Sto. Tomas said the loans would be sourced from the State Insurance Fund (SIF), which is being administered by the Employees Compensation Commission, an attached agency of the Department of Labor and Employment and is also headed by Sto. Tomas.
The P27 million will be handled by the Social Security System. The loans will be granted to displaced workers to tide themselves over while they are looking for new jobs, or to put up alternative livelihood sources.
Sto. Tomas said affected workers could apply for loans with the SSS. She stressed that workers need a certification from the nearest DOLE office to have their loan applications processed.
She said that each displaced worker can get a maximum loan of P15,000.
According to Sto. Tomas, DOLE has already received the loan application of 355 displaced workers. The applications have been forwarded to the SSS for processing.
Last year, 46,140 displaced workers borrowed a total of P492.635 million in emergency or unemployment loans. — Sandy Araneta