Taiwan president promises 3rd relief package to boost economy

President Tsai encourages domestic travel and spending in order to mitigate economic hit from coronavirus

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President Tsai Ing-wen (center) meeting business representatives Thursday Aug. 20 

President Tsai Ing-wen (center) meeting business representatives Thursday Aug. 20  (CNA photo)

TAIPEI (Taiwan News) — A third phase of relief measures with a budget of NT$210 billion (US$7.13 billion) and added investment totaling NT$6 trillion should help Taiwan recover from the Wuhan coronavirus (COVID-19) pandemic, President Tsai Ing-wen (蔡英文) said Thursday (Aug. 20).

The new programs arrive on top of previous packages totaling NT$1.05 trillion to help enterprises and workers through the impact of the virus. It forms the largest economic aid program in Taiwan's history, CNA quoted Tsai as saying.

The issuance of “Triple Stimulus Vouchers” beginning a month ago and measures to boost domestic tourism in the absence of foreign visitors have registered success in assisting businesses recover, the president told a business association.

Tsai encouraged domestic travel and spending to boost the domestic economy. Earlier, the Cabinet reportedly turned down a request from business groups for a new round of NT$5,000 stimulus vouchers and for tax cuts, mentioning the government’s growing debt due to the coronavirus crisis.