Speaker renews push for P420-B fund for Bayanihan 3 bill

Amid the resurgence of COVID-19 infections that resulted in stricter quarantine protocols, Speaker Lord Allan Velasco reiterated his call for a third Bayanihan law with a P420-billion funding.

“There are a lot of Filipinos who are suffering financially and are in dire need of help now. A third economic stimulus package will provide much-needed lifeline to individuals, families and businesses severely affected by the pandemic," Velasco said in a statement.

Velasco's House Bill 8628 or the Bayanihan to Arise As One Act outlines P420 billion worth of interventions to further help stimulate the country's economic recovery amid the health crisis.

According to Velasco's camp, a total of 224 members from the supermajority, minority and independent blocs in the House of Representatives have signed either as principal authors or co-authors of the proposed measure.

Velasco also said he got an assurance from Finance Secretary Carlos Dominguez IIII that efforts are being made to identify fund sources for Bayanihan 3.

"It’s a matter of finding revenues to be able to fund those programs. Secretary Dominguez did not actually shoot down Bayanihan 3,” Velasco said.

“Definitely, he (Dominguez) really wants to help the Filipino people. Ang sinabi lang niya eh give him time to look for the funding," he added.

The proposed P420-billion appropriation under Bayanihan 3 is broken down as follows:

• P52 billion for subsidies to small business for wages and other worker-related expenses;
• P100 billion for the capacity-building of businesses in critically impacted sectors;
• P108 billion for additional social amelioration to impacted households through programs of the Department of Social Welfare and Development;
• P70 billion for the provision of assistance and capacity-building to farmers, livestock producers and fishermen;
• P30 billion for the implementation of unemployment assistance and cash-for-work programs under the Department of Labor and Employment;
• P30 billion for internet allowances to primary, secondary and tertiary students and teachers in public and private educational institutions;
• P5 billion to the Department of Public Works and Highways for the rehabilitation of typhoon-affected areas, including the repair, reconstruction and/or construction of flood control works, roads, bridges, public buildings and other damaged public works, to be distributed proportionately among provinces and cities affected;
• P25 billion to the Department of Health for the procurement of COVID-19 medication and vaccines, and to finance logistics, information awareness campaigns, and other related operational expenses.

—LDF, GMA News