SB Corp. released over P5M for 13th month pay loans —DOLE

State-run SB Corp. has so far released a total of over P5 million for its 13th-month pay loan that companies may tap for their employees.

According to the Department of Labor and Employment, SB Corp. approved a total of P5.052 million covering 25 loan applications of micro and small enterprises that have implemented flexible work arrangements.

SB Corp. last week announced adjustments to the eligibility requirements for the program, increasing the covered employees to a maximum of 40 from the earlier cap of 20.

Online applications started on November 2 and will last until December 7. The processing period is estimated within seven to 10 days.

Among the firms qualified to avail of the loans are micro and small enterprises listed with the DOLE and have 20 employees or less.

The program will have a standard offer of P12,000 per employee. Firms that will borrow less than P50,000 will have to present their Barangay Business Permit, while those that will avail of over P50,000 need to present their Mayor’s Permit.

Under the definition of the Department of Trade and Information (DTI), micro enterprises are defined as those with total assets worth less than P50,000; cottage enterprises with assets worth P50,001 to P500,000; small with P500,001 to P5 million; and medium from over P5 million to P20 million.

“Let me remind the employers that the grant of the 13th-month pay is mandatory. We issued a Labor Advisory where we maintained that no exemption and no deferment will be allowed on the payment of the 13th-month pay,” said Labor Secretary Silvestre Bello III.

“So, with this loan facility from SB Corporation, there is no more reason to not give the 13th-month pay,” he added.  —Jon Viktor D. Cabuenas/KBK, GMA News