MANILA, Philippines — Senate President Vicente Sotto III said an estimated P628 billion would be needed to fund his proposed economic stimulus strategy which includes, among others, mass COVID-19 testing, wage subsidies for workers, and assistance to several sectors affected by the coronavirus pandemic. 1542 which seeks the establishment of an “economic stimulus strategy for the country’s growth and development” to mitigate the impact of the health crisis. To sustain the economic stimulus strategy, Sotto said the government would need around P80 billion for 2021. According to the senator, foreign loans or unspent budgets from the previous years could be possible sources to fund the proposed economic stimulus strategy. The Department of Tourism (DOT) and its sub-agencies would likewise be required to assist critically impacted DOT-accredited tourism enterprises.

Source: Philippine Daily Inquirer May 27, 2020 08:09 UTC