M LHUILLIER (ML), the leading non-bank financial institution in the Philippines today, holds on to its commitment to serve the Filipinos during this health crisis by supporting the Small Business Wage Subsidy (SBWS) program of the Social Security System (SSS) through its collaboration with the Development Bank of the Philippines (DBP) as its payment gateway for the SSS beneficiaries.
With more than 2,500 branches nationwide, ML has once again signified its full support and released the wage subsidies to 1,177,322 beneficiaries as of June 1, 2020 through ML Kwarta Padala cash pick-up transactions.
The first tranche was on May 1 to 26. The second tranche of wage subsidies was scheduled from May 27 to June 14.
According to M Lhuillier president and chief executive officer Michael Lhuillier, the company’s resolve to provide excellent service will never wane amid the challenges brought by the pandemic. “We will continue to support the initiatives of the government by giving them the reach they need to connect to the beneficiaries,” he said.
The SBWS is a joint program of the Department of Finance and the SSS to provide and extend financial assistance to workers and their employers who have been affected by the enhanced community quarantine caused by Covid-19.
A total of P50.8 billion has been allotted for around 3.4 million workers who are entitled to receive a monthly subsidy for two months under the program.
Finance Secretary Carlos Dominguez III said, “According to a report from the SBWS interagency task force, the first tranche of subsidies has been credited to a total of 1,261,044 beneficiary employees as of May 6. The amount of P10.1 billion has been deposited to the employees’ bank or PayMaya accounts and sent to M Lhuillier, for those who chose to receive the subsidy via money remittance.”