The Department of Trade and Industry (DTI) has offered to loan out P4 billion to help micro and small enterprises give the 13th month pay of their workers, using the money its attached agency would receive under the latest Bayanihan 2 law.
Trade and Industry Secretary Ramon Lopez said in a Viber message to reporters on Tuesday that the money would come from the P10 billion allotted by the Bayanihan to Recover As One Act, with the remaining P6 billion going to tourism businesses.
Labor Secretary Silvestre Bello III first mentioned this during a Malacañang press briefing on the same day, noting that he had received a letter from Lopez that said the agency was “willing to share about P4 billion.”
Bello said the labor department estimated the loan program would need P3.5 billion, but noted that the Philippine Statistics Authority estimated an even higher cost at about P13 billion.
Bello said this DTI loan fund would be limited to micro and small enterprises only, excluding medium and large businesses.
When asked for further details, Lopez said the loan would ask for the same qualifications required under the CAREs program, or the COVID-19 Assistance to Restart Enterprises.
Lopez did not respond when asked when the applications for the loan would be open. INQ