House’s P1.3-T stimulus bill is not fundable, says NEDA

The proposed P1.3-trillion Accelerated Recovery and Investments Stimulus for the Economy (ARISE) bill passed by the House of Representatives is not fundable, the National Economic and Development Authority (NEDA) said Friday.

“We are in discussion with congressmen that such an amount would not be fundable because any supplemental budget or standby appropriation would require new revenue sources and that is very limited,” NEDA Acting Secretary Karl Kendrick Chua said in a virtual press briefing.

The lower chamber approved ARISE bill or House Bill 6815 earlier in the day, voting 216 affirmative and seven negative.

The measure is comprised of P688 billion in new spending on the first year to help address the economic impact of COVID-19 and another of P650 billion in three years for the enhanced “Build, Build, Build” program aimed at creating 1.5 million jobs.

Chua said economic managers will meet lawmakers in the bicameral committee meeting to address their concerns.

The NEDA chief said the economic team is reviewing the measure and will furnish both chambers of the Congress “our comments and also the Office of the President.”

The economic stimulus package bill is expected to protect and assist up to 15.7 million workers, create 3 million short-term jobs and 1.5 million infrastructure over the period of three years, and help up to 5.57 million micro, small, and medium enterprises.

The measure is divided into five types of interventions: general, transitional, financial, sectoral, and structural. --KBK, GMA News