• By The Financial District

DTI Agency To Lend Small Firms For 13th Month Pay

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.

Photo Insert: DTI Secretary Ramon Lopez during an SB Corp. MOA signing

“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.

All the news: Business man in suit and tie smiling and reading a newspaper near the financial district.

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 the opening of businesses at all alert levels and only adjusting the operating capacities.

Entrepreneurship: Business woman smiling, working and reading from mobile phone In front of laptop in the financial district.

“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 a vaccination level of 80 percent.

WEEKLY FEATURE : MVP Group Keeps Lights On During Pandemic

Optimize asset flow management and real-time inventory visibility with RFID tracking devices and custom cloud solutions.
Sweetmat disinfection mat