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DOLE eyeing P20-B subsidy for MSMEs

/ 10:37 AM June 04, 2020

Workers at a medicine factory in the Philippines (AFP FILE PHOTO)

MANILA, Philippines — The Department of Labor and Employment will need around P20 billion to fund its proposed cash subsidy program for micro, small, and medium enterprises (MSMEs) and prevent more job losses amid the coronavirus disease 2019 (COVIOD-19) pandemic.

Labor Secretary Silvestre Bello III  on Thursday said that under the proposal, DOLE will subsidize 25 to 50 percent of the salary of MSME workrs.

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“‘Yung worst case scenario, ang pwede namin isagot ay we are proposing na magkaroon ng cash subsidy sa employers. Ang employers ang bibigyan namin ng subsidy (In a worst case scenario, we are proposing to provide cash subsidy for employers. The employers will be the ones to receive the cash subsidy),” he said in an interview on ABS-CBN’s Teleradyo.

“Ang estimate natin para dyan, mga P20 b[illion fund]  (We estimate that we will need a P20 billion),” he added.

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Bello shared that DOLE asked Congress that the fund for the stimulus program for employers be included in the proposed Bayanihan to Recover as One Act (Bayanihan 2).

Earlier, the labor chief said DOLE estimates that around four to five million workers will lose their jobs as businesses grapple with the pandemic.

So far, around 1.9 million workers have been affected by the temporary closure of businesses due to the pandemic, according to Bello.

RELATED STORIES:
 
DTI: Over half of MSMEs in PH fully stopped operations due to virus outbreak
MSMEs start reeling from COVID-19 fallout

Gov’t to guarantee P 120-B MSME loans

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TAGS: Coronavirus, coronavirus disease, COVID-19, DOLE, Silvestre Bello, Unemployment
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