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Published April 29, 2021, 10:00 AM
Senator Imee Marcos on Thursday urged the government to convert the bulk of stimulus funds that are lying unused in state financial institutions and directly assist businesses hit hardest by the coronavirus disease (Covid-19) pandemic.
Marcos, chairwoman of the Senate committee on economic affairs, expressed alarm during yesterday’s committee hearing that international financial institutions like the World Trade Organization (WTO), World Bank (WB), International Monetary Fund (IMF), and Asian Development Bank (ADB) have forecast that the Philippines could become Asia’s “laggard” in economic recovery due to the lack of economic stimulus funding.
“We can solve the sluggish disbursement of billions in stimulus funds by converting part of the budget for loan programs in state banks and pension funds into more direct forms of assistance like wage subsidies and job programs,” Marcos said.
Press Release
Hearing of the Senate Committee on Economic Affairs
28 April 2021
As a foreword, may I simply say that the forecast coming from international financial institutions, such as the WTO, the IMF, the WB, the ADB and other think tanks are all in unison, pointing out that the Philippines will be the laggard in Asia in economic recovery.
This indictment has cited the missteps the Philippines has taken to address the surge of COVID-19 despite what is arguably the longest, the most stringent, and proportionately the most expensive lockdown in the world.
The COVID-19 situation appears to have worsened, and the economic wake and cost of this entire situation has really expanded to all our industries, from agriculture to manufacturing, as well as services.