The Executive Yuan today passed a NT$410-billion (US$12.6 billion) special relief package to strengthen the country’s domestic economy, society and security in response to global economic shocks.
The plan includes NT$93 billion in industrial support, NT$150 billion for national security and NT$167 billion for social support that includes NT$20 billion and NT$10 billion allocated to subsidizing national health insurance and labor insurance respectively, Premier Cho Jung-tai (卓榮泰) said.
The government needs to be prepared for complex geopolitical changes, Cho said.
Photo: Liu Hsin-de, Taipei Times
This newest package's four main goals are to support industries, stabilize employment, benefit people’s livelihoods and strengthen resilience, Cho said.
The funds would provide financial support to businesses and agriculture, help develop diversified export markets, support workers, strengthen industry competitiveness, assist in developing human capital and provide care services for vulnerable groups, Cho said.
The funds would also strengthen national defense capabilities and upgrade information and communications equipment, he added.
The government has heard from the private sector that they are concerned about the impact of rising electricity prices on top of tariffs, so the Executive Yuan has once again proposed allocating NT$100 billion funding to Taiwan Power Co (Taipower) to alleviate potential impacts.
Cho said the latest attempt to fund Taipower would help stabilize consumer prices and shield Taiwanese industries and the broader economy from the potential impacts of recent global economic shocks.
While the international economic situation continues to change, Taiwan’s air and sea space remain under threat from gray zone incursions, Cho said.
Taiwan is attacked more than four times as frequently as other countries, so the country’s digital and telecom infrastructure are to be strengthened, he said.
Funding for this package is to come from the budget surpluses in recent years, Cho said.
Regarding the universal cash payment proposal, Cho said that he does “not believe it is the best way forward” given the major shocks Taiwan must respond to.
The country needs more reasonable approaches to promote its long-term development, he said.
The Cabinet's bill, titled the "Special Act for Strengthening Economic, Social, and National Security Resilience in Response to International Circumstances" (因應國際情勢強化經濟社會及國土安全韌性特別條例), requires legislative approval.
Even after the Legislature approves the proposed special act, the Cabinet would have to propose special budget plans and obtain the Legislature's permission to actually use the NT$410 billion in funds.
On Monday, the Cabinet launched the NT$88-billion support package designed to cushion the impact of US tariffs on Taiwan's industrial and agricultural sectors and boost the local economy.
It said at the time it was expected to approve a special budget bill to finance the support plan during the Cabinet's meeting later this week and send it to the Legislature for approval.
The special budget proposal adopted today would allow the Cabinet to allocate NT$410 billion — more than four times the originally announced amount — in addition to its annual general budgets over the next two years through the end of 2027.
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