Labor Secretary Silvestre Bello III said around P4 billion will be set aside for the loan program for micro, small, and medium enterprises , to fund the 13th month pay of their employees.
"I thanked [Trade] Secretary Mon Lopez...because they have an attached agency, Small Business Corporation, which I think has P10 billion.… He is setting aside P4 billion of that for the loan facility," Bello told reporters in a mix of English and Filipino on Wednesday, October 21. "[H]anda ang mga rural bank sa buong bansa na magbigay o mag-extend ng soft loans sa mga micro, small, and medium enterprises na hindi makabayad ng 13th month pay,"Rural Bankers Association of the Philippines president Lisa Timbol, who joined the briefing virtually, said they have already sent the draft of the program's implementing rules and regulations to the Department of Labor and Employment .
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