THE leadership of the House of Representatives said the Department of Finance and the Department of Budget and Management are still in the process of identifying sources of funds in order to move forward the proposed Bayanihan 3.
Speaker Lord Allan Q. Velasco said economic managers are still studying potential funding sources for Bayanihan 3, a proposal seen as a âlifelineâ amid the raging pandemic that continues to cripple the economy and hurt the livelihood of millions of Filipinos.
âOur economic managers see Bayanihan 3 as a lifeline for many Filipinos facing economic hardship during this crisis; and Iâm very glad that we are aligned on this,â the Speaker added.
Velasco expressed gratitude to economic managers âfor recognizing the importance of Bayanihan 3 in addressing financial gaps to better manage the governmentâs response to the impact of the pandemic,â Velasco said.
For his part, Deputy Speaker Michael L. Romero of 1-Pacman partylist, meanwhile, said a special session will be called once the âfiguresâ of the Bayanihan 3 are finalized.
âWe will conduct a special session after the House economic team and President [economic] team finalize the figures,â Romero said.
For the swift passage of the Bayanihan 3, he added the Lower Chamber will also ask the Palace to certify the measure as urgent.
Moreover, Velasco said he expects that the Bayanihan 3 will be approved by the committee before the House resumes session on May 17.
He expressed Congress is âextremely hopefulâ that the Bayanihan 3ââa much-bigger, well-targeted and proportionate stimulus package that would help struggling Filipinos and revive our pandemic-ravaged economyââwould be passed.
The proposed bill is pending with the House Committee on Economic Affairs, which created a technical working group to consolidate all three-related measures.
âA third round of fiscal support is in order to relieve the economic struggle experienced by many Filipinos, particularly those with low incomes, and help businesses stay afloat during the pandemic,â he added.
Last Monday, House Committee on Economic Recovery Cluster co-chairman Joey Sarte Salceda said funding for the Bayanihan 3, which now stands at P370 billion, will be derived from âobeseâ government-owned and -controlled corporations and other tax measures.
Salceda also said they are now working with the economic managers to find ways to craft âdeficit neutralâ lifeline measures under the proposal.