Metro Manila (CNN Philippines, February 8) — A lawmaker called on the government’s economic managers Monday to take a second look at the proposed ₱420-billion stimulus package pending in the House of Representatives instead of saying outright it can’t be funded.
Marikina Representative Stella Quimbo said the passage of the proposed Bayanihan to Arise as One Act has become more urgent in light of the rising prices of basic goods and the contraction of the economy by 9.5% in 2020.
Quimbo filed House Bill 8628, otherwise known as the Bayanihan 3 bill, with Speaker Lord Allan Jay Velasco.
“Sana they take a second look at this Bayanihan 3 and to objectively assess lahat ng ating datos na pumapasok, particularly na po ang job losses, business closures,” she said in an interview.
[Translation: I hope they take a second look at Bayanihan 3 and objectively assess all the data coming in, particularly on job losses, business closures.]
Quimbo, an economist, said she is hopeful that President Rodrigo Duterte will certify the bill as urgent.
Among the key provisions of the Bayanihan 3 bill include:
– ₱108 billion for the implementation of the social amelioration program for households affected by the COVID-19 pandemic
– ₱52 billion to subsidize small businesses for wages and other worker-related expenses
– ₱100 billion for the capacity building of businesses in critically impacted sectors
– ₱70 billion to help the agriculture sector
– ₱30 billion for unemployment assistance and cash for work programs of the Department of Labor and Employment
Quimbo said there’s money to fund the implementation of the Bayanihan 3 bill, noting the various loans taken out by the government for COVID-19 response.
Citing data from the national treasury, she said the government’s cash balance as of the end of November 2020 stood at ₱1.6 trillion.
“Ang total loans po natin, ayon sa cash report ng Treasury is ₱2.82 trillion for 2020. So, if you think about those huge amounts, tingin ko naman a ₱420-billion economic stimulus package should be affordable at this point,” Quimbo said.
[Translation: According to the cash report of the Treasury, our total loans amounted to ₱2.82 trillion for 2020. So, if you think about those huge amounts, I believe a ₱420-million economic stimulus package should be affordable at this point.]
