Tuesday, November 30, 2021

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DTI To Offer Loan To Small Biz For 13th Month Pay Of Workers

DTI To Offer Loan To Small Biz For 13th Month Pay Of Workers

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Small Business (SB) Corp., the financing arm of the Department of Trade and Industry (DTI), is readying a loan program to help micro and small businesses provide employees with their 13th month pay.

“Similar to what we did last year, we see no reason to defer the 13th month pay for this year as the government stands ready to support businesses amid the pandemic. We already reached out to SB Corp. to develop a facility that will provide zero-interest loans to companies needing 13th month funding,” DTI Secretary Ramon Lopez said in a statement Tuesday.

Lopez said SB Corp. is expecting that loan amount will range between PHP50,000 to PHP200,000 to cover 13th month pay for employees of these enterprises.

The budget for this new lending facility will come from the remaining allocation under Bayanihan 2 given to DTI for its Covid-19 Assistance to Restart Enterprises (CARES) loan program.

Some PHP8 billion were allotted to continue the implementation of the zero-interest loan initiated by DTI.

But the DTI chief believes that business continuity is the key to help enterprises thrive amid the pandemic.

Lopez earlier pushed for opening of businesses at all alert levels and only adjusting the operating capacities.

“This will be a shift from the open-close-open-close system at different lockdown levels and will bring back more economic activities and jobs. This strategy will also bring better chances of meeting financial obligations as we advance the country’s vaccination rollout and move closer to a ‘new normal’,” he said.

He added this is possible in Metro Manila that has reached vaccination level at 80 percent. (PNA)

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Spotlight

Mindanao, Steps Ahead In Transport Modernization Thru Bajaj Three-Wheelers

LOOK: Bajaj RE was the first Bajaj three-wheeler well-loved by the Mindanaoans now perfectly used as pampasada.

Crab Mentality? Megawide-GMR And The Mactan Cebu International Airport Saga

Curiouser and curiouser… Looks like the case against Megawide has taken on an interesting turn as questions are now being raised regarding the bypass of due process in the unjust indictment of the conglomerate. Read it here:

Nestlé Philippines Named Among Top Workplaces In Asia At The ACES Awards 2021

Nestlé Philippines was recently named as one of the top workplaces in Asia by the Asia Corporate Excellence & Sustainability (ACES) Awards!

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Are the allegations towards Megawide true or are big businesses just trying to put down potential competition? Read about the curious case here.

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