By Chino S. Leyco The Duterte administration unveiled its stimulus package to cushion the impact of the coronavirus-induced economic slowdown, the Department of Finance (DOF) said yesterday. Finance Secretary Carlos G. Dominguez III announced late Monday a P27.1-billion package of priority actions to help frontliners fight the 2019 coronavirus disease (COVID-19) pandemic and provide economic relief to people and sectors affected. The package is consisted of government initiatives to equip health authorities in fighting COVID-19 and also for the relief and recovery efforts for infected people and the various sectors now reeling from the adverse impact of the lethal pathogen. Dominguez, who chairs the economic development cluster (EDC), said the measures under the package is designed to ensure that funding is available for the efforts of the Department of Health (DOH) to contain the COVID-19. He added it also aims to provide economic relief to those whose businesses and livelihoods have been affected by the spread of the disease. “As directed by President Duterte, the government will provide targeted and direct programs to guarantee that benefits will go to our workers and other affected sectors,” Dominguez said. “We have enough but limited resources, so our job is to make sure that we have sufficient funds for programs mitigating the adverse effects of COVID-19 on our economy,” he added. The government’s fiscal support package includes the mobilization of an additional P3.1 billion to contribute directly to efforts to stop the spread of COVID-19, including the acquisition of test kits. The funds came from the Philippine Amusement and Gaming Corp., Philippine Charity Sweepstakes Office and the Asian Development Bank. There is also P2 billion representing the initial budget set aside by the Department of Labor and Employment for social protection programs for vulnerable workers. The government will also mobilize the existing P1.2 billion in the Social Security System to cover unemployment benefits for dislocated workers from the private sector. The Technical Education and Skills Development Authority’s (TESDA) scholarship programs amounting to P3 billion will support affected and temporarily displaced workers through upskilling and reskilling. TESDA is also offering free courses for all who would like to acquire new skills in the convenience of their own homes, mobile phones and computers through the agency's online program. There are also various programs and projects of the Department of Tourism (DOT) amounting to P14 billion from the Tourism Infrastructure and Enterprise Zone Authority (TIEZA) to support the industry. The government is also allocating P2.8 billion for the survival and recovery aid program under the Department of Agriculture-Agricultural Credit Policy Council and another P1 billion for the Department of Trade and Industry’s (DTI) Pondo sa Pagbabago at Pag-Asenso microfinancing special loan package. Additional support mechanisms were also identified by the EDC including a loan program of the Government Service Insurance System intended for affected government employees and retirees. There is also the mobilization of funds from government-owned or -controlled corporations to assist airlines and the rest of the tourism industry. State-run Development Bank of the Philippines (DBP) will likewise help address the impact of the health emergency by providing low-interest loans for areas declared under a state of calamity. The Land Bank of the Philippines, on the other hand, is offering the restructured loan amortizations by giving longer tenor and grace periods for borrowers. “The country and the government have all the tools—medical, financial and monetary—to successfully handle this situation,” Dominguez said. The state economic managers also reassured the public that the impact of COVID-19 on the government’s key programs is expected to be limited. Socioeconomic Planning Secretary Ernesto M. Pernia said the one-month community quarantine of Metro Manila may have a transitory impact on the economy, but needs to be closely monitored for necessary adjustments. He emphasized that the protocols already put in place are meant to safeguard the health and well-being of the people, while mitigating the impact of COVID-19 through the various response measures of the government. Moreover, the movement of goods and trade will remain unhindered, Pernia said. Trade Secretary Ramon Lopez said that the DTI is also working directly with the various industry sectors to assure the continued supply and stable prices of basic necessities and prime commodities. The DTI has also imposed a price freeze on basic necessities, and has intensified its consumer protection measures to penalize and charge profiteers and hoarders, he said. Agriculture Secretary William Dar reported that in coordination with the Office of the President (OP), DTI, DOH, Department of Interior and Local Government (DILG), local government units (LGUs) and the Philippine National Police (PNP), the DA is implementing its Food Resiliency action plan to ensure access to safe and affordable food—initially for the residents of Metro Manila—including but not limited to rice, sugar, vegetables, root crops, eggs, meat and poultry. Meanwhile, Energy Secretary Alfonso Cusi said the Department of Energy (DOE), in unison with its industry stakeholders, assured the public of full coordination to provide uninterrupted supply of petroleum products and electricity nationwide, in support of continuing vital economic and social services to the public. The President's economic team assured it will continuously monitor developments as they progress and will propose additional funding, as necessary, for matters requiring urgent attention and action.