3 weeks Gov’t ramps up spending to fight COVID-19 Inquirer
To better fight COVID-19 and fast-track recovery from the pandemic-induced recession, the government plans to spend a bigger amount of P2.33 trillion during the second half of this year. The latest quarterly fiscal program for 2020 released by the Cabinet-level Development Budget Coordination Committee showed that the national government programmed to spend P1.26 trillion in the third quarter, or 29 percent of the P4.34-trillion expenditures program for the year, equivalent to 23 percent of gross domestic product (GDP). Nominal GDP had been projected to drop to P18.9 trillion by year's end from P19.5 trillion last year as the economy is ... more