[ad_1]
Metro Manila (CNN Philippines, March 27) – A massive stimulus package combining both versions of the upper and lower chambers is possible, as they share the same provisions to accelerate the Philippine economy derailed by the COVID-19 pandemic, according to Senate President Vicente Sotto III.
“Maybe four or five major provisions in the bills, Bayanihan 3 and Senator (Manny) Pacquiao’s Expanded Stimulus Package that was final on behalf of the Senate are pretty much the same,” he said in a virtual briefing on Saturday.
[Translation: I think there are four or five provisions in Bayanihan 3 and Senator Pacquiao’s Expanded Stimulus package that are almost the same.]Sotto said both bills imply similar highlights that include “social improvement of affected households, capacity building for affected sectors and wage subsidies.”
“It is not surprising if there will be a merger on Bayanihan 3 and the Senate Expanded Stimulus Package,” he added.
[Translation: It’s not surprising if the Bayanihan 3 and the Expanded Senate Stimulus Package will be merged eventually.]Pacquiao introduced Senate Bill No. 2123, which seeks a $ 335 billion expanded stimulus package to support existing interventions amid the coronavirus crisis.
Under the bill, $ 100 billion each will be allocated for assistance to low-income people, households, and the homeless; for the subsidy to workers; and for capacity building of critically affected sectors. Another $ 30 billion will fund assistance to displaced workers, $ 3 billion for the Internet allocation of public school teachers and students under the K-12 program, and $ 2 billion for the Higher Education Commission. to finance the internet allowance of tertiary level teachers. and students.
In the House of Representatives, the Speaker of the House of Representatives, Lord Allan Velasco, introduced the Bayanihan to Arise As One Bill of 420,000 million dollars with the representative of the second district of the city of Marikina, Stella Luz Quimbo, at the beginning of the last month.
Here’s the breakdown of the proposed Bayanihan for Arise As One Act:
• ₱ 52 billion for small business grants
• $ 100 billion for “business capacity building in critically impacted sectors”
• ₱ 108 billion for additional cash assistance to affected households
• 70 billion dollars for the agricultural sector
• ₱ 30 billion for assistance to displaced workers
• ₱ 30 billion for Internet allowances for elementary, middle and tertiary students and teachers
• ₱ 5 billion for the rehabilitation of areas hit by typhoons
• ₱ 25 billion for the purchase of COVID-19 drugs and vaccines, and to finance operational expenses related to vaccination
Sotto said he is confident the government could fund a new stimulus package, noting that the Philippines has about $ 400 billion in unused budget per year.
[ad_2]
