Philippines needs US$31.8bil recovery plan

Worsening situation: A health worker conducts coronavirus testing in the Philippines. Its economy has continued to deteriorate as it struggles to contain the virus. — Reuters

MANILA: The Philippines needs 1.56 trillion pesos (US$31.8bil) to help it recover from a record economic contraction, according to a lawmaker.

A larger and consolidated response is needed instead of a “piecemeal approach, ” Stella Quimbo, co-chair of the House of Representatives’ panel on economic stimulus, said in an interview Saturday. The focus should be on wage subsidies and low-interest loans for small businesses that employ more than 60% of Filipino workers, she said.