BANGON Philippine Economic Recovery UPDATED 2

Описание: The Philippine economy has been recently suffering as the country faces a pandemic crisis affecting the businesses and livelihoods of the locals, followed by the nearing of the national elections where the expectation for a new leader stalls the economic growth of the country. The recent war on Eastern Europe has also influenced four major channels in the country affecting its economy.

Due to the economic problems within the country, the Philippine government has taken actions to recover from losses caused by the pandemic and provide support to low-income households, small businesses, and vulnerable groups that allow economic recovery. It includes the different programs of the government sectors like the P10.9 billion DepEd basic education learning continuity plan, P5 billion DOLE cash assistance program for displaced OFWs, P2.2 billion for various COVID-19 prevention programs, P2 billion DTI loan program to support micro and small business affected by the economic impact of COVID-19, P203 million DTI livelihood program to provide livelihood kits and business advisory assistance to MSMEs, P1.2 billion in SSS unemployment benefits, and many more.

With the aid of the Australian government, the Philippines will also be receiving $25 million dollars for AMPED, $1.2 million for A Future that Works, and assistance for NGOs through DAP. Another action the Philippine government has taken is the Four Pillars SocioEconomic Strategy Against COVID-19. The first pillar includes emergency support for poor and low-income households, small business employees, and other vulnerable groups through various assistance programs and wage subsidies. The second pillar covers an expanded medical resource against COVID-19 and ensures the safety of frontliners. Third pillar comprises monetary actions to keep the country’s economy afloat along with other financing support for emergency response and recovery initiatives. Lastly is the fourth pillar where there will be an economic recovery program to create jobs and to sustain growth, including Bayanihan II (Department of Finance, 2020).

Pub by: Stefany Sambalilo and Edison Guevarra