Premier Su touts success of triple stimulus vouchers

2020/11/02

Premier Su Tseng-chang said. Oct. 29 that the triple stimulus vouchers launched in July to mitigate the impact of COVID-19 have significantly boosted private consumption and delivered economic benefits exceeding official projections.
 
 A total of 22.89 million of individuals, or 96 percent of all who qualified, had received the vouchers as of Oct. 27, reflecting overwhelming public support for the initiative, the premier said.
 
 At a cost of NT$51.05 billion (US$1.77 billion), the stimulus plan is expected to generate NT$100 billion in business for local merchants while augmenting tax revenues for the government, he added.
 
 The premier made the remarks after a Ministry of Economic Affairs’ briefing on the impact of the program at the Executive Yuan in Taipei City.
 
 According to Su, the plan’s success can be seen in the booming retail sales since its launch, with revenues ending a five-month decline in July and reaching a record high in August and again in September. Likewise, the food and beverage industry also posted best-ever yields in September, he added
 
 Su said the well-planned program, along with other effective pandemic management measures implemented by the government, has allowed Taiwan to maintain business activity when many parts of the world have been forced into lockdown.
 
 Citing statistics by the Directorate General of Budget, Accounting and Statistics, Su said the local economy grew 0.78 percent in the first half of the year while most other countries were in a recession. He expects even better results when the DGBAS releases third quarter numbers tomorrow.
 
 Under the program, all ROC (Taiwan) nationals and their foreign spouses with residency can receive NT$3,000 in vouchers after making an out-of-pocket payment of NT$1,000. The vouchers can be spent on a variety of goods and services through the end of the year.
 
 Several other agencies, including the Cabinet-level Council of Agriculture and Ministry of Culture, have launched similar programs. In total, the government has spent NT$65.06 billion with the hope of generating economic benefits amounting to NT$179 billion.

Source: Taiwan Today (https://taiwantoday.tw/index.php)