Hit hard: The Philippine economy shrank 0.2% in the first quarter – its first contraction since 1998. — The Straits Times/ANN
Airports and roads have been emptied by the coronavirus pandemic but the Philippines will keep building them, banking on a US$160bil (RM693bil) infrastructure plan to revive an economy slammed by the outbreak.
An economic stimulus package is being prepared that will include major funding for infrastructure, said Secretary Vince Dizon, President Rodrigo Duterte’s adviser on key projects. The government is reviewing 4 trillion-pesos (RM344bil) worth of projects it earlier listed as priorities to include those with high and immediate economic impact., he said.
Already a subscriber? Log in.
Limited time offer:
Just RM5 per month.
Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!
