ECOP, govt map out loan for workers' 13th month pay

The Employers Confederation of the Philippines (ECOP) is working with the government to map out the mechanics of a loan facility to help pandemic-hit micro and small companies provide workers their 13th month pay.

ECOP President Sergio Ortiz-Luis Jr. said the Department of Trade and Industry (DTI), Department of Labor and Employment (DoLE) and the Department of Finance agreed in principle to provide P200-million to P500-million interest-free loans for small companies. The money will be sourced from the available funding of the Small Business Corp. (SBCorp) under Bayanihan 2.