THE DUTERTE ADMINISTRATION’S 4-PILLAR SOCIOECONOMIC STRATEGY AGAINST COVID-19
Pillar 1:
Emergency support for poor and low-income households, small business employees, and other vulnerable groups through various assistance programs and wage subsidies.
Pillar II:
Expanded medical resources to fight COVID-19 and ensure the safety of frontliners (health insurance coverage for all COVID-19 patients; special risk allowance, hazard pay, and personal protective equipment (PPE) for frontline health workers; increased testing capacity; etc.).
Pillar III:
Monetary actions to keep the economy afloat and other financing support for emergency response and recovery initiatives.
Pillar IV:
An economic recovery program to create jobs and sustain growth, including Bayanihan II.
KEY UPDATES IN THIS VERSION (AS OF OCTOBER 30, 2020)
In this version, Pillar III is divided into two components. Pillar III-A, monetary actions to keep the economy afloat, and Pillar III-B, financing support for emergency and recovery initiatives. It is important to note that Pillar III-B, which mostly includes sources of funding for the four-pillar socioeconomic strategy, is not included in the combined value of the strategy (in contrast, Pillar IV, which was previously not included, is now included).
Pillar IV is comprised of programs and initiatives under the Philippine economic recovery program, including provisions under the Bayanihan to Recover as One Act (Bayanihan II).
Updates from the Department of Budget and Management (DBM) from the COVID-19 tracker that covers Bayanihan I expenditures (Pillar I), Bangko Sentral ng Pilipinas (BSP) on estimated liquidity infusion from monetary actions (Pillar III-A), and program updates from other government agencies (Pillars I and II) have been included in this version.
The estimated values of the interventions, as a percentage of Gross Domestic Product (GDP), have been revised based on the latest 2020 GDP projection under the 2021 Budget of Expenditures and Sources of Financing (BESF).
The Duterte Administration’s 4-Pillar socioeconomic strategy against COVID-19
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