The leadership of the House of Representatives will closely coordinate with the Department of Budget and Management and Department of Finance to secure the funding for the proposed P420-billion Bayanihan to Arise as One or the Bayanihan 3.
House Committee on Appropriations Chairman Eric Go Yap said Bayanihan 3 will provide further support to attain genuine economic recovery amid the Covid-19 pandemic.
“Up to this day, we are still reeling on the negative effects of the pandemic and Bayanihan 3 will allow our country to stand back on its feet faster. As to the source of funds, I will coordinate with the DBM and the DOF on this,” he said.
While the Palace appreciates the policy initiatives of Speaker Lord Allan Velasco in filing the Bayanihan 3, Malacanang said the government wants current stimulus measures, including the annual budget, to be carried out first.
Supermajority support
Meanwhile, 162 members of the supermajority, minority and independent blocs in the House of Representatives have manifested their support for House Bill 8628 or the proposed Bayanihan to Arise As One Act, which Velasco filed with Marikina City 2nd District Rep. Stella Luz Quimbo last week.
Deputy Speaker Kristine Singson-Meehan said HB 8628 deserves bipartisan support in the House for being “well-thought-out” and “truly responsive to the needs of the people” amid the COVID-19 crisis.
“The sectors that will benefit from the interventions provided for in the bill are well-targeted, which provides an assurance that the proposed funds won’t go to waste and it will surely help the economy recover from COVID-19,” Singson-Meehan said.
Deputy Speaker Bernadette Herrera said the latest version of the Bayanihan 3 “provides for comprehensive and integrated strategy to help the economy recover faster from the devastating impacts of the pandemic.”
“The measure proposes a P420-billion fund for the implementation of much-needed COVID-19 response and recovery interventions grounded on economic inclusivity and collective growth,” Herrera said.
HB 8628 seeks to allocate P108 billion for additional social amelioration to impacted households; P100 billion for capacity-building for impacted sectors; P52 billion for wage subsidies; P70 billion for capacity-building for agricultural producers; P30 billion for internet allowances to teachers and students; P30 billion for assistance to displaced workers; P25 billion for COVID-19 treatment and vaccines; and P5 billion for the rehabilitation of areas affected by recent floods and typhoons.
According to Albay Rep. Joey Salceda, lawmakers should not hesitate in approving these additional funds since these were not considered in the National Expenditure Program that Malacañang submitted last year to assist Congress in the review, deliberation and passage of the 2021 national budget.
Reports that the Philippine economy contracted 9.5 percent in 2020, the worst performance in the country’ post-war history, underscores the importance and urgency of passing swiftly Bayanihan 3, Salceda said.
“In the pursuit of an economic rebound, restoring public trust and confidence on social and economic institutions is essential,” Salceda said. “Thus, it is important that the government take the lead in promoting business confidence and social welfare through increased, well-targeted spending.”
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