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Imee Marcos asks DOF amid COVID-19 crisis: Bakit kasi nagkukuripot?
Senator Imee Marcos urged the Department of Finance (DOF) to urgently identify additional funding sources for cash aid to prevent social unrest, as the COVID-19 lockdown might be extended.
Marcos estimates that an additional P550 billion could be secured beyond the current P200-billion emergency budget for cash aid.
She stressed that the immediate priority should be saving lives rather than economic targets and questioned the DOF's hesitation in sourcing funds.
The senator proposed that the DOF borrow approximately P440 billion, which would keep the country's debt ceiling at a manageable 5.4 percent.
Additional funds could also be tapped from unused savings from the 2019 national budget and from calamity and contingency funds of various government agencies like PAGCOR, PCSO, PhilHealth, and the Office of the President.
Marcos warned that the lockdown might extend to May or June as the Department of Health (DOH) expands its testing capacity, revealing the true extent of the pandemic.
She highlighted the closing window of opportunity to secure loans, as the prolonged global COVID-19 crisis could negatively impact investment risk ratings and loan interest rates.
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President Rodrigo Duterte admitted that the P275-billion coronavirus response fund is not yet on hand, as it is still to be collected in the second, third, and fourth quarters of the year.
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Senator Imee Marcos proposed a temporary suspension of the Philippines' debt payments to allocate funds for cash aid to individuals and companies affected by the enhanced community quarantine due to the COVID-19 pandemic.
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The Philippine government aims to raise P1.17 trillion, equivalent to 5% to 6% of the country's GDP, to fund its COVID-19 response and mitigate economic effects.
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The Department of Budget and Management (DBM) has identified P189.82 billion in unreleased appropriations from the 2019 and 2020 budgets that can be discontinued to fund the government's COVID-19 response.
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The Philippine government is actively seeking and allocating funds to address its response to the COVID-19 pandemic, having already released P132.3 billion.
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