Bangko Sentral ng Pilipinas Governor Benjamin Diokno on Monday said the government needs a supplemental budget to restart the economy in the aftermath of the coronavirus pandemic.
Diokno said in a Viber message to reporters that as the government moved into the next phase of the road to the “New Economy”, it should focus on quick-disbursing, employment-creating program. He described the emergency employment as “fiscal stimulus.”
“It needs a supplemental budget, the size of which can be decided upon by the President with the recommendation of his economic managers,” Diokno said.
“I estimate that a 1-percent increase in the deficit would amount to P200 billion of ‘new spending’ [while] a 2-percent increase would amount to P400 billion,” Diokno said.
“The Executive Department needs new spending authority. It needs a supplemental budget,” he said.