Sotto files bill creating economic stimulus strategy amid COVID-19

Senate President Vicente Sotto III on Wednesday reiterated the importance of having an established economic strategy to resuscitate the sectors that are most affected by the COVID-19 pandemic.

"In order to offset and mitigate the damages that COVID-19 brought to our country, measures should be put in place through legislative enactments," Sotto said in a statement.

"Since the intent of the Bayanihan to Heal as One Act is to cushion the effects of COVID-19 to the country's health system and to its citizens… it did not cover the economic effect of this pandemic," he added.

Sotto filed Senate Bill No. 1542  which seekes to create an economic stimulus program that will "restore economic growth, maintain employment levels, and expand the productive capacity of the country."

The proposed measure provides for wage subsidies to non-essential businesses, freelancers, self-employed and repatriated overseas Filipino workers.

Tertiary education students whose families are suffering financially because of the pandemic shall also be covered by an education subsidy, according to the bill.

Further, registration and other related fees paid by micro, small, and medium enterprises shall also be waived temporarily. Interest-free loans must be provided to them by the Land Bank of the Philippines and the Development Bank of the Philippines.

Sotto said DOT-accredited tourism enterprises must be assisted too after these were crippled by the travel restrictions that have been imposed because of the COVID-19 pandemic.

"Measures to help revive businesses adversely affected by the COVID-19 crisis should be enacted with haste to prevent the economy from total collapse," he said. — Dona Magsino/RSJ, GMA News