[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-detail-109760-en":3,"doc-seo-109760-105":31,"detail-sidebar-cat-0-en-105":97},{"code":4,"msg":5,"data":6},0,"success",{"doc_id":7,"user_id":8,"nickname":9,"user_avatar":10,"doc_module":4,"category_id":11,"category_name":12,"doc_title":13,"doc_description":14,"doc_content":15,"file_id":16,"file_url":17,"file_type":18,"file_size":19,"view_count":20,"is_deleted":4,"is_public":21,"is_downloadable":21,"audit_status":21,"page_count":22,"language":23,"language_code":24,"site_id":25,"html_lang":24,"table_of_contents":26,"faqs":27,"seo_title":28,"seo_description":14,"update_tm":29,"read_time":30},109760,687197207057,"Sage","https://ap-avatar.wpscdn.com/davatar_29158cc5080c5b710cf443261637dec0",8,"Research & Report","WBG Governor's Statement No. 8 - October 15, 2020 - Statement by the Hon. Carlos G. Dominguez","The statement describes the Philippines’ COVID-19 response and the economic measures taken to protect health and sustain recovery. It explains how lockdowns were paired with strengthened prevention, testing, isolation, and treatment, citing researcher estimates of infection reduction. It details fiscal preparation since 2016, tax and reform efforts, Bayanihan One and Two relief packages, targeted cash and wage subsidies, and the use of development-partner financing. It emphasizes continued fiscal prudence, infrastructure spending, and structural reforms to support a resilient, sustainable recovery.","Public Disclosure Authorized Public Disclosure Authorized  \nWBG Governor's Statement No. 8  \nOctober 15, 2020  \nStatement by the Hon. CARLOS G. DOMINGUEZ, Governor of the Bank for THE PHILIPPINES  \nStatement by the Hon. Carlos G. Dominguez,  \nGovernor of the Bank for the Philippines  \nLike most other countries, the Philippines enforced lockdowns to save lives and protect communities from COVID-19. We paid a high economic price for these restrictions.  \nThese measures, however, were necessary. Our people fully understood the need for them.  \nThe lockdowns enabled us to strengthen our prevention, testing, isolation, and treatment capacities. According to our university researchers, the lockdown helped us avert an estimated 1.3 to 3.5 million infections.  \nFilipinos have approved of the way our government has been handling this pandemic. In the latest survey conducted by a third party public opinion poll body, President Rodrigo Duterte received a job approval rating of 91 percent.  \nThis health emergency may continue for many more months and possibly years. The battle against this pandemic will continue to be a test of fiscal stamina.  \nIt is fortunate that when the COVID-19 crisis hit, the Philippines was financially ready.  \nSince 2016, we had started building up our finances to support our aggressive infrastructure program. President Duterte’s Build, Build, Build program has been our main strategy to lift Filipinos out of poverty. Little did we know that this financial build-up would also serve to buttress our defenses against economic shocks.  \nThe game-changing reforms we passed over the last four years have strengthened our fiscal and economic stamina.  \nWithout our series of tax reforms, the rice tariffication law, and other far-reaching measures, the COVID-19 crisis would have inflicted much more pain on our people and on the economy. We thank our legislators for passing these measures on time. They have provided us the necessary tools needed to fight the pandemic.  \nBy 2019, we were able to bring up our revenue effort to 16.1 percent of GDP. This is the highest in more than two decades.  \nIn the same year, we worked down our debt-to-GDP ratio to a historic low of 39.6 percent.  \nThe Philippines has the lowest external debt position among the ASEAN-5 countries. In 2019, we posted a 20.2 percent external debt-to-Gross National Income ratio.  \nThe strong fiscal position we had was an advantage. It gave us enough room to reallocate budget items to fight the pandemic.  \nOne week after the imposition of lockdown in March, our Congress swiftly passed a relief package called Bayanihan One. This cushioned the public from the worst of the initial shock of the lockdown.  \nWe urgently delivered an emergency cash grant to 18 million low-income families for two months. We distributed wage subsidies to more than 3 million small business workers, also for two months. These interventions cost us about 5 billion US dollars. This is the largest social protection program in Philippine history.  \nWith our credit ratings at historic highs, we were able to quickly access emergency loans from our development partners and the commercial markets at very low rates, tight spreads, and longer repayment periods. We thank the World Bank for its swift response to our request for budgetary support.  \nOur tax collection this year will be lower than initially projected, while we increase spending in healthcare and relief measures to prop up the country for recovery. The borrowings we have secured will help cover our revenue shortfall.  \nAlthough there were enough excuses to grow the deficit and borrow more money, the Philippines has chosen to take the path of fiscal prudence.  \nOur goal is to land our deficit-to-GDP ratio in the middle of our ASEAN neighbors and credit rating peers. This conservative approach will allow us to continue access financing at favorable terms for the Filipino people.  \nThe public health emergency could last for months or possib","cbCainYKJMx9l2gY","https://ap.wps.com/l/cbCainYKJMx9l2gY","pdf",320131,7,1,5,"English","en",105,"# WBG Governor's Statement No. 8\n## Public health response and estimated impact\n## Fiscal preparation, reforms, and financing\n## Bayanihan relief packages and economic recovery measures\n## Ongoing strategy: stimulus, infrastructure, and structural reforms","[{\"question\":\"What public health outcomes does the statement credit to the lockdowns?\",\"answer\":\"The statement says lockdowns enabled strengthened prevention, testing, isolation, and treatment, and it cites university researchers estimating 1.3 to 3.5 million infections averted.\"},{\"question\":\"How did the government prepare financially before COVID-19 escalated?\",\"answer\":\"It states that since 2016 the Philippines built finances to support an aggressive infrastructure program, with Build, Build, Build as the main strategy to lift people out of poverty and bolster defenses against economic shocks.\"},{\"question\":\"What is Bayanihan One and what support did it provide?\",\"answer\":\"Bayanihan One is described as a relief package passed one week after the March lockdown. It cushioned the initial shock through an emergency cash grant to 18 million low-income families and wage subsidies to over 3 million workers in small businesses.\"},{\"question\":\"What are the key elements of Bayanihan Two for recovery?\",\"answer\":\"Bayanihan Two is described as a fiscally responsible stimulus that puts health response first, funding contact tracers and medical workers, and enabling multiple streams of support for individuals and enterprises to restart operations.\"}]","WBG Governor's Statement No. 8 - October 15, 2020 - Statement by the Hon. Carlos G. Dominguez | PDF",1784482255,13,{"code":4,"msg":32,"data":33},"ok",{"site_id":25,"language":24,"slug":34,"title":13,"keywords":35,"description":14,"schema_data":36,"social_meta":92,"head_meta":94,"extra_data":96,"updated_unix":29},"wbg-governors-statement-no-8-october-15-2020-statement-by-the-hon-carlos-g-dominguez","",{"@graph":37,"@context":91},[38,55,70],{"@type":39,"itemListElement":40},"BreadcrumbList",[41,45,49,52],{"item":42,"name":43,"@type":44,"position":21},"https://docshare.wps.com","Home","ListItem",{"item":46,"name":47,"@type":44,"position":48},"https://docshare.wps.com/document/","Document",2,{"item":50,"name":12,"@type":44,"position":51},"https://docshare.wps.com/document/research-report/",3,{"item":53,"name":13,"@type":44,"position":54},"https://docshare.wps.com/document/wbg-governors-statement-no-8-october-15-2020-statement-by-the-hon-carlos-g-dominguez/109760/",4,{"url":53,"name":13,"@type":56,"author":57,"headline":13,"publisher":59,"fileFormat":62,"inLanguage":24,"description":14,"dateModified":63,"datePublished":64,"encodingFormat":62,"isAccessibleForFree":65,"interactionStatistic":66},"DigitalDocument",{"name":9,"@type":58},"Person",{"url":42,"name":60,"@type":61},"DocShare","Organization","application/pdf","2026-08-02","2026-07-19",true,{"@type":67,"interactionType":68,"userInteractionCount":20},"InteractionCounter",{"@type":69},"ViewAction",{"@type":71,"mainEntity":72},"FAQPage",[73,79,83,87],{"name":74,"@type":75,"acceptedAnswer":76},"What public health outcomes does the statement credit to the lockdowns?","Question",{"text":77,"@type":78},"The statement says lockdowns enabled strengthened prevention, testing, isolation, and treatment, and it cites university researchers estimating 1.3 to 3.5 million infections averted.","Answer",{"name":80,"@type":75,"acceptedAnswer":81},"How did the government prepare financially before COVID-19 escalated?",{"text":82,"@type":78},"It states that since 2016 the Philippines built finances to support an aggressive infrastructure program, with Build, Build, Build as the main strategy to lift people out of poverty and bolster defenses against economic shocks.",{"name":84,"@type":75,"acceptedAnswer":85},"What is Bayanihan One and what support did it provide?",{"text":86,"@type":78},"Bayanihan One is described as a relief package passed one week after the March lockdown. It cushioned the initial shock through an emergency cash grant to 18 million low-income families and wage subsidies to over 3 million workers in small businesses.",{"name":88,"@type":75,"acceptedAnswer":89},"What are the key elements of Bayanihan Two for recovery?",{"text":90,"@type":78},"Bayanihan Two is described as a fiscally responsible stimulus that puts health response first, funding contact tracers and medical workers, and enabling multiple streams of support for individuals and enterprises to restart operations.","https://schema.org",{"og:url":53,"og:type":93,"og:title":13,"og:site_name":60,"og:description":14},"article",{"robots":95,"canonical":53},"index,follow",{"doc_id":7,"site_id":25},{"code":4,"msg":5,"data":98},[99,103,107,111,115,120,124,127,132,135,139],{"id":21,"doc_module":4,"doc_module_name":47,"category_name":100,"show_sort_weight":101,"slug":102},"Story & Novel",90,"story-novel",{"id":48,"doc_module":4,"doc_module_name":47,"category_name":104,"show_sort_weight":105,"slug":106},"Literature",80,"literature",{"id":54,"doc_module":4,"doc_module_name":47,"category_name":108,"show_sort_weight":109,"slug":110},"Exam",70,"exam",{"id":22,"doc_module":4,"doc_module_name":47,"category_name":112,"show_sort_weight":113,"slug":114},"Comic",60,"comic",{"id":116,"doc_module":4,"doc_module_name":47,"category_name":117,"show_sort_weight":118,"slug":119},6,"Technology",50,"technology",{"id":20,"doc_module":4,"doc_module_name":47,"category_name":121,"show_sort_weight":122,"slug":123},"Healthcare",40,"healthcare",{"id":11,"doc_module":4,"doc_module_name":47,"category_name":12,"show_sort_weight":125,"slug":126},30,"research-report",{"id":128,"doc_module":4,"doc_module_name":47,"category_name":129,"show_sort_weight":130,"slug":131},9,"Religion & Spirituality",20,"religion-spirituality",{"id":130,"doc_module":4,"doc_module_name":47,"category_name":133,"show_sort_weight":130,"slug":134},"World Cup","world-cup",{"id":136,"doc_module":4,"doc_module_name":47,"category_name":137,"show_sort_weight":136,"slug":138},10,"Lifestyle","lifestyle",{"id":140,"doc_module":4,"doc_module_name":47,"category_name":141,"show_sort_weight":22,"slug":142},19,"General","general"]