Philippines Seeks $26-Billion Stimulus to Rebound From Pandemic

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Of the total stimulus being discussed at the House of Representatives, about 628 billion pesos is planned for wage subsidies and loans for businesses hit by the lockdown, the Trade Department said in a May 25 statement. The remaining half of the proposed package will be used to build facilities for health, education and food security.

The government will “help turn the tide for businesses and workers affected by the health crisis,” Trade Secretary Ramon Lopez said. Quarantine measures will be eased further to allow more industries to operate, he said.

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Schools may remain shut indefinitely after Philippine President Rodrigo Duterte said on Monday night he doesn’t want classes to resume until a coronavirus vaccine becomes available.

Duterte also said local government units should prepare to accept tens of thousands of migrant workers expected to return in the coming months.

©2020 Bloomberg L.P.