In an attempt to boost economic recovery for the nation from the downturn caused by the COVID-19 (China Virus) pandemic, a panel of the House of Representatives approved yesterday the Bayanihan 3 (Bayanihan to Arise as One Act) stimulus package which is worth P405.6 billion.
To put things in perspective, posted below is an excerpt from the Philippine News Agency (PNA) report. Some parts in bold…
The House Ways and Means Committee approved the substitute bill to the third Bayanihan measure, which would contain direct emergency and social amelioration to Filipinos, livelihood interventions, as well as food security and health interventions.
The bill seeks to provide funding of PHP108 billion for the implementation of a cash subsidy program of PHP1,000 for every Filipino, with another PHP108 billion in standby funds.
Around PHP12 billion shall be appropriated for Phase 1 of assistance for households in crisis situations under the Assistance to Individuals in Crisis Situation (AICS) program of the Department of Social Welfare and Development (DSWD). Some PHP12 billion shall be appropriated for Phase 2 and PHP6 billion for Phase 3 of the AICS program.
To assist micro, small, and medium enterprises (MSMEs), the Small Business Wage Subsidy (SBWS) program shall be continued and expanded with direct funding of PHP8 billion, and stand-by funds worth PHP8 billion for Phase 2 and PHP4 billion for Phase 3.
To provide temporary employment to displaced workers, around PHP10 billion shall be appropriated for the implementation of the Tulong Panghanapbuhay sa Ating Displaced/Disadvantaged Workers (TUPAD), Covid-19 Adjustment Measures Program (CAMP), and Abot Kamay ang Pagtulong (AKAP) Program, while PHP10 billion shall be appropriated as stand-by funds for Phase 2 and PHP5 billion for Phase 3.
Assistance to the agri-fishery sector will receive a total of PHP30 billion worth of standby funds to finance programs and interventions toward food security and farmer income security and welfare.
The bill allocates PHP3 billion for medical assistance for indigent patients, and stand-by funds worth PHP3 billion each for Phases 2 and 3.
A total of PHP54.6 billion shall be allocated to the Pension and Gratuity Fund for retired military and the police, while the amount of PHP5.6 billion shall be appropriated to assist the Department of Education in the implementation of its digital education, information technology, and digital infrastructure and alternative learning modalities as part of the pandemic response and transition to a new normal.
At more than P400 billion proposed, definitely a lot of people (including the owners of struggling MSMEs) as well as government departments will be assisted. While this news is good to hear and read, it still has to be passed first through the lower and upper chambers of Congress before finally reaching the President for approval.
How fast will this proposal get cleared? We will find out soon.
Let me ask you readers – are you a potential beneficiary of the proposed Bayanihan 3 stimulus package? Do you believe that P405.6 billion is good enough to help our nation’s economic recovery? You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.
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