Philippines announces 526-billion-USD package to deal with COVID-19
Secretary of Philippines’ Department of Finance Carlos Dominguez III on March 16 announced a 27.1 billion peso (526 million USD) spending plan for everyone affected by the coronavirus pandemic (COVID-19).
People wear face masks in Quezon, Philippines (Source: xinhua/VNA)
Hanoi (VNA) – Secretary of Philippines’ Department of Finance CarlosDominguez III on March 16 announced a 27.1 billion peso (526 million USD)spending plan for everyone affected by the coronavirus pandemic (COVID-19).
The funds came from Philippine Amusementand Gaming Corporation, Philippine Charity Sweepstakes Office, and a grant fromthe Asian Development Bank.
Accordingly, the department will spend 3.1billion peso buying more coronavirus test kits.
Meanwhile, 14 billion peso was set aside to boost the tourism industry, 3billion peso for scholarship programmes of the Technical Education and SkillsDevelopment Authority for displaced workers, and 2.8 billion peso aid forfarmers.
As many as 2 billion peso will be allotted to displaced workers, 1.2 billionpeso set for Social Security System unemployment benefits, and 1 billion pesofrom the Department of Trade and Industry to finance small and mediumenterprises affected by COVID-19.
The Government Service Insurance Systemwill also provide a loan programme for government workers and retirees.
Funds from the government-owned andcontrolled corporations will be also mobilised to support airlines and thetourism industry./.
The Philippine government is planning to borrow more from domestic and foreign markets to finance the budget deficit this year, due to the economic slowdown triggered by the COVID-19 outbreak.
Philippine President Rodrigo Duterte on March 12 announced a halt on domestic land, sea and air travel to and from Manila, as well as a launch of community quarantine measures in what he called a "lockdown" of the capital to prevent the spread of the SARS-CoV-2.
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People wear face masks in Quezon, Philippines (Source: xinhua/VNA) 
