Philippines congress to prepare US$3.93b stimulus package


Philippine Congress will craft a stimulus package of at least 200 billion pesos ($3.93 billion) when it meets Monday to discuss a supplemental budget to shore up the economy from the impact of a lockdown aimed at containing the coronavirus outbreak.

MANILA: Philippine Congress will craft a stimulus package of at least 200 billion pesos ($3.93 billion) when it meets Monday to discuss a supplemental budget to shore up the economy from the impact of a lockdown aimed at containing the coronavirus outbreak.

"What we talked about is an amount that won’t be less than 200 billion pesos in the next two months to make sure no Filipino will go hungry nor have no access to medicine,” House Speaker Alan Peter Cayetano said in a video posted on his Facebook account after a meeting with President Rodrigo Duterte Saturday.

The funds will come from non-budgetary sources, Finance Secretary Carlos Dominguez said in the same video, adding there are no plans to raise taxes and the proposals won’t hinder the government’s infrastructure and poverty reduction programs. - Bloomberg

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