DTI seeks immediate passage of economic stimulus package
Published May 26, 2020 12:00 am
By Richa Noriega
The Department of Trade and Industry (DTI) is seeking for the immediate passage of the proposed Philippine Economic Stimulus Act of 2020 (PESA), which aims to provide immediate assistance to workers and businesses, as well as to help the economy recover from the impact of coronavirus disease 2019 (COVID-19) pandemic.
Department of Trade and Industry Secretary Ramon Lopez
(ALBERT ALCAIN / PPD / FILE PHOTO / MANILA BULLETIN) “We affirm the need to help sustain the income of workers and businesses adversely impacted by the pandemic as we gradually reopen our economy,” Trade Secretary Ramon Lopez said in a statement on Tuesday. Under the PESA bill, the government will designate a P1.3 trillion fund as a post-pandemic stimulus package, which includes a budget of P650 billion for expanded infrastructure program on health care, education, and food security. The bill is aimed at restoring business confidence and operations, as well as preventing business closure prior to the imposition of the enhanced community quarantine (ECQ). “By providing working capital assistance, technical and entrepreneurial education, and financial management, among others, we will be able to protect Filipinos by ensuring businesses will continue operating post-lockdown and help turn the tide for businesses and workers affected by the health crisis,” Lopez said. The trade secretary thanked the House of Representatives, led by Speaker Alan Peter Cayetano and Majority Leader Martin Romuladez, for their support to revive the economy. Lopez said that businesses have already lost a significant amount of income due to the challenges in logistics brought by the ECQ. The trade chief explained that as the gradual lifting of the quarantine, more businesses will be able to operate, but at lower capacities due to the limited capital resources which dwindled during the quarantine period. “At a very critical time such as this, we must not only ensure a safe working environment for our citizens, but also continue to find means to support, and more importantly, save the jobs of those adversely affected to facilitate faster economic recovery,” Lopez added.
Department of Trade and Industry Secretary Ramon Lopez(ALBERT ALCAIN / PPD / FILE PHOTO / MANILA BULLETIN) “We affirm the need to help sustain the income of workers and businesses adversely impacted by the pandemic as we gradually reopen our economy,” Trade Secretary Ramon Lopez said in a statement on Tuesday. Under the PESA bill, the government will designate a P1.3 trillion fund as a post-pandemic stimulus package, which includes a budget of P650 billion for expanded infrastructure program on health care, education, and food security. The bill is aimed at restoring business confidence and operations, as well as preventing business closure prior to the imposition of the enhanced community quarantine (ECQ). “By providing working capital assistance, technical and entrepreneurial education, and financial management, among others, we will be able to protect Filipinos by ensuring businesses will continue operating post-lockdown and help turn the tide for businesses and workers affected by the health crisis,” Lopez said. The trade secretary thanked the House of Representatives, led by Speaker Alan Peter Cayetano and Majority Leader Martin Romuladez, for their support to revive the economy. Lopez said that businesses have already lost a significant amount of income due to the challenges in logistics brought by the ECQ. The trade chief explained that as the gradual lifting of the quarantine, more businesses will be able to operate, but at lower capacities due to the limited capital resources which dwindled during the quarantine period. “At a very critical time such as this, we must not only ensure a safe working environment for our citizens, but also continue to find means to support, and more importantly, save the jobs of those adversely affected to facilitate faster economic recovery,” Lopez added.