Friday, February 15, 2008 PB backs economic package to shield RP from slowdown
THE Cebu Provincial Board (PB) supports the economic stimulus package of the National Government.
In a resolution passed by the PB, it expressed agreement to the proposed program to “stave off the adverse effects of the economic slowdown of the United States (US).”
This, as the US formalized its own economic stimulus package.
US President George W. Bush signed a two-year, $168-billion economic stimulus package last Wednesday, in the hopes of coping with the country’s ailing economy.
President Arroyo approved in principle the proposal of economic adviser Albay Gov. Jose Salceda for government to spend P75 billion to stimulate the local economy and shield it against the US economic slowdown.
Funding
Finance Secretary Margarito Teves was reportedly ordered to look for sources of funding for the P75-billion economic stimulus package.
The package will be used for income tax relief to middle-class working families; reduction in electricity rates to households consuming 200 kilowatt hours monthly; agricultural production/productivity logistic distribution (such as post-harvest facilities, upland development, bagsakan and Tindahan Natin outlets; food-for-school program; college scholarships and technical and vocational training; Philhealth increase to seven million beneficiaries; National Housing Authority core housing; and infrastructure.
The PB noted its support for electricity and water subsidies and a 20-percent tax rebate on all withheld taxes in 2007.
“It is best to thoroughly and carefully study the economic package and its inclusion, and implement them timely,” the resolution, penned by PB Member Victor Maambong, read.
“It is fitting to support such economic stimulus package as it will redound to benefit a large number of Filipinos, especially those affected by the slowdown of the US economy,” read the PB resolution. (JGA)
