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Manila Bulletin devider Philippines devider National devider DOLE: Distressed businesses may avail of bank loans for 13th month pay

DOLE: Distressed businesses may avail of bank loans for 13th month pay

Published Oct 19, 2020 12:32 pm

The Department of Labor and Employment told distressed businesses which can’t afford to pay for their employees’ 13th-month pay to avail of loans from banks.

Labor Secretary Silvestre Bello III (ROBINSON NIÑAL JR. / PRESIDENTIAL PHOTO / FILE PHOTO / MANILA BULLETIN)

Labor Secretary Silvestre Bello III said the Bankers Association of the Philippines had earlier said it is open to offering loans for businesses heavily affected by the COVID-19 pandemic.

“Siguro pwedeng umutang muna para may pambayad sila (Maybe they could borrow from banks so they could pay their employees’ 13th month),” Bello told DZMM Teleradyo in an interview.

Aside from borrowing from banks, Bello said the labor department is also eyeing to subsidize the 13th-month pay of employees from micro and small enterprises (MSE).

Malacanang said it will discuss the matter with the Departments of Budget and Management (DBM) and Finance (DOF) to see if the government can shoulder the 13th month P13.7 billion needed to subsidize the 13th-month pay of MSE workers.

Bello reiterated that there should be no deferment in the giving of 13th-month pay to employees.

The labor secretary said it should be given on or before December 24, with no extensions.

Employees entitled to a 13th-month pay include those who have been working at a business or company not less than a month regardless of their employment status.

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