Rappler Talk: Saving the economy from a pandemic
Bookmark this page to watch the interview at 4 pm on Monday, March 23
MANILA, Philippines – The novel coronavirus pandemic has forced governments to shut borders and drastically scale down market activity, risking thousands of businesses and jobs.
The poorest Filipinos face both economic and health problems, while those who are employed may join the vulnerable population.
The government's economic team has rolled out a P27.1-billion fiscal stimulus package to help frontliners fight the pandemic and provide economic relief to affected sectors. Tourism gets around half of the allocation, while less than P4 billion is set aside for loans.
The government is also set to borrow as much as $1 billion to deal with the virus' impact.
Economists from the University of the Philippines said the government must "freeze the economy" in favor of public health.
Financial and non-financial aid, tax relief, and an "unconventional" monetary policy are just some of their recommendations to revive the Philippine economy after the virus wanes. (READ: Economists to gov't: Spend P300 billion or more vs coronavirus)
Rappler business reporter Ralf Rivas talks to Alfredo Paloyo, senior lecturer at the University of Wollongong in Australia and one of the writers of the policy paper, on their recommendations to protect the poor and overall economy from the pandemic. Tune in at 4 pm on Monday, March 23. – Rappler.com