2021 Budget to help displaced overseas Filipinos
Government prepared to sustain the country’s economy
MANILA – With a considerable dip in foreign remittances due to the onslaught of COVID-19 on the world economy and the return of over 250,000 overseas Filipinos, Presidential Spokesperson Harry Roque said the 2021 national budget would be able to cushion the impact in other sources of income for Filipino families.
Foreign remittances before COVID-19 played a significant role in the economy. The Bangko Sentral ng Pilipinas in its statement released last February 17,2020 disclosed foreign remittances in 2019 contributed 9.3% to the country’s Gross Domestic Product (GDP) and 7.8% to the country’s Gross National Income (GNI).
The BSP reported personal remittances for 2019 reached US$33.5 billion while cash remittances reached a high of US$201 billion.
Speaking at the regular Malacañang Press Briefing at midday today, Secretary Roque said aside from the packages provided for in Bayanihan 1 and Bayanihan II, there is a substantial portion of the 2021 budget to create economic activities.
“We have additional loans for people to begin their small business which comes from the Small Business Corporation of the Department of Trade and Industry. There are also similar programs from the Departments of Finance, Agriculture and Labor and Employment, too,” he said.
He added there are plans to support critical industries including aviation.
“There are other programs such as cash-for-work under the Tulong Panghanapbuhay sa Ating Disadvantaged/Displaced Workers (TUPAD), financial assistance for displaced land-based and sea-based Filipino workers under AKAP and COVID-19 Adjustment Measures Program (CAMP) from the Department of Labor and Employment (DOLE),” Secretary Roque added. (Melo M. Acuña)
Presidential Spokesperson Secretary Harry Roque (Screen grab from Malacanang Press Briefing/PTV4/RTVM)