Duterte signs Bayanihan 2, P165-billion COVID-19 economic recovery package

President Rodrigo Duterte on Friday signed the Bayanihan to Recover as One Act which provides a COVID-19 relief package worth P165.5 billion.

Executive Secretary Salvador Medialdea confirmed Duterte’s approval of the measure, which succeeded the Bayanihan to Heal as One Act, which expired on June 24. Duterte signed the new law 18 days after Congress ratified Bayanihan 2 on August 24.

According to Senate finance committee chairman Sonny Angara, P140 billion will come from general appropriations while P25.5 billion will serve as a standby authority which can be used once additional government revenues become available.

The standby fund includes P10 billion for COVID-19 testing and procurement of medication and vaccines and P15.52 billion as additional capital infusion to government banks.

The new law provides that P50 billion will go to government financial institutions — Land Bank of the Philippines, Development Bank of the Philippines, Philippine Guarantee Corp., and Small Business Corp. — to provide soft loans to affected sectors.

Cash subsidies ranging from P5,000 to P8,000 will also be given to low-income households in areas under granular lockdown and those with recently returned overseas Filipino workers, as well as to displaced workers.

Some P13.5 billion will go to health-related responses, including the payment of P10,000 special risk allowance to both public and private medical frontliners, P3 billion for the procurement of face masks, face shields and personal protective equipment, and P4.5 billion for the construction of temporary medical isolation and quarantine facilities.

A total P4 billion has also been earmarked for the tourism industry, of which P1 billion is for Tourism Road Infrastructure Programs, and P3 billion is for cash-for-work programs and assistance to displaced workers.

The measure also sets aside subsidies and allowances amounting to P600,000 to qualified students in both public and private elementary, high school, and college students, as well as one-time cash aid amounting to P300,000 to displaced teaching and non-teaching personnel.

Around P13 billion has been set aside for cash-for-work programs and unemployment or involuntary separation assistance for displaced workers; P24 billon for direct cash or loan interest rate subsidies to farm groups under Department of Agriculture programs; and P9.5 billion for various programs of the Department of Transportation (DOTr), including assistance to displaced public utility drivers and construction of protected bicycle lanes.

The law also directs public utilities to implement a 30-day grace period of payment of fees falling within the enhanced community quarantine (ECQ) or modified ECQ without incurring interests, penalties and other charges.

Further, the requirement for certain permits for the installation and operation of telecommunication towers shall be temporarily suspended.

The Office of the President is required to submit a monthly report to Congress regarding the progress of the law’s implementation.

The Bayanihan 2 will be effective until December 19, 2020.-NB, GMA News