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Gov’t looks into Php 4 billion funds for MSMEs to provide 13th month pay

Labor and Employment Sec. Silvestre Bello III (Photo from the Philippine Information Agency)

Labor and Employment Sec. Silvestre Bello III said that the Department of Trade and Industry (DTI) – Small Business Corporation (SB Corp.) can provide loans so that micro, small, and medium enterprises (MSMEs) can give 13th month pay to their employees.

Bello revealed on Monday, October 19, that DTI Sec. Ramon Lopez informed the former that SB Corp. has Php 4 billion worth of available funds which the government-owned corporation can loan to MSMEs.

Meron siyang Php 10 billion. Yung Php 6 billion na iyan ay para sa tourism. Ibig sabihin, yung Php 4 billion pwede ng ipahiram” Bello said during DZRH’s Dos Por Dos.

The Department of Labor and Employment (DOLE) chief also mentioned that the Bankers Association of the Philippines, and the Rural Bankers Association of the Philippines plan to provide soft loans for MSMEs.

Ang daming bangko and they are willing to lend, sabi nila, soft loans,” Bello stressed.

Through Labor Advisory No. 28, Bello told all private sector employers to provide 13th month pay to all their rank-and-file employees  on or before December 24.

Bello said that DOLE shall not accept or allow any request or application for exemption from payment or deferment of 13th month pay amidst the 2019 Coronavirus Disease (COVID-19) pandemic.

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