MANILA: The Philippines needs 1.56 trillion pesos (US$31.8bil) to help it recover from a record economic contraction, according to a lawmaker.
A larger and consolidated response is needed instead of a “piecemeal approach, ” Stella Quimbo, co-chair of the House of Representatives’ panel on economic stimulus, said in an interview Saturday. The focus should be on wage subsidies and low-interest loans for small businesses that employ more than 60% of Filipino workers, she said.
The Philippines plunged into a recession last quarter after lockdowns because of the pandemic, and record job losses slashed gross domestic product (GDP). The government revised its economic forecast for this year to a 5.5% contraction, compared with a previous estimate for a 3.4% decline, and said that it is unable to fund the 1.3 trillion-peso stimulus package approved by the House in June.
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