By Billy Begas
Speaker Lord Allan Jay Velasco said the passage of Bayanihan to Arise As One (Bayanihan 3) has become more imperative with the 4.2% decline of the country’s Gross Domestic Product (GDP).
“As COVID-19 continues to negatively affect the economy, there’s a growing consensus among members of the House of Representatives that the best tool to prevent a long economic downturn is for the government to go big on another relief package,” said Velasco in a statement.
Velasco said the passage of the proposed Bayanihan 3 law, which proposes a P405.6-billion fund will help stimulate the nation’s recovery from the COVID-19 crisis.
He said the government needs to infuse a substantial amount into the economy by providing much-needed aid to individuals, businesses and communities severely affected by the health crisis.
“There is also an urgent need to address the slowdown in the construction industry which, at negative 24.2 percent, is a major contributor in the decline of our GDP. With private sector infrastructure at a standstill, the government should take the lead in reinvigorating our construction sector,” Velasco added.
Velasco said the Executive department should also facilitate the immediate and full implementation of the flagship “Build, Build, Build” infrastructure program which can help the economy and the country “bounce back better.”
Source: Latest Politics News Today (Politics.com.ph)
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