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P50.8B cash aid for MSME to cover 3.4M workers

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The recently-approved P50-billion assistance to micro, small and medium enterprises (MSME) will cover 3.4 million workers affected by the enhanced community quarantine (ECQ), according to President Rodrigo Duterte.

In his third weekly report to Congress, the President said that the Department of Finance has looked into the proposal for the Small Business Relief Program which will help 1.5 million small businesses in the formal sector, including the 3.4 million estimated number of workers.

Each qualified worker will be entitled to a subsidy of up to P8,000 for up to two months.

The Finance department also evaluated the proposed credit guarantee for these small businesses to provide them easy access to bank financing.

As of Monday, Duterte said that 16 out of 295 target micro and small enterprises have already signified their intent to avail the program.

Aside from that, the President also mentioned that the Bureau of Treasury (BoT) is coordinating with the Social Security System to roll out a proposed P45 billion wage subsidy assistance to employees of eligible businesses.

On Tuesday, Inter-Agency Task Force Spokesperson Karlo Nograles announced that Duterte has approved the wage subsidy program.

To recall, Cavite Gov. Jonvic Remulla called on the President to consider assistance to those in the middle-class in the government’s social amelioration program.

Duterte, in a speech, affirmed Remulla’s plea and he immediately ordered the members of the economic team to look into the matter.

Aside from the wage subsidy for the MSME employees, the government has already rolled out the cash assistance programs for 18 million low-income households and the workers affected by the implementation of the enhanced community quarantine in Luzon.

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