Premier Su Tseng-chang and his Cabinet officials called a press conference Tuesday to announce a "triple stimulus" voucher program that allows people to purchase NT$3,000 (US$100) worth of vouchers for just NT$1,000. By encouraging spending and stimulating the economy, the program will help Taiwan to turn crisis into opportunity and safely weather the coronavirus pandemic, the premier said.
The voucher program comes as part of a barrage of government measures to stimulate and revive the economy, Premier Su said. Consumers can spend NT$1,000 to purchase vouchers worth NT$3,000, with the government making up the NT$2,000 difference. The program will therefore provide triple the stimulus effect of consumer spending alone, the premier said.
The vouchers will be available to all 23 million Taiwanese nationals—from newborns to senior citizens—and approximately 150,000 foreign spouses with residency permits. They can be purchased through post offices, convenience stores, credit cards, stored value cards and mobile payment apps, and may be used for dining, travel, leisure or shopping expenses. With businesses now offering generous rewards and bonuses to compete for customers, NT$3,000 will go a long way toward achieving the government's stimulus goals, Premier Su said.
Consumers will be able to use the stimulus vouchers from July 15 through the end of the year, said Premier Su. Street vendors and small businesses receiving the vouchers as payment can then cash them at banks one week after receipt. Vendors will have until the end of March 2021 to complete all exchanges. The vouchers may be used to purchase many types of goods, including raw materials for business purposes.
The consumer stimulus vouchers are aimed at addressing the aftermath of the COVID-19 pandemic, the premier emphasized. The initiative will hopefully alleviate people's difficulties while solidifying Taiwan's international reputation as a coronavirus success story and an oasis amid the chaos of the global pandemic.