Daily News

Gov’t unveils COVID-19 recovery plan

The economic team revealed its proposed recovery plan to help the economy bounce back from the ongoing coronavirus crisis, which includes liquidity support for businesses through banks and a significant reduction in corporate income tax (CIT). Finance Secretary Carlos Dominguez III said that the government will need an additional P130-P160 billion to finance the programs under the first part of the three-phased recovery plan dubbed as the “Bayanihan II.” Sec. Dominguez said of the total funding, P50 billion will be used as additional capital for state-owned banks Land Bank of the Philippines (LANDBANK) and Development Bank of the Philippines (DBP) and another P20 billion for loans of the Philippine Guarantee Corp. (Philguarantee).