Govt to open loan application for 13th month pay of MSME workers on Nov. 2

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FILE PHOTO

Metro Manila (CNN Philippines, October 28) — The financial arm of the Department of Trade and Industry will accept zero-interest loan applications from pandemic-hit micro, small, and medium enterprises (MSMEs) in need of funding for the 13th month pay of their employees beginning next week, an official said Thursday.

"Simula sa Nov. 2 hanggang sa Dec. 7 ay maaari na pong mag-apply ang mga maliliit na negosyo sa aming website na sbcorp.gov.ph," Small Business Corp. (SBCorp) spokesman Bobby Bastillo said in a government briefing.

[Translation: From Nov. 2 to Dec. 7, MSMEs can already apply for loans through our website: sbcorp.gov.ph].

Only MSMEs with 20 employees and below could apply, Bastillo said. The target beneficiaries are around 11,000 firms, which notified the Department of Labor and Employment from March 2020 to Oct. 15, 2021 that they have adopted the flexible work arrangement, he said.

MSMEs must submit the following requirements:

-Filled-out online application form

-Mayor's permit for MSMEs that would borrow over P50,000

-Barangay business permit for firms that would need P50,000 and below

Bastillo said they will lend MSMEs up to P12,000 per employee.

The DTI-SBCorp allocated P500 million for the borrowing program, he added.