The Philippine government will soon be unleashing more funds on top of the P27.1 billion package it announced earlier but this time this would be intended to support those in the informal sector that are feeling the brunt of the spread of coronavirus disease 2019 (Covid-19).
The move comes amid the call from Financial Executives Institute of the Philippines (Finex) to “support and rescue” the most vulnerable sectors of the society—the poor, jobless, and disadvantaged—through putting up an emergency calamity amelioration program.
Finance Secretary Carlos G. Dominguez III told reporters the Department of Finance is working on such program together with utilizing the funds of government-owned and -controlled corporations (GOCCs).
Dominguez said this would form part of the additional package they are working right now.
Asked how could funds from GOCCs be released to support the emergency program, Dominguez said this would “be determined by the DSWD [Department of Social Welfare and Development], DILG [Department of the Interior and Local Government] and the DOH [Department of Health] in consultation with LGUs [local government units], which could result in combination of providing food, and, or cash subsidies for food, normal, health care and other necessities.”
Dominguez also said there has also been a suggestion for additional aid to be extended even beyond beneficiaries of Pantawid Pamilyang Pilipino Program (4Ps).
In a statement on Friday, Finex urged Congress to give President Duterte the authority to augment funds in the budget with those of GOCCs to be utilized during the national health emergency. Congress is expected to hold a special session on Monday for that agendum.
Budget Secretary Wendel E. Avisado said the government’s focus right now is attending to the basic needs of the informal sector, the poor, and the vulnerable sectors of the society.
“We still do not have a stimulus package. This is just in response to the basic necessities and food for the informal sector. The formal sector still [have] their salaries and wages to sustain them. This is for now the focus of the government,” Avisado in a text message to the BusinessMirror.
In a related development, National Treasurer Rosalia V. de Leon told reporters in a message the government still has enough money despite the monthlong extension of filing of annual Income Tax Return granted by Bureau of Internal Revenue.
DOF said the revenue shortfall resulting from the deadline extension is around P145 billion.
But de Leon said they have “hoarded cash already.”
She said the government can still afford to postpone the revenue collection.
“It is only one month; [we] have cash stashed from RTB [retail treasury bonds] and full-award auctions,” de Leon said.
The Bureau of the Treasury will proceed with its auction for Treasury Bills worth P20 billion on offer and the seven-year Treasury Bond auction on Monday and Tuesday, respectively.