Without slashing a dollar, legislators yesterday passed a NT$150 billion (US$5.02 billion) increase to the Special Budget for COVID-19 Prevention, Relief and Recovery.
Prior to passing the increase, lawmakers across party lines agreed — during a preliminary review held by six committees and subsequent cross-caucus talks — not to trim the budget, but to bail out industry sectors and individuals’ livelihoods beleaguered by the pandemic.
The budget increase — which builds on NT$60 billion in stimulus funding that was passed on Feb. 25 — is divided into two parts: NT$133.5 billion in relief funds and NT$16.5 billion for disease prevention.
Photo: Tu Chien-jung, Taipei Times
The increase is to cover subsidies for affected companies’ utilities, payroll and operating expenses; credit guarantees and interest subsidies; grants for lower-income households; and programs to spur consumer spending.
Minister of Finance Su Jain-rong (蘇建榮) said in the explanation for the increase that it would be entirely sourced from borrowing.
In addition to NT$210 billion allocated from special budgets, the government has reallocated NT$140 billion from the general budget and approved a NT$700 billion line of credit from government-owned financial institutions to support businesses affected by the pandemic.
The total NT$1.05 trillion relief package would be about 5.36 percent of Taiwan’s GDP for this year, which is forecast to be NT$19.58 trillion.
Several resolutions accompanying the budget increase were also passed.
One resolution said that the Financial Supervisory Commission would ban banks from approving subsidized loans to illegal factories established after May 19, 2016, in order to protect the environment.
New Power Party (NPP) Legislator Chen Jiau-hua (陳椒華), who sponsored the resolution, said that it was drafted in accordance with an amendment passed last year to the Factory Management Act (工廠輔導管理法), which said that newly established illegal factories should be torn down.
A resolution sponsored by the Chinese Nationalist Party (KMT) caucus calling for cash handouts for low and middle-income households was struck down after being put to a vote.
NPP caucus whip Chiu Hsien-chih (邱顯智) thanked the legislators for the nonpartisan support that the party’s other resolutions received, including one that prohibits the Ministry of Finance from penalizing banks that fall short of government targets for issuing subsidized loans.
KMT Legislator William Tseng (曾銘宗) said that several resolutions that he sponsored passed, including one requiring state-run banks to report to legislative committees any progress made in issuing subsidized loans.
The resolution would require the National Audit Office to review the amount of loans provided and report the results to the Legislative Yuan, and that the Executive Yuan report the progress and efficacy of the special budget within three months of the initial budget’s passage.
Democratic Progressive Party caucus secretary-general Chung Chia-pin (鍾佳濱) said that he hopes agencies would use the budget wisely so that taxpayers’ money can go to bailing out businesses.
Additional reporting by CNA
Taiwan last night blanked world No. 1 Japan 4-0 to win the World Baseball Softball Confederation’s (WBSC) Premier12 for the first time. Taiwanese ace Lin Yu-min (林昱珉) held defending champions Japan to just one hit and no runs in the first four innings, before catcher Lin Chia-cheng (林家正) opened the fifth inning with a solo home run. That was soon followed by a three-run homer from Taiwanese captain Chen Chieh-hsien (陳傑憲) to put Taiwan ahead in the prestigious tournament of the world’s top 12 baseball teams. In addition to a superb performance from 21-year-old Arizona Diamondbacks prospect Lin, three more Taiwanese pitchers
Taiwan yesterday advanced to the gold medal match of the World Baseball Softball Confederation’s (WBSC) Premier12 for the first time in history, despite last night losing 9-6 to Japan. Taiwan advanced after the US defeated Venezuela in the first game on the last day of the Super Round. However, the US had no chance of advancing to the championship game unless it defeated Venezuela by at least nine points. The US won 6-5. As a result, the two teams — who both had one win and two losses in the Super Round — are to face off again in the
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), the world’s biggest contract chipmaker, yesterday held an equipment installation ceremony for its first 2-nanometer fab in Kaohsiung, six months ahead of schedule, Kaohsiung Mayor Chen Chi-mai (陳其邁) said. “To cope with the strong global demand for advanced chips, TSMC is to start moving in equipment for its first-ever 2-nanometer fab half a year earlier than scheduled,” Chen said at an question-and-answer session at the Kaohsiung City Council. TSMC’s 2-nanometer process technology would help accelerate the development of artificial intelligence (AI) applications as well as the transformation of local industries in Kaohsiung, Chen said in a
TEAM TAIWAN: While lawmakers proposed declaring Nov. 24 a national day, the CPBL commissioner urged the legislature to pass the budget for sports development Lawmakers yesterday proposed designating Nov. 24 as National Baseball Day and updating the design of the NT$500 bill to honor the national team’s victory in the World Baseball Softball Confederation’s Premier12 championship on Sunday, as thousands of fans came out to see the players parade down the streets of Taipei. Players, coaches and staff from the national team returned home on Monday night after achieving their best-ever performance in an international baseball tournament. After receiving a rapturous welcome at the airport, the players turned out yesterday for a street parade in front of thousands of adoring fans waving Taiwanese flags and
RSS