Velasco proposes P420B Bayanihan 3 law

House Speaker Lord Allan Velasco has filed a measure seeking the third version of the Bayanihan Law, which would provide the government a P420-billion fund to help the country recover from the Covid-19 pandemic-induced economic fallout.

Velasco and Marikina City 2nd District Rep. Stella Luz Quimbo filed House Bill No. 8628, or the proposed “Bayanihan to Arise As One Act” or Bayanihan 3 last Thursday.

The Philippine economy contracted by 9.5 percent in 2020, the worst performance in the nation’s post-war history, the Marinduque Representative noted in a statement.

He added this is significantly worse than the predicted contraction of 4.5 to 6.6 percent, which was the basis of the Development Budget Coordination Committee for the 2021 National Expenditure Program.

“Given that actual economic output in 2020 was far below what was assumed for budget purposes, and further losses may still be incurred as the COVID-19 pandemic is expected to prevail well into the current fiscal year, an additional economic stimulus package is needed to help the government meet its recovery targets for the year,” Velasco said.

The breakdown of the proposed P420-billion appropriation under Bayanihan 3 is as follows:

• P52 billion for subsidies to small business for wages and other worker-related expenses;

• P100 billion for the capacity-building of businesses in critically impacted sectors;

• P108 billion for additional social amelioration to impacted households through programs of the Department of Social Welfare and Development;

• P70 billion for the provision of assistance and capacity-building to farmers, livestock producers and fishermen;

• P30 billion for the implementation of unemployment assistance and cash-for-work programs under the Department of Labor and Employment;

• P30 billion for internet allowances to primary, secondary and tertiary students and teachers in public and private educational institutions;

• P5 billion to the Department of Public Works and Highways for the rehabilitation of typhoon-affected areas, including the repair, reconstruction and/or construction of flood control works, roads, bridges, public buildings and other damaged public works, to be distributed proportionately among provinces and cities affected;

• P25 billion to the Department of Health for the procurement of COVID-19 medication and vaccines, and to finance logistics, information awareness campaigns, and other related operational expenses.

Source: Latest Politics News Today (Politics.com.ph)