Manila Bulletin
DTI seeks immediate passage of economic stimulus package
The Department of Trade and Industry (DTI) is urging for the swift passage of the Philippine Economic Stimulus Act of 2020 (PESA) to provide immediate relief to workers and businesses affected by the Covid-19 pandemic.
Trade Secretary Ramon Lopez emphasized the necessity of supporting incomes and businesses as the economy gradually reopens.
The proposed PESA bill allocates PHP1.3 trillion for a post-pandemic stimulus package, including PHP650 billion for an expanded infrastructure program focusing on healthcare, education, and food security.
Additional funding includes PHP300 billion for the National Emergency and Investment Corp. to mitigate economic damage, PHP200 billion for wage subsidies and interest-free loans to MSMEs, and PHP128 billion for the Credit Mediation and Restructuring Guarantee Fund.
The legislation aims to restore business confidence, enable operations, and prevent closures that occurred before the enhanced community quarantine (ECQ).
Lopez highlighted that businesses need working capital loans to sustain operations and adhere to strict health measures as quarantine restrictions are eased.
He stressed the importance of safeguarding jobs and supporting affected citizens to accelerate economic recovery during this critical period.
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The House Defeat Covid-19 Committee approved on Tuesday, May 26, 2020, an economic stimulus package worth PHP1.3 trillion to aid the country's recovery from the pandemic.
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The Department of Transportation (DOTr) is urging for the swift approval of the Philippine Economic Stimulus Act of 2020 (PESA) to aid in economic recovery post-COVID-19.
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Senate President Vicente Sotto III has proposed a P548 billion economic stimulus package through Senate Bill No. 1542 to aid the Philippines' recovery from the COVID-19 pandemic's socio-economic impacts.
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The House of Representatives' Defeat COVID-19 Ad Hoc Committee (DCC) approved three anti-COVID-19 measures to mitigate the pandemic's economic and social impact.
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Finance Secretary Carlos Dominguez III urged the Senate to pass the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act, emphasizing its role as a significant economic stimulus for pandemic-affected businesses.
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