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NEDA: Philippines has the tools to help restart economy

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ACTING National Economic and Development Authority (NEDA) Director-General Karl Kendrick Chua earlier today said that the Philippines can use other tools to help revive the economy as it prepares to slowly break away from lockdown restrictions.

 

Chua said that aside from the national budget and loans, other tools like cash grants, fund reserves, and cash positions can be used to restart businesses and allow movement in the economy.

 

He added that more than 80 percent of Filipino families affected by the COVID-19 pandemic is currently benefitting from the billions worth of cash aids released by the government.

 

Moreover, the new socioeconomic planning chief said that all these tools should be used all together to help revive the economy.

 

It can be recalled that Chua last month said that President Rodrigo Duterte’s P8-trillion Build, Build, Build Program also plays an important role in helping the economy recover from the COVID-19 pandemic.

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The government last month has also imposed a national action plan versus COVID-19 to help curb its spread and reduce its socioeconomic impacts.

 

Chua earlier today disclosed that the government is now working with Congress to create a stimulus package that aims to boost businesses and encourage consumer spending.

 

 SMNI NEWS

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