MANILA, Philippines — Businesses, including micro and small enterprises, may start applying for soft loans to pay for the 13th month pay of their employees starting Nov. 2 until Dec. 7, Small Business Corporation (SB Corp.) said Thursday.
SB Corp. spokesperson Bobby Bastillo said they will prioritize firms included in the Department of Labor and Employment’s (DOLE) list of businesses that implemented a flexible work arrangement due to the pandemic.
The list shall cover at least 11,000 firms, Bastillo said, including micro and small enterprises.
Bastillo said the standard amount for the loans is at P12,000 per employee and it is up to the company to apportion the amount.
He also said the loans are open to micro and small businesses who has 20 or less employees.
The SB Corp. has set aside a total of P500 million for the soft loans and this is expected to benefit 67,000 companies.
Firms who wish to apply for the soft loan may need to present their barangay business permit or city business permit.
Their application may be processed in only seven to 10 days, Bastillo said.
Labor Secretary Silvestre Bello III earlier said the government is eyeing to provide soft loans for employers who are struggling to pay the 13th month pay for their employees.