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Chile discloses $5.5 billion stimulus plan

Chile launched a massive $5.5 billion stimulus package after data showed its economy contracted 3.4 percent in October — the largest year-on-year drop in a decade — as widespread social unrest continues. The package unveiled by Finance Minister Ignacio Briones on Monday includes boosting 2020 public spending by $3.03 billion, to support small, medium and […] The post Chile discloses $5.5 billion stimulus plan appeared first on Daily Tribune......»»

Category: newsSource: tribune tribuneDec 3rd, 2019

DTI bares plan to increase tariffs on all imports by 5%

The Department of Trade and Industry on Monday disclosed a plan to increase the tariffs on all imports by 5 percent to raise additional revenues of P245 billion and help fund the government’s efforts to contain the pandemic......»»

Category: financeSource:  thestandardRelated NewsMay 26th, 2020

House set to OK 3 new bills to fight pandemic

MANILA, Philippines — The special House panel on coronavirus is poised to approve on Tuesday three new bills responding to the COVID-19 pandemic, including the proposed P548-billion Philippine Economic Stimulus Act (Pesa) and the Financial Institutions Strategic Transfer (FIST) Act. The third bill is a measure that would penalize acts of discrimination against any person […] The post House set to OK 3 new bills to fight pandemic appeared first on Cebu Daily News......»»

Category: newsSource:  inquirerRelated NewsMay 26th, 2020

Indonesia eyes $1B rescue for virus-hit carrier Garuda

Indonesia is drawing up a $1.0 billion rescue plan for struggling national airline Garuda after the coronavirus forced the company to ground most of its planes, Bloomberg News reported Monday......»»

Category: newsSource:  thestandardRelated NewsMay 11th, 2020

Group seeks more focus on livestock, fishery in proposed P32-billion agri stimulus package

CEBU CITY, Philippines — The Philippine Chamber of Agriculture and Food Inc. (PCAFI) is urging Congress to include livestock and fishery in its proposed P32-billion economic stimulus-response package. This appeal was contained in a PCAFI letter addressed to Rep. Joey Salceda, chair of Congress’ Economic Stimulus-Response Package and Agriculture Secretary William Dar. PCAFI president Danilo […] The post Group seeks more focus on livestock, fishery in proposed P32-billion agri stimulus package appeared first on Cebu Daily News......»»

Category: newsSource:  inquirerRelated NewsMay 6th, 2020

Economic losses from COVID-19 onslaught hit P700 billion

The National Economic and Development Authority is laying out a bounce-back plan......»»

Category: newsSource:  philstarRelated NewsApr 30th, 2020

Salceda wants LandBank, DBP to play & lsquo;immense role& rsquo; in PH stimulus plan

House Economic Stimulus Cluster co-chair Joey Sarte Salceda sees an “immense role” for state-run Land Bank of the Philippines and Development Bank of the Philippines in the country’s calibrated national economic stimulus plan......»»

Category: financeSource:  thestandardRelated NewsApr 26th, 2020

Gov’t banks-SME pairing crucial in economic recovery

There will be an “immense role” for government banks LandBank of the Philippines and Development Bank of the Philippines in the country’s calibrated national economic stimulus plan amid the Covid-19 crisis. LandBank and DBP are expected to expand their reach on and the relationship with small and medium enterprises (SMEs) and will be critical in […] The post Gov’t banks-SME pairing crucial in economic recovery appeared first on Daily Tribune......»»

Category: newsSource:  tribuneRelated NewsApr 26th, 2020

House proposes P613-billion stimulus

A total of P613 billion for the stimulus package that the government will use to restart the economy has been proposed by a subcommittee in the House of Representatives......»»

Category: newsSource:  thestandardRelated NewsApr 25th, 2020

House passes $483-b stimulus amid soaring losses in US jobs

The House of Representatives passed a new $483 billion economic stimulus bill Thursday as US job losses due to the coronavirus soared and businesses clamored for more support......»»

Category: newsSource:  thestandardRelated NewsApr 24th, 2020

House panel proposes P613 billion economic recovery stimulus

A House panel has proposed a P613-billion stimulus measure to help the government address the economic impact of the coronavirus disease 2019 crisis......»»

Category: newsSource:  philstarRelated NewsApr 22nd, 2020

U.S. Senate approves new $480 billion pandemic relief plan

WASHINGTON, USA – The US Senate approved a bipartisan, nearly half-trillion-dollar coronavirus relief package Tuesday, April 21, with funding earmarked for devastated small businesses, overwhelmed hospitals, and a ramp-up of testing nationwide during the pandemic. The essential job-saving measure, which passed by unanimous consent after more than a week ........»»

Category: newsSource:  rapplerRelated NewsApr 22nd, 2020

Globe keeps P63-b capex plan this year despite crisis

Globe Telecom Inc. said Tuesday it is keeping its P63-billion capital spending plan this year amid the coronavirus disease 2019 outbreak......»»

Category: financeSource:  thestandardRelated NewsApr 21st, 2020

Local Roundup: Infra fund eyed for anti-virus plan

The Department of Public Works and Highways says the P30 billion set aside for several projects under the Build, Build, Build program is untouched and ready for use to boost the government’s efforts to contain the coronavirus disease......»»

Category: newsSource:  thestandardRelated NewsApr 18th, 2020

Fiscal stimulus plan, bubusisiin ng Kamara para sa pagbangon ng ekonomiya ng bansa

Manila, Philippines – Magsasagawa ang House of Representatives ng isang “modified” na pagdinig, bukas, Martes (Abril 14), para pag-usapan ang fiscal stimulus plan para maibsan ang epekto ng coronavirus disease (Covid-19) pandemic sa ekonomiya ng Pilipinas.   Sa isang ambush interbyu ngayong Lunes, sinabi ni Speaker Alan Peter Cayetano na isasagawa ang pagdinig sa pamamagitan […] The post Fiscal stimulus plan, bubusisiin ng Kamara para sa pagbangon ng ekonomiya ng bansa appeared first on REMATE ONLINE......»»

Category: lifestyleSource:  abscbnRelated NewsApr 13th, 2020

Megawide commits to finish infra projects

Engineering and infrastructure developer Megawide Construction Corp. is supporting the government’s P27.1-billion spending plan for everyone affected by the coronavirus pandemic as the enhanced community quarantine in Luzon is extended......»»

Category: financeSource:  thestandardRelated NewsApr 12th, 2020

DOF lauds proposed $5 billion COVID-19 crisis recovery facility

The Department of Finance has welcomed the Asian Infrastructure Investment Bank plan to launch a $5-billion financing facility to support the recovery of countries severely impacted by the coronavirus disease 2019......»»

Category: financeSource:  philstarRelated NewsApr 4th, 2020

World Bank to roll out $160-billion emergency aid over 15 months

WASHINGTON, USA – The World Bank on Thursday, April 2, approved the first steps in a plan to roll out $160 billion in emergency aid over 15 months to help countries deal with the impact of the global coronavirus pandemic . The board of the Washington-based development lender approved ........»»

Category: newsSource:  rapplerRelated NewsApr 3rd, 2020

World Bank to roll out $160-billion emergency aid over 15 months

UNITED States — The World Bank on Thursday approved the first steps in a plan to roll out $160 billion in emergency aid over 15 months to help countries deal with the impact of the global coronavirus pandemic. The board of the Washington-based development lender approved the first set of fast-track crisis projects, with an […] The post World Bank to roll out $160-billion emergency aid over 15 months appeared first on Cebu Daily News......»»

Category: newsSource:  inquirerRelated NewsApr 2nd, 2020

Government crafting another economic stimulus, rehab plan

The government is crafting another economic stimulus package and a rehabilitation plan to soften the damage caused by the coronavirus disease 2019 or COVID-19 to the economy, according to the Department of Finance......»»

Category: financeSource:  philstarRelated NewsApr 1st, 2020

No games, big losses: Money crisis faces US Olympic sports

By EDDIE PELLS AP National Writer DENVER (AP) — The postponement of the Tokyo Games has catapulted the sports organizations that make up the backbone of the U.S. Olympic team into crisis. At least one has already started layoffs and others are desperate to stay solvent. Some are expecting a major downturn in membership dues, while others are reeling from event cancellations totaling more than 8,000 across all sports. A database analyzed by The Associated Press shows combined projected losses of more than $121 million in revenue between February and June for 43 of the 50 national governing bodies that responded to a survey from the NGB Council in the wake of the coronavirus crisis. As much or more as the U.S. Olympic and Paralympic Committee, which serves as an umbrella regulator of the country's Olympic sports, it's the NGBs that provide funding and other support for athletes to pursue their dreams at the Olympic and other elite levels. About 80% of the typical NGB's budget goes toward supporting athletes. Not including the U.S. Tennis Association — an outlier because of the massive revenue it generates from the U.S. Open — the NGBs have a combined annual revenue of about $685 million. By comparison, the NFL and NBA each reportedly brought in about $8 billion during the latest completed season. Half the NGBs are little more than ma-and-pop operations, working with small staffs and on revenue not more than $5 million a year. The USOPC, which sent cash grants to the individual NGBs to the tune of around $65 million in 2018, is also in uncharted territory. The postponement of the Olympics forces the federation to make up for a shortfall nearing $200 million without the NBC payout that comes during Olympic years. The USOPC broke with recent practice by not taking out insurance against that possible loss, instead deciding to self-insure. Some of the shortfall is expected to come from an endowment fund created out of a surplus from the 1984 LA Olympics. The USOPC says the losses across American sports could range from $600 million to $800 million. A good portion of these losses can be recouped if the games go forward, as expected, in 2021. But staying financially healthy until that time is not a given for some of the more vulnerable NGBs. “I haven't heard anyone say their NGB itself was going to go out of business,” said Max Cobb, the president of U.S. Biathlon, who doubles as leader of the USOPC's NGB Council. “But there's very little buffer to absorb any revenue loss for an NGB. They all run on a very tight revenue and expense model, and very few have much in the way of savings.” Already, USA Cycling, a mid-sized NGB with an approximate annual revenue of $15 million, laid off eight of its 70-person staff. And USA Rugby, which existed on about $14 million in revenue through 2017, was already teetering and could be nearing closer to bankruptcy with the added uncertainty the Olympic postponement has brought. Many NGBs, such as cycling, are event driven — reliant on cash brought when people sign up for local and national competitions that they sanction. Others, such as USA Swimming, get their lion's share of funding from membership dues, which are taking a hit as facilities around the nation close on the order of state and local governments. “We, as an NGB, will feel it next fall when memberships start rolling in. That shortfall could have a profound effect,” said USA Swimming's Tim Hinchey. “We can overcome a lot of these things, I think, if all comes back to normal. But we have to wait and see like everyone else.” The only event that makes money for swimming is its Olympic trials, which are also a significant revenue source for track, gymnastics and other sports that send large teams. All have been postponed, to be rescheduled when the IOC sets a new date for the Olympics in 2021. The USOPC recently sent a letter to Congress asking for $200 million to be included in the $2 trillion coronavirus relief package that passed through the House of Representatives on Friday. The money, it said, was to be used to support about 2,500 athletes and to help NGBs, which have a total of about 4,500 full-time employees. “On short notice, we surveyed NGBs and then made additional assumptions about the current and future impact of the pandemic on athlete financial support,” CEO Sarah Hirshland said. “Reflective of that work, funds were requested on behalf of athletes and NGBs only.” That request wasn't granted — the federal government has a long history of not providing financial support to the Olympics — though Cobb said he was encouraged that not-for-profit businesses such as the NGBs are allowed to apply for loans as part of the stimulus package's $349 billion “Paycheck Protection Program.” Hinchey said he'll direct some struggling swim clubs to also seek relief from the loan program. What's clear to Cobb is that without some help, more layoffs could be imminent at some NGBs, while others will suffer in ways that the broad public might not recognize right away. Without as much revenue to support a wider swath of coaching and training programs, to say nothing of equipment and state-of-the-art training facilities, some sports' pipelines might suffer. “The athletes receiving the support right now have earned that by being the best in the country,” Cobb said. “But it's that next generation of athletes, and all the NGBs rely on that next generation, that's the group that's the most impacted.”.....»»

Category: sportsSource:  abscbnRelated NewsMar 28th, 2020