WASHINGTON (Xinhua) – The financial rescue program launched two years ago has played a critical role in rebuilding confidence of the financial sector, the U.S. Treasury Department said on Tuesday.
In its Retrospective Report on the Troubled Asset Relief Program (TARP) to the Congress, the Treasury said that the plan ” played a critical role in stabilizing the financial sector and restarting credit markets, so that our nation’s economy could recover.”
The 700-billion-dollar program, which was launched in late 2008 after the global financial crisis burst, injected government investment into many big financial institutions.
The report provides a comprehensive overview of the steps that Treasury took under TARP to contain a growing financial panic that gripped the country in late 2008 and early 2009.
The department said that the program made great contribution in recapitalizing the financial sector and restarting the credit markets, which made it possible for businesses, municipalities, and families to borrow again, so that our economy could recover.
According to the report, Treasury now estimates that the total cost of TARP will be about 50 billion U.S. dollars.
However, critics said that the TARP was a waste of taxpayers’ money and added new burden to the country’s already severe fiscal deficit problem.
July 2025
Nutrition Month
“Give us much more than P50 increase
for proper nutrition!”
Invoke Article 33 of the ILO Constitution
against the military junta in Myanmar
to carry out the 2021 ILO Commission of Inquiry recommendations
against serious violations of
Forced Labour and Freedom of Association protocols.
Accept National Unity Government (NUG)
of Myanmar. Reject Military!
#WearMask #WashHands #Distancing #TakePicturesVideosturesVideos
July
3 July – International Day of Cooperatives
3 July – International Plastic Bag Free Day
5 July – World Youth Skills Day
7 July – Global Forgiveness Day
11 July – World Population Day
17 July – World Day for International Justice
28 July – World Nature Conservation Day
30 July – World Day against Trafficking in Persons
Monthly Observances:
Schools Safety Month
Nutrition Month
National Disaster Consciousness Month
Weekly Observances:
Week 2: Cultural Communities Week
Micro, Small, and Medium Enterprise
Development Week
Week 3: National Science and
Technology Week
National Disability Prevention and
Rehabilitation Week
July 1-7:
National Culture Consciousness Week
July 13-19:
Philippines Business Week
Week ending last Saturday of July:
Arbor Week
Daily Observances:
First Saturday of July:
International Cooperative Day
in the Philippines
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