DIGITAL payments firm PayMaya Philippines, Inc. and state-run Social Security System (SSS) have partnered for the “easier” disbursement of cash assistance to more than 3 million workers affected by the coronavirus disease 2019 (COVID-19) pandemic.
PayMaya announced on Sunday that it was tapped by SSS “for an easier and more convenient way to disburse proceeds from the national government’s Small Business Wage Subsidy (SBWS) and its other loan offers to more than 3 million member-employees” affected by the current crisis.
“Eligible employers and their respective employees can now link their PayMaya accounts in the My.SSS online portal, so that they can conveniently receive their wage subsidies when the disbursements start next month. Depending on their location, eligible employees stand to receive P5,000 to P8,000 in subsidies from the government through the SSS. Employers have until April 30, 2020 to submit their applications at the SSS website (www.sss.gov.ph),” PayMaya said.
PayMaya Founder and Chief Executive Officer Orlando B. Vea said: “This is especially convenient and beneficial for employees in small businesses who were unable to work during the enhanced community quarantine period. More than ever, fast and easy access to funds for their daily necessities becomes critical at this time. We are happy to be part of the government’s thrust in using e-Money as a convenient tool for cash distribution.”
President Rodrigo R. Duterte approved the SBWS program last week. Of the 1.6 million small businesses in the country, 436,0000 have halted operations since the enhanced community quarantine (ECQ) was implemented in mid-March, while one million establishments continued to operate with a skeletal force, the Finance department said.
About 117,000 businesses, such as food service, supermarkets and logistics, were allowed to operate during the ECQ, which has been extended to end-April.
Small businesses are defined as those not belonging to the top 2,745 large taxpayers of the BIR. — Arjay L. Balinbin
