DTI Offers P4 Billion Loans To MSEs For Employees’ 13th Month Pay
DTI OFFERS P4 BILLION LOANS – The Department of Trade and Industry said they would provide P4 billion worth of loans for 13th month pay.
Recently, there were some issues regarding the much-awaited 13th-month pay. Labor Secretary Silvestre Bello III previously announced small companies could defer giving the 13th-month pay but this was quickly countered by Presidential Spokesperson Harry Roque.
Roque stated, “The law has not been amended. That is the law. That is a mandatory provision of the Labor Code. Pabayaan po nating pag-aralan ng DOLE [Department of Labor and Employment]. Pero sa aking tingin, hanggang magkaroon ng bagong batas ay baka hindi po iyan pupuwedeng ma-defer“.
Following this, Bello emphasized that DTI was willing to provide soft loans for small businesses that would have issues with the 13th month pay due to the coronavirus pandemic. According to an article from Philstar, Bello said:
Trade Secretary Mon Lopez informed me that they have funding of P10 billion from DTI’s attached agency, Small Business Corp., and they are willing to share about P4 billion of the amount
Along with this, Belo seemed to have switched his tone from his previous statements regarding the 13th month pay. As per the article, Belo said there’d be no reason for companies not to comply with the law.
It cannot not be paid or lessened, it cannot be postponed. The law is very clear, the 13th-month pay must be paid on or before Dec. 24
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