Trade groups yesterday welcomed the government’s NT$50 billion-plus (US$1.67 billion) stimulus coupon program, saying it would help invigorate consumer spending.
The General Chamber of Commerce (GCC, 全國商業總會) said the coupons, though less convenient than cash, would help boost consumer confidence and benefit business in all sectors.
The Executive Yuan yesterday announced that citizens and foreign spouses of citizens who hold residency permits would be able to buy NT$3,000 coupons for NT$1,000.
Orders would be taken starting on July 1, and the coupons could be used from July 15 through the end of the year, officials said.
The program is intended to boost private consumption amid the COVID-19 pandemic.
The coupons could end up being worth about NT$4,600, given the promotions and discounts being planned by the retailers and outlets that are to accept them, Directorate-General of Budget, Accounting and Statistics Minister Chu Tzer-ming (朱澤民) said.
Given that there are 23 million Taiwanese and 150,000 foreign spouses, the overall impact could top NT$100 billion, Chu said.
GCC chairman Lai Cheng-i (賴正鎰) said the coupons could achieve business of more than NT$1 trillion, as stores, restaurants, hotels and recreational facilities would launch their own promotional campaigns to attract consumers.
People feel more comfortable going out now that Taiwan has had no new domestic COVID-19 cases for 50 consecutive days, Lai said.
The National Association of Small and Medium Enterprises (中小企業協會) said the coupon program would send a signal that it is safe for people to shop, travel domestically and visit public spaces.
Many people have stayed home for months and would participate in more leisure activities once they get the green light, the association said, adding that it expects people would end up spending more than NT$3,000 per person when they use the coupons.
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