Trade Secretary and SB Corp. chairperson Ramon Lopez said Friday the government has adjusted eligibility requirements for the program aimed at helping enterprises shoulder the cost of the mandated 13th month pay of their employees.
“‘Yung original plan na maximum 20 employees per company, we are increasing it to a maximum of 40 employees per company na puwedeng pahiramin,” Lopez said at the virtual ceremonial launch of the loan program under SB Corp., the Department of Trade and Industry’s microfinance arm.
(From the original plan of a maximum of 20 employees per company that will be allowed to avail of the loan program, we are increasing it to a maximum of 40 employees per company.)
Earlier, firms qualified to avail of the loans are those listed with the Department of Labor and Employment (DOLE), and have 20 employees or less.
In particular, SB Corp. spokesperson Bobby Bastillo said those qualified to avail of the 13 month loan are micro and small enterprises registered with the DOLE for flexible work arrangements as of October 15, 2021 or those registered with the Labor department as temporarily closed from March 16, 2020 onwards but have reopened prior to November 2, 2021.
Also qualified are those registered with the DOLE as having downsized or reduced their workforce due to the COVID-19 pandemics, but are still operating.
Online applications for the 13th month pay loan will be accepted between November 2 and December 7.
The program will have a standard offer of P12,000 per employee. Firms that will borrow less than P50,000 will have to present their Barangay Business Permit, while those that will avail of over P50,000 need to present their Mayor’s Permit.
Lopez said a company can borrow a maximum of P480,000 to cover 40 employees.
The 13th month loan has zero interest with 4% one-time service fee, payable in 12 months with three months grace period.
Bastillo said approximately 8,000 micro and small businesses are qualified to avail of the loan program based on the DOLE’s lists.
A total of 77 applications have been received, 25 of which were approved since the applications for the 13th month loan program opened on November 2.
To apply for the loan, Bastillo said micro and small businesses are advised to open an account on the SB Corp.’s Bayanihan Cares portal on its website.
“Enterprises registered with DOLE are issued a unique Establishment Report System (ERS) Number. SB Corp. will ask for this ERS Number when a company applies for a 13th month pay loan,” Bastillo said. — VBL, GMA News
SB Corp. adjusts number of employees covered per company by 13th month pay loan facility
Source: News Panda Philippines
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