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 鈥� Micro, small, and medium enterprises (MSMEs) may now apply for soft loans from government to enable employers to provide for their employees鈥� 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鈥檚 Small Business Corporation.
鈥淧wede na. Mayroong in-allot si [Trade] Secretary [Ramon] Lopez na amount. Ayaw ko lang banggitin kung magkano kasi kay Secretary Lopez 鈥榶an,鈥� Bello said.
(They may already apply. Secretary Lopez has allotted a certain amount. I do not want to say how much.)
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鈥� benefits.
鈥�Soft loan ito. Pwedeng umutang 鈥榶ung mga employers natin from the micro enterprises. Meaning, 鈥榶ung mga businesses na with employees of maximum of 10 or less na makautang sila and walang interest,鈥� 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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