The business sector in Marikina City lost P1 billion in destroyed properties during the onslaught of tropical storm “Ondoy” last September which also affected 80 percent of the city’s residents, the Marikina Valley Chamber of Commerce and Industry (MVCCI) reported on Thursday.

The group said the Marikina shoe industry badly needs support from the Philippine Chamber of Commerce and Industry (PCCI).

In his letter to PCCI President Edgardo G. Lacson, Jose B. Tayawa, president of the MVCCI, requested for support to rehabilitate the Marikina Shoe Caravan, one of the registered business groups in the city.

Tayawa said the Marikina Shoe Caravan is composed of small, often family-owned shoe factories. Most of their raw materials for shoes were bought on loan, in advance, to prepare for the bulk of Christmas orders. The flood damaged most, if not all, of their raw materials. In addition, most of the ready-made shoes for delivery to distributors eventually became damaged goods.

“If these entrepreneurs lose hope, move out, or one by one close their businesses, how will Marikina regain its identity without its shoemakers? This would be a loss not just to the business industry, but more so, to our city’s culture as well,” Tayawa said.

The MVCCI asked the PCCI to grant P50,000 to P100,000 soft loans to at least 30 individual businesses that are MVCCI-registered.

These loans will be payable with a 6-9 percent interest per annum, with a grace period of six months, and a two-year repayment period.

The MVCCI said it will actively assist in the screening process of loan applicants, as well as in the information dissemination of the rehabilitation program.

It will also ensure that there is proper profiling and damage assessment of the affected applicants.

The MVCCI said it is confident that Marikina’s business sector, especially the shoe industry, would regain its vibrancy in due time.