Connect with us

Hi, what are you looking for?


Little justification for COVID aid — DoF 


CORONAVIRUS financial aid is less of a priority for the Marcos administration as it wants to divert its limited funds to other existing social protection programs, the government’s Finance chief said on Monday. 

“The Philippine economy has recovered from the unprecedented pandemic,” Finance Secretary Benjamin E. Diokno told reporters in a Viber message. “It is now back to where it was before the COVID-19 crisis, with the opening of the economy and increasing mobility.” 

“With the normalization, it is more appropriate to continue the existing social protection programs — the Department of Social Welfare and Development (DSWD) welfare grants for poor families with children of school age, support for senior citizens, assistance to displaced workers, etc.” 

Under the P5.268-trillion proposed national budget for 2023, P2.071 trillion or 39.3% will go to social services. But the allocations for the DSWD and Labor department fell by 3.8% and 48.3%, respectively. 

The ratio of the country’s debt to economic output stood at 62.1% at the end of June. While lower than a month earlier it was still above the 60% threshold prescribed by multilateral lenders for developing economies. 

Much of the debt, which hit P12.79 trillion at the end of June, was spurred by a surge in government borrowings to finance its pandemic response. 

Mr. Diokno said aid given at the height of the pandemic should cease as the situation normalizes and “as we learn to live with the virus.” 

In his first address to Congress on July 25, President Ferdinand R. Marcos, Jr. said there would no longer be lockdowns, citing the need to balance people’s health and economic revival 

“Public finances are finite,” Mr. Diokno said. “They have to be allocated judiciously for programs and projects that would result in the greatest benefit for the greatest number of citizens and the overall welfare.” — Diego Gabriel C. Robles 

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!



PHILIPPINE STAR/ MICHAEL VARCAS WASHINGTON D.C. — The United States is seeking to form a coalition of countries to drive negotiations on a global...


Buildings are seen along EDSA in Quezon City. — PHILIPPINE STAR/ MIGUEL DE GUZMAN By Diego Gabriel C. Robles  THE WORLD BANK (WB) upgraded...


Heavy traffic is seen on the southbound lane of EDSA in Cubao, Quezon City. — PHILIPPINE STAR/ MIGUEL DE GUZMAN THE PHILIPPINE auto industry’s...


REUTERS THE BANGKO SENTRAL ng Pilipinas (BSP) may deliver a second off-cycle rate hike in early November when the US Federal Reserve is expected...


Vendors arrange their goods at a public market in Manila. — PHILIPPINE STAR/ RUSSEL A. PALMA THE ASIAN Development Bank (ADB) is planning to...

Editor’s Pick

With the reversal of the 1.25% rise in National Insurance Contributions happening on the 6th of November, employers across the nation have an opportunity...

You May Also Like


BW FILE PHOTO GROSS BORROWINGS by the National Government reached P2.6 trillion as of end-September as it continued to raise funds to respond to...


KARASOLAR.COM TENA, Ecuador — Ecuador’s rainforest Achuar people say their ancestors long dreamed of a “fire canoe” or “electric fish” that would let them...


REUTERS By Luz Wendy T. Noble, Reporter The country’s foreign exchange buffers slightly increased as of end-October as the value of the central bank’s...


COVID-19 has had a significant impact on the mental health of Filipinos across different groups all over the archipelago. From frontline workers, parents balancing...

Disclaimer: Respect, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2022 Respect Investment. All Rights Reserved.