A planned third stimulus package meant to cushion the economy against COVID-19 is unlikely to move forward until the Legislature returns from its summer recess in September.
The Democratic Progressive Party had originally called for a second extraordinary summer session to get the package passed. However, the idea fell through after the party failed to reach a consensus with the opposition KMT.
Economics Minister Wang Mei-hua says that COVID-19 has left Taiwan’s manufacturing sector and its events industry in a particularly difficult situation. Wang said that the manufacturing sector will need NT$10 billion-NT$20 billion (US$340 million-US$780 million) in relief during Q3. Meanwhile, with international exhibitions canceled or scaled back, she said the events industry will need relief amounting to NT$2 billion-NT$3billion (US$68 million-US$102 million) during the same period.
Wang says that while the stimulus package has stalled, these industries can still apply for relief during the third quarter. Wang says that the Cabinet can also approve mobilization of emergency funds if necessary.