PH READIES P180 BILLION ECONOMIC STIMULUS
The Philippines is ready to spend P140 billion for an economic stimulus plan this year, which the Department of Finance (DOF) said could be increased to P180 billion should the pending tax reform package be enacted into law.
The Department of Finance said the latest figure covers the funding for both the response to the COVID-19 pandemic and the economic recovery program, sufficient for both 2020 and 2021.
Finance Secretary Carlos Dominguez III said the government is ready to spend P140 billion, while another P40 billion in tax credits will come from the Corporate Recovery and Tax Incentives for Enterprises (CREATE) bill.
The CREATE bill is the recalibrated version of the government’s comprehensive tax reform program (CTRP), in light of the COVID-19 pandemic.