Manila City mayor Francisco ‘Isko Moreno’ Domagoso. Photo courtesy of PNA.
Facing another round of price increases in petroleum products, Manila City mayor Francisco ‘Isko Moreno’ Domagoso has launched a Php 1.76 billion stimulus package to cushion the impact of rising global oil prices on the city’s economy.
According to the mayor, the package is aimed to inject liquidity into the local economy by accelerating payouts to students, public sector workers and residents in the city’s more than 800 barangays.
Domagoso explained during this Monday’s flag-raising ceremony that the funding aid combines ₱594.76 million from the Manila’s General Fund and Php 1.165 billion from the Trust Fund.
“Sa ganitong panahon ng krisis, time is always of the essence. Time is very valuable. Actions, and timely actions, is a very important key element in addressing a crisis situation,” he pointed out while citing that the move is expected to benefit around 330,000 individuals or 15 percent of the city’s population with its trickle-down effect on the local economy.
The mayor added to explain that significant portion of the stimulus package will be allocated to the city’s Social Amelioration Program, which will distribute about Php 427.85 million in allowances to 287,095 beneficiaries, including senior citizens, solo parents and persons with disabilities.
In addition, the city government will likewise release more than Php 51.13 million in educational assistance to 17,043 students enrolled in Manila’s public universities.
Included to benefit, too, from the financial assistance are national government agencies operating in the city, with Php 103.29 million allocated for 16,425 beneficiaries.
Further more, Php 1.09 billion will be distributed to Manila’s 896 barangays as part of their share in real property tax collections. Healthcare workers from city-run hospitals will also receive Php 71.32 million in PhilHealth professional fee sharing.
In ending, Domagoso stressed the importance of releasing funds at the right time as this is crucial in addressing the ongoing crisis.
“If we can raise the buying capacity or purchasing power of our community, then the businesses will benefit from it, the jobs will be protected and the economy will continue to evolve,” he concluded.
