DTI to provide loans for 13th-month pay of MSME workers

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Metro Manila (CNN Philippines, October 13) — The Department of Trade and Industry (DTI), through its financing arm Small Business Corporation (SBCorp), will create a borrowing program to help pandemic-hit micro, small, and medium enterprises (MSMEs) provide the 13th-month salaries of their workers this year.

“We already reached out to SBCorp to develop a facility that will provide zero-interest loans to companies needing 13th-month funding,” DTI Secretary Ramon M. Lopez said Tuesday in a statement.

Lopez added that the DTI is already discussing the matter with the Department of Labor and Employment.

The DTI said it also provided funding support to MSMEs to help them pay their workers’ 13th-month salaries last year.

However, the "real sustainable solution" for MSMEs is to further reopen the economy, the trade chief stressed.

He expressed hope that more sectors will be allowed to "safely operate at increased capacities," arguing this is “more possible now” due to increasing COVID-19 vaccination rates.