Premier Su Tseng-chang announced a stimulus program aimed at boosting consumption in Taiwan June 2 as part of ongoing government efforts to mitigate the impact of COVID-19 on the local economy.
Under the NT$50 billion (US$1.67 billion) project, all 23 million Taiwan nationals—including those residing overseas and babies born during the project’s implementation period—plus over 150,000 foreign spouses of Taiwan citizens with residency are eligible to receive the benefits.
The project requires individuals to make an out-of-pocket payment of NT$1,000 in exchange for NT$3,000 in vouchers between July 15 and Dec. 31, with the net effect of receiving NT$2,000 from the government.
According to Su, the benefits come in multiple forms. Starting July 1, individuals can pay NT$1,000 to pre-order paper vouchers for pickup on July 15 at more than 11,000 convenience stores countrywide, or they can visit one of over 1,300 post offices to purchase vouchers directly starting July 15.
People can also use credit cards, mobile payments or other electronic methods to make purchases of NT$3,000 or more and receive NT$2,000 worth of credit back.
The premier said most types of expenditures qualify under the project, including visits to beauty salons, concerts, hotels, night markets, restaurants and retail stores. Purchases of tobacco and online merchandise are exempt from the stimulus program.
As many local business operators are expected to seize the opportunity to launch promotional campaigns, the Cabinet expects the project to generate revenue topping NT$100 billion by year’s end.
According to the Cabinet, since the coronavirus outbreak started in late 2019, the government has launched a raft of economic measures that have benefited more than 10 million individuals hard hit by the pandemic.
These include NT$70 billion in cash disbursements to 4 million plus people and NT$760 billion in preferential loans to more than 700,000 individuals and small businesses, as well as interest rate cuts and utility bill waivers to more than 5 million firms, households and individuals. (SFC-E)
