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May 26 20, 9:41 am

UAE marks over 2 million COVID-19 tests, total recoveries now at 15,657

The Ministry of Health and Prevention (MoHAP) reported that the UAE has reached a milestone of conducting over 2,000,000 COVID-19 tests by health authorities and furthered that 601 patients have already fully recovered from the coronavirus disease (COVID-19), bringing...

Repatriated OFWs to benefit from Php1.3 trillion economic stimulus package

by | News

May. 26, 20 | 9:41 am

The Philippine government’s Defeat COVID-19 Committee (DCC) has approved the Philippine Economic Stimulus Act (PESA) worth Php1.3 trillion to aid the recovery of the country’s economy that has been affected by the impact of the spread of the coronavirus disease (COVID-19).

Part of the Php1.3 trillion economic stimulus package is the provision of Php110 billion wage subsidy that will be provided for repatriated overseas Filipino workers, as well as freelancers, self-employed individuals, and other non-essential businesses.

“The economic stimulus program is meant to ensure business operations and job retention in this time of Covid-19 pandemic,” said House Majority Leader and DCC Chairperson Martin Romualdez who furthered that the bill aims to restore economic growth, maintain employment levels, and expand the productive capacity of the country in the aftermath of Covid-19.

RELATED STORY: PH anticipates return of 300,000 OFWs this 2020

Another mandate of the bill includes a comprehensive countrywide COVID-19 mass testing, with Php10 billion allocated for testing for 2020 and 2021.

The Department of Labor and Employment is also set to receive Php30 billion for its cash for work program.

Also included in the bill are provisions of loans for businesses, banks, and vital sectors that include:

– loans for micro, small, and medium enterprises (MSMEs) worth Php50 billion for 2020 and PHP45 billion for 2021 under the Small Business Corporation;

– interest-free loans worth Php50 billion under the Land Bank of the Philippines (LBP) and the Development Bank of the Philippines (DBP);

– and loan guarantee amounting to Php40 billion by the Philippine Guarantee Corporation.

Reports from the Philippine News Agency further that other forms of assistance shall receive funding under the bill, including Php10 billion as additional assistance for MSMEs this year; Php58 billion for the tourism industry; Php75 billion for the transportation industry; Php44 billion for the manufacturers, importers, exporters, and service sectors; and Php66 billion for the agri-fishery sector.

READ ON: PH to join clinical trials for COVID-19 vaccine by end of 2020

Php25 billion shall be allotted this year and another Php25 billion next year to the National Development Company (NDC) in order to minimize permanent damage to the economy and enable faster recovery of certain critically-impacted businesses.

The proposed bill will also include an enhanced “Build, Build, Build” program worth PHP650 billion in three years starting 2021.

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THE FILIPINO TIMES is the biggest and most trusted Filipino newspaper in the UAE.

It has a print run of 60,000 copies and 250,000 readership per week; bolstered by 2.5 million visitors to its website every month. It also has an e-newsletter sent to its 250,000 subscribers every day.

The Filipino Times is FREE and has the widest targeted circulation across the 7 emirates of the UAE.

With more than 2,500 strategic distribution spots, TFT is available where the Filipinos are - at Smart Bus Shelters, Metro Stations, restaurants, supermarkets, schools, airport lounges, Emirates and Etihad Philippine-bound flights, churches, Filipino community events and many more.

THE FILIPINO TIMES. We are where the Filipinos are.

FOLLOW US

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