Gov't opens soft loans to MSMEs for 13th month pay of workers | Inquirer News
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Gov’t opens soft loans to MSMEs for 13th month pay of workers

/ 03:55 PM October 18, 2021
A worker wearing a face mask fixes a decoration shaped like the Eiffel tower next to others displayed for sale on a road in San Fernando, Pampanga province on October 6, 2020. (Photo by Ted ALJIBE / AFP); Christmas lights, MSMEs, small and medium enterprise

A worker wearing a face mask fixes a decoration shaped like the Eiffel tower next to others displayed for sale on a road in San Fernando, Pampanga province on October 6, 2020. (Photo by Ted ALJIBE / AFP)

MANILA, Philippines — Micro, small, and medium enterprises (MSMEs) may now apply for soft loans from government to enable employers to provide for their employees’ 13th month pay, Labor Secretary Silvestre Bello III said on Monday.

During the Department of Labor and Employment (DOLE) briefing, Bello was asked if MSMEs could already apply for the soft loans from the Department of Trade and Industry’s Small Business Corporation.

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“Pwede na. Mayroong in-allot si [Trade] Secretary [Ramon] Lopez na amount. Ayaw ko lang banggitin kung magkano kasi kay Secretary Lopez ‘yan,” Bello said.

(They may already apply. Secretary Lopez has allotted a certain amount. I do not want to say how much.)

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Bello lamented that business owners are still struggling amid the lockdowns imposed to curb the COVID-19 pandemic, resulting in income losses. Hence, these loans would help employers have a little financial leeway to provide for their employees’ benefits.

Soft loan ito. Pwedeng umutang ‘yung mga employers natin from the micro enterprises. Meaning, ‘yung mga businesses na with employees of maximum of 10 or less na makautang sila and walang interest,” Bello said.

(This is a soft loan. Employers from micro-enterprises may borrow money. Meaning, those businesses with employees that have a maximum of 10 or less, can avail of the loan without interest.)

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TAGS: 13th month pay, businesses, Department of Labor and Employment, DOLE, MSME, soft loans
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