Economy May 25, 2020 | 9:40 am

Big business opposes bill to access US$12.1B Pension Fund

Santo Domingo.- Business leaders and merchants from Santiago say they expect that the bill that looks to access 30% of the Pension Fund will not pass because, they say, it could have an effect contrary to what’s intended.

Fernando Puig, executive director of the Santiago Chamber of Commerce, said that the current health crisis cannot be financed by workers and warned that the disbursement of these savings could trigger inflation.

“If of the more than RD$700 billion (US$12.1 billion) that are in the APFs, 30% are available to launch it on the market, we are talking about around 220 billion pesos, which would definitely create price instability that would cause a greater evil that what you are trying to solve,” said Puig.

He added that this would be “disrupting what we are trying to build.”