House leader and Speaker Lord Allan Velasco batted for the passage of the proposed Bayanihan 3 law, in order to equip affected households and workers with another economic stimulus package, amid more stringent restrictions due to the sharp rise in Covid19 infections.
“There are a lot of Filipinos who are suffering financially and are in dire need of help now,” he said. “A third economic stimulus package will provide the much-needed lifeline to individuals, families and businesses severely affected by the pandemic.”
Under his version of the Bayanihan 3 measure which he filed last February, P420 billion will be allocated to keep the economy afloat.
House Bill No. 8628, or the “Bayanihan to Arise as One Act”, aims to allocate P100 billion for social amelioration to affected households; P100 billion for capacity-building in affected sectors; P52 billion for wage subsidies; P70 billion for capacity-building in the agriculture industry; P30 billion for internet allowances for students and teachers; P30 billion for aid to displaced employees; P25 billion for coronavirus treatment and vaccines; and P5 billion for the recovery of areas hit by natural calamities.
Each member of a household will be given P1,000 regardless of economic status, each student and teacher will receive an allowance of P1,000 while displaced workers will get P8,000 each.
As of writing, 224 members belonging to supermajority, minority and independent parties have signed the bill as principal or co-authors.
Lawmakers cited reports that the country’s economy had contracted by 9.5%, the worst recorded performance since the end of World War II, as well as a Philippine Statistics Authority report, which found that some four million Filipinos had lost employment in January this year despite the economy reopening.
Photo: Lord Allan Velasco/FB