Close to P1.5-trillion will be allotted by the national government for country’s recovery plan due to the economic repercussion of the extended Luzon lockdown brought by the coronavirus pandemic.
Finance Sec. Carlos “Sonny” Dominguez II made the announcement during a virtual forum with congressmen, members of the Duterte Cabinet’s economic cluster, and the House media on Tuesday.
“The total amount of funds we have now committed to combating the virus is now P1.491 trillion. This is right now close to US$30 billion which is already eight percent of our GDP (Gross Domestic Product) last year,” said Dominguez.
The amount mentioned by Finance chief is higher by almost P400 billion following his earlier pronouncement last week—with programs “designed to assist the vulnerable sectors.”
According to Dominguez P590 billion will be allocated for emergency support for the vulnerable groups—P205 billion of which are placed for the emergency subsidy package for 18-million qualified families affected by the prolonged enhanced community quarantine (ECQ).
Meanwhile, P51 billion will be allocated for wage subsidies micro-small-medium enterprises (MSMEs) to incentivize retention of workers (P51 billion), while another P120 billion will serve as credit guarantee in the said sector.