With an upcoming assistance from the Department of Science and Technology-Technology Application and Promotion Institute via the Department’s Venture Financing Program, entrepreneur Pawel P. Rafael, owner and manager of Millennium Toolings and Fabrication Services (MTFS), hopes to make a crack in his field of business.
Rafael’s hope is hinged on his recent signing of a memorandum of agreement with DOST-TAPI and DOST-CALABARZON early this month for the implementation of the Venture Financing Program that will provide his firm a financial assistance worth PhP 1,850,000 for the acquisition of a laser marking equipment.
The DOST-TAPI Venture Financing Program, primarily catering to micro, small and medium enterprises, provides funding to start-up and technology-based projects to hasten the commercialization of new and emerging technologies and inventions.
The Calamba, Laguna-based MTFS is involved in the manufacture of precision and semi-precision components for semiconductors, electronics, laboratories, and automotive parts and components among others. The laser marking equipment upgrade is expected to increase production capacity of the MTFS by at least 20 percent by doing away with manual marking.
According to the agreement, MTFS will repay the financial assistance to TAPI, interest-free, for a specified time period.
Prior to receiving assistance via the Venture Financing Program, MTFS is also a beneficiary of TAPI’s Consultancy for Agricultural and Manufacturing Productivity Improvement (CAMPI) Program. The purchase of laser marking equipment was in fact, one of the recommendations of the consultant tapped by TAPI under CAMPI.
DOST-TAPI Director Engr. Edgar I. Garcia congratulates Pawel P. Rafael and his wife Marlene, owners of the Millennium Toolings and Fabrication Services, as they received financial assistance via the Venture Financing Program. With them is DOST-CALABARZON Regional Director Alexander R. Madrigal. (S&T Media Service)