The Department of Trade and Industry is offering a loan program to help micro and small businesses with the 13th month pay of their workers.
According to DTI Secretary Ramon Lopez, the amount that can be loaned ranges from P50,000 to P200,000, with zero-interest.
The loan will come from the remaining allocation under the Bayanihan 2, that was earmarked to the DTI for its COVID-19 Assistance to Restart Enterprises (CARES) loan program.
Lopez said it is the government’s way of assuring the business community, particularly the micro entrepreneurs, that it is ready to support them in this time of the pandemic.
While it is laudable on the part of the DTI to allot funds that will allow the micro business to provide for the 13th month pay of its employees, it is also imperative for the government to look into the actual state of the business community, in general, as it tries to cope with the effects of the heath crisis.
Mass layoffs and shutdowns are among the realities as the pandemic entered its second year. Some companies have to shorten the working hours of their employees to cut losses, while some were forced to temporarily close shop.
As it is, only the government remains as the most stable working place in the country today.
The loan offered by the DTI to micro enterprises for the 13th month pay of their workers will be minimal, compared to the bonuses that government workers are expected to receive before the year ends.
And while the small businesses have to pay the loan, albeit with zero interest, local governments have nothing to worry as they stand to receive monthly fund allotment from the national coffers. – NND
