructing a 28 room resort in Boracay. The land is fully titled.What are your requirements to avail the loan?
JOVEN
November 1st, 2009 - 17:51
Joven Antolin
I am engaged in the preparation of Feasibility Studies in any industry related projects. One of the priority documents required by a financing instition is Feasibility Study of the proposed project or existing projects. The Feasibility Study will determine the viability of the project showing the profitability indicators, technical analysis, market analysis, financial analysis.
If you are interested I may package the documents and requirements needed in availing your loan.
Thank you.
Dario Quitan
cell no. 09085946641/09277922945
November 10th, 2009 - 21:35
Amr Ismail
If you have real estate collaterals you can avail fundings from your financing institutions such as banks or government financing institutions in your country. But the basic requirement is a project proposal in the form of feasibility study. if you are interested I can packaged a feasiboility study of your tourism project and you can use it with your collateral to avail funding for your project.
You can contact me at dcquitan@yahoo.com
Dario Quitan
December 30th, 2009 - 11:05
Good day:
I and my husband have been wanting to have a business of our own. We are both professors of a university in Cebu City but have worked in the tourism and hotel industry before joining the academe. Since my husband has an extensive knowledge in running a hotel, we thought of renting a pension house facility and run it ourselves. Is it possible for us to avail of loan grants? How can we avail of it?
Hope you can help us. Thanks
Evelyn
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