R1.74-T COVID strategy; no to ‘2nd wave’ — Du30

The Duterte administration has raised to R1.74 trillion the budget outlay and support for economic recovery and other anti-pandemic programs. More assistance and funds needed for costly COVID.

*** President Duterte warned the people against overcrowding in malls and other establishments.

No to 2nd wave of COVID. Social distancing, not social dancing, folks!

*** Four-pillar strategy for jumpstarting the economy and addressing the needs of most affected by the COVID-19 pandemic has a combined value of R1.74 trillion, the governent said.

An increase to 9.1 percent of Gross Domestic Product, it added.

***

Finance Secretary Carlos Dominguez told senators that the first pillar involving emergency subsidies to vulnerable sectors will cost R595.62 billion.

This includes the R205-billion Social

Amelioration

Program (SAP) of the DSWD and the

R51-billion Small

Business Wage Subsidy program, he said.

*** Dominguez said other relief programs for small businesses have also been put in place, with the Philippine Guarantee Corp. board approving a credit guarantee program of R120 billion worth of loans from small banks.

Package 2 of the tax reform program has an expanded net operating loss carryover for five years amounting to R139.6 billion.”

***

The second pillar of the strategy, which covers funding for medical resources, has also been raised to R58.63 billion, he said, from the R35.72-billion original outlay.

***

The third pillar “consists of bold fiscal and monetary actions to finance emergency initiatives and to keep the economy afloat.”

To yield R1.089 trillion in ODA and additional liquidity through actions of the Bangko Sentral ng Pilipinas, he said.

*** Dominguez said the fourth pillar targets an economic recovery program and jumpstarting economic activity by giving industries much-needed assistance.

Estimated cost and funding is R846 billion.

***

He said the fourth pillar will be supported by the Corporate Recovery and Tax Incentives for Enterprises Act (CREATE), a version of the CITIRA, placed at R173 billion.

CREATE bill will be “one of the largest economic stimulus measures in the country’s history,” he said.

***

The PNP vowed to assist malls and other establishments in ‘crowd control.”

Let’s cooperate. “New normal” is better than always abnormal folks!