Metro Manila (CNN Philippines, April 20) — Despite the stricter lockdown in the National Capital Region Plus weighing down on the economy, Malacañang said President Rodrigo Duterte will not certify as urgent the proposed Bayanihan 3 measure just yet.
“Hindi pa po, dahil ang paninindigan po ng ating economic team gagamitin po muna natin ang 2021 budget,” Presidential Spokesperson Harry Roque replied when asked if the chief executive will certify the bill as urgent.
[Translation: Not yet, because our economic team has insisted that we will use the 2021 budget for now.]
The National Economic and Development Authority projected over ₱83 billion in forgone wages with workers forced to stay at home due to the implementation of both enhanced community quarantine and modified ECQ.
Meanwhile, the Department of Trade and Industry earlier estimated that around 1.5 million jobs were lost during the ECQ period in Metro Manila, Rizal, Cavite, Laguna and Bulacan from March 29 to April 11. Trade Secretary Ramon Lopez likewise forecasted 1% of the country’s gross domestic output had been shed off during the two-week timeframe, which is equal to about ₱180 billion.
The Bayanihan 3, otherwise known as Bayanihan to Arise as One Act, was filed by House Speaker Lord Allan Velasco and Marikina 2nd District Rep. Stella Luiz Quimbo in February in a bid to secure additional assistance for pandemic-hit sectors and give the ailing economy a much-needed boost.
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Velasco revealed earlier this month that the government’s economic managers have been looking for potential sources of funding for the measure, which also serves as a ₱420 billion stimulus package for Filipinos.
The local economy nosedived by -9.6% in 2020 as the country dealt with the COVID-19 health crisis along with the eruption of Taal Volcano early into the year and strong back-to-back typhoons in October and November. This is the sharpest drop ever recorded since the government began collecting data on full-year economic growths in 1946.
