Businesses can apply for subsidized loans for the 13th month of salary starting November 2 – SB Corp.


MANILA, Philippines – Businesses, including micro and small businesses, could start applying for soft loans to pay their employees’ 13th month salary from Nov. 2 to Dec. 7, the Small Business Corporation (SB Corp. ).

SB Corp. spokesman Bobby Bastillo said they would prioritize companies on the Department of Labor and Employment (DOLE) list of companies that have a flexible working regime in place. due to the pandemic.

The list will cover at least 11,000 businesses, Bastillo said, including micro and small businesses.

Bastillo said the standard loan amount is P12,000 per employee and it is up to the company to distribute the amount.

He also said the loans are open to micro and small businesses with 20 or fewer employees.

SB Corp. has set aside a total of 500 million pesos for soft loans, which is expected to benefit 67,000 businesses.

Businesses wishing to apply for the soft loan may need to present their barangay establishment permit or municipal establishment permit.

Their request can be processed in just seven to ten days, Bastillo said.

Labor Secretary Silvestre Bello III said earlier that the government are considering providing soft loans to employers who are struggling to pay their employees’ 13th month salary.


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