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Philippines' Duterte signs $3.4 bln pandemic stimulus package into law

Published 09/11/2020, 10:44 PM
Updated 09/11/2020, 10:50 PM

MANILA, Sept 11 (Reuters) - Philippines President Rodrigo
Duterte signed into law a 165.5 billion pesos ($3.4 billion)
emergency relief measure on Friday to expand healthcare and help
businesses after the coronavirus pandemic plunged the economy
into recession.
Under the new law, the government could inject 40 billion
pesos in additional capital into state-owned banks so they can
lend more to small businesses.
The Philippines, which was among Asia's fastest growing
economies before the pandemic, is in recession for the first
time in 29 years after a lengthy lockdown shuttered businesses
and sapped domestic demand.
As the country grapples with the highest number of COVID-19
infections in Southeast Asia, the law also allots 25.5 billion
pesos to hire nurses and doctors, purchase protective gear, and
build medical facilities.
A standby fund of 10 billion pesos could fund the
government's purchase of COVID-19 vaccines. The Philippines is
in talks with Russia, China, Australia and the United States for
the potential supply of COVID-19 vaccines.
The stimulus package is "crucial in our efforts to gradually
re-open the economy," presidential spokesman Harry Roque said in
a statement.
Partial restrictions remain in place in areas in and around
the capital Manila, limiting the movement of people and capacity
of businesses like restaurants and shopping malls. Schools
remain shut and people are being urged to wear masks and
practice social distancing.

($1 = 48.5280 Philippine pesos)

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