The country’s umbrella organization of exporters is pressing for the urgent passage of the economic stimulus package that is being prepared in the House of Representatives.
The Philippine Exporters Confederation Inc. (Philexport) said it submitted to Congress a position paper dated May 5 urging legislators to pass the bill in a month’s time.
Philexport was referring to the proposed Philippine Economic Stimulus Act of 2020, which seeks to help the Philippine economy recover from the COVID-19 crisis.
The bill, which consolidates the proposals of Albay 2nd District Rep. Joey Salceda and Marikina Rep. Stella Luz Quimbo, will allot P1.3 trillion for an economic stimulus program.
It includes, among others, a budget of P650 billion for an expanded infrastructure program on health care, education and food security. It will also set aside hundreds of billions for wage subsidies and interest-free loans to micro, small and medium-sized (MSMEs) enterprises.
The letter signed by Philexport president Sergio Ortiz-Luis Jr. noted that the far-reaching ill impacts of the coronavirus pandemic extended to MSMEs in the countryside, which are in the supply chains of enterprises and corporations in Luzon.
“In this context, we strongly recommend that this cover all critically impacted businesses in the country,” Ortiz-Luis Jr. stressed, noting that MSMEs accounted for 60 percent of the country’s employment and 30 percent of the gross domestic product. INQ