More than 1.5M employees of MSMEs get wage subsidy — DOF

MANILA, Philippines — More than 1.5 million employees of micro, small and medium enterprises (MSMEs) have received the first tranche of wage subsidy to help them cope with the economic effects of the coronavirus quarantine,  the Department of Finance said Saturday.

“’Yung target number ng beneficiaries natin ay nasa 3.4 million. Mula kahapon, tumaas na po more than 1.5 million ang na-credit na po ang kanilang account whether its a bank account or e-wallet account or through remittance center,” Finance Assistant Secretary and spokesperson Antonio Joselito G. Lambino II said during the Laging Handa press briefing when asked about updates of its Small Business Wage Subsidy (SBWS) Program.

“The target number of beneficiaries is at 3.4 million,” said Finance Assistant Secretary and spokesperson Antonio Joselito G. Lambino II during the Laging Handa press briefing on Saturday.

As of Friday, more than 1.5 million workers have already received their cash assistance through the banks, e-wallets, or remittance centers, Lambino said when asked about updates on the Small Business Wage Subsidy (SBWS) Program.

The government is implementing the SBWS to provide wage subsidy for two months to workers of affected small businesses to ensure their continued employment during the enhanced community quarantine period.

Under the SBWS, the government through the Social Security System will provide a wage subsidy amounting to  P5,000 up to P8,000 depending on the minimum wage of the qualified employee.

Lambino said a strict validation process is being undertaken to ensure that only qualified employees will receive government’s wage subsidy.