The Duterte administration's Philippine Program for Recovery with Equity and Solidarity (PH-PROGRESO)
Emergency support for vulnerable groups and individuals (initial estimate of P590 billion)
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.)
Fiscal and monetary actions to finance emergency initiatives and keep the economy afloat (P610 billion, which includes standby financing for Pillar IV or the economic recovery plan, and P233 billion liquidity infusion into the economy)
An economic recovery plan to create jobs and sustain growth.
Key updates in this version (as of May 19, 2020)
The grand total of the 4-pillar strategy increased to P1.7 trillion or 9.1 percent of our gross domestic product. This is P252.1 billion higher than the previous brief.
Pillar 1 (emergency support to vulnerable groups) increased to P595.6 billion. This is P5.6 billion higher than the previous brief, primarily due to the inclusion of additional Department of Labor and Employment (DOLE) and Department of Agriculture (DA) programs and an Asian Development Bank (ADB) grant for rapid emergency supplies.
Pillar 2 (Marshalling resources to fight COVID-19) increased to P58.6 billion. This is P80.6 million higher than the previous brief due to the updated value of World Bank financing for COVID-19 response programs.
Pillar 3 (fiscal and monetary actions) increased to P1.1 trillion. This is P246.3 billion higher than the previous version, primarily due to an increase in projected official development assistance (ODA) financing from multilateral and bilateral sources worth P126.9 billion and the inclusion of global bonds sold by the Bureau of Treasury worth P119.4 billion.
The estimated costing of projects under Pillar 4 to be funded by Pillar 3 was also included in the brochure but its amount was not added to the grand total to avoid double counting.
We Will Rise As One
For more information about the 4-pillar strategy (as of May 17, for regular updating)