TAIPEI (TVBS News) — Taiwan's legislature Friday (Oct. 17) approved a massive NT$550 billion (around US$17.9 billion) stimulus package that includes direct cash payments of NT$10,000 (around US$326) to residents. The Legislative Yuan (立法院), Taiwan's parliament, passed the emergency budget in its third reading to strengthen economic and social resilience amid global uncertainties. The legislation represents one of Taiwan's largest fiscal responses to economic challenges in recent years.
The Executive Yuan (行政院), Taiwan's cabinet, allocated NT$236 billion (around US$7.7 billion) specifically for direct cash payments to residents. Finance Minister Chuang Tsui-yun (莊翠雲) announced distributions will begin in early November, with foreign permanent residents and spouses of Taiwanese nationals eligible for payments. The package reserves NT$20 billion (around US$652 million) for future industrial support programs.
Legislative Speaker Han Kuo-yu (韓國瑜) orchestrated cross-party negotiations Wednesday (Oct. 15) that resulted in eight key amendments, including a NT$200 million (around US$6.5 million) reduction in defense spending. Parliamentary finance committees conducted extensive reviews before advancing the legislation for final approval. The bipartisan negotiations reflected Taiwan's consensus-building approach to major fiscal policy decisions.
Legislators allocated NT$10 billion (around US$326 million) to Taiwan's labor insurance fund while freezing NT$1 billion (around US$33 million) pending reform plans. The Ministry of Health and Welfare (衛福部) received NT$20 billion (around US$652 million) for national health insurance, with NT$1 billion frozen until review completion. The conditional funding reflects legislative oversight of Taiwan's critical social insurance programs.
