P92.3B out of P165.5-B Bayanihan 2 funds released —DBM

Weeks before the appropriation authority under the Bayanihan to Recover as One Act or Bayanihan 2 expires, the Department of Budget and Management (DBM) has so far released P92.346 billion of the P165.5 billion stimulus package under the law.

Of the full amount, P140 billion is part of the regular appropriations and P25.5 billion is a standby fund.

Data from the DBM showed the grand total of releases since the enactment of Republic Act No. 11494 or Bayanihan 2 last September 11 amounted to P92,346,276,076.00.

The amount is comprised of P89,413,643,519.00 “charged from the P140-billion allocation under RA 11494” and P2,932,632,557.00 “releases from regular funds under the FY 2020 General Appropriations Act.”

“Meron lang pong kailangan ng clearance sa Office of the President at ito po yung additional capital infusion sa Landbank, sa DBP (Development Bank of the Philipines), at sa PhilGuarantee (Philippine Guarantee Corp.),” Budget Secretary Wendel Avisado said during a Palace briefing on Thursday.

“Otherwise, halos lahat ng naka-allocate na pondo para sa ba’t ibang ahensya ng pamahalaan ay na-release na natin,” he added.
 

Under the Bayanihan 2, the Land Bank of the Philippines has an equity infusion of P18,472,500,000 to support wholesale banking and for low interest loans to be extended to persons and entities engaged in industries affected by the COVID-19 pandemic.

The DBP, meanwhile, has an equity infusion of P6 billion also for low interest loans to be extended to COVID-19-hit industries.

Five billion is allocated for the credit program of the PhilGuarantee.

The DBM must release all the funds under the Bayanihan 2 as the appropriation authority under the law shall expire on December 19, 2020.—LDF, GMA News