By Benjamin Cuaresma
Manila City Mayor Francisco “Isko” Moreno Domagoso has launched a ₱1.76 billion stimulus package to cushion the impact of rising global oil prices on the city’s economy. The package, announced during a flag-raising ceremony at Manila City Hall on March 16, aims to inject liquidity into the local economy by accelerating payouts to residents, students, public sector workers, and barangays.
The funding package combines ₱594.76 million from the General Fund and ₱1.165 billion from the Trust Fund. “In a crisis, 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,” Domagoso said. He added that the move is expected to benefit around 330,000 individuals, or 15% of the city’s population, with a trickle-down effect on the local economy.
A significant portion of the funds will be allocated to the city’s Social Amelioration Program, which will distribute ₱427.85 million in allowances to 287,095 beneficiaries, including senior citizens, solo parents, and persons with disabilities. The city will also release ₱51.13 million in educational assistance to 17,043 students enrolled in Manila’s public universities.
The stimulus package also includes financial assistance to national government agencies operating in the city, with ₱103.29 million allocated for 16,425 beneficiaries. Additionally, ₱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 ₱71.32 million in PhilHealth professional fee sharing.
Domagoso emphasized that the timely release of funds is crucial in addressing the 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 said.
ia/xf
