Philippine Government Raises PHP1.17 Trillion for COVID-19 Response

Finance Secretary Carlos Dominguez III announced that the government has raised PHP1.17 trillion in fiscal and monetary measures to combat the effects of the COVID-19 pandemic.

The funds include PHP205 billion reallocated from this year's national budget, PHP300 billion used by the Bangko Sentral ng Pilipinas (BSP) for government securities purchases, a 200-basis point reduction in universal deposit rates, and support for small businesses and low-income households.

The best-case scenario for economic growth is zero percent this year due to the pandemic's impact, with potential GDP contraction of up to 1%.

Dominguez emphasized the need to spend funds wisely on essential areas like healthcare services and emergency subsidies for vulnerable families.