Taiwan’s government has finally come forward and announced details for a plan to give people stimulus vouchers. The program is meant to give a boost to businesses that have suffered as a result of the coronavirus outbreak.
Taiwan has gotten a good handle on COVID-19, but business isn’t exactly booming. A lack of tourists and a cautious public means that the travel, tourism, and hospitality industries are suffering.
The government has been working on a voucher program to help stimulate the economy, but specific details have been sparse, until now.
The government has set aside a budget of NT$40 billion (US$1.3 billion) to fund the program. People can buy vouchers worth NT$3,000, by spending just NT$1,000. The vouchers can be bought digitally or in stores, and they can be used at night markets, hotels, and for transportation.
Newly appointed National Development Council Minister Kung Ming-hsin says that mid-low income families may receive the coupons outright, without needing to purchase them.
When asked why the government didn’t simply hand out cash, Kung says the vouchers are the best way to stimulate demand with the least amount of resources. And it comes at just the right time, he says: right before the summer holidays.