The government is looking into a possible P50.8-billion wage subsidy program to help small businesses and their workers affected by the quarantine regulations due to the coronavirus pandemic.
A proposed P45-billion wage subsidy assistance package is also being worked out with the Social Security System for employees of eligible businesses.
Duterte said the Department of Finance has started to evaluate the proposed establishment of a “Small Business Relief Program” to help some 1.5 million small businesses in the formal sector and their 3.4 million workers affected by the enhanced community quarantine. Of the 57 lending conduits identified by the Department of Agriculture, Duterte said 36 have agreed to participate in the implementation of the Expanded SURE-Aid and Recovery Project. The program aims to give small farmers and small enterprises zero interest loans to cope with the health emergency. So far, he said 16 out of the 295 target micro and small enterprises have signified their intent to avail of the program’s services.
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