Close this search box.

House leader says Finance dep’t assures support to P420-B stimulus package – BusinessWorld Online


HOUSE Speaker Lord Allan Jay Q. Velasco on Wednesday said the Department of Finance has promised to find funding sources for the proposed P420-billion economic stimulus package.

In a statement on Wednesday, Mr. Velasco said he “got an assuranceof support on the proposed Bayanihan to Arise as One Act from Finance Secretary Carlos G. Dominguez III during a recent meeting. 

The bill is the third economic relief fund after the Bayanihan to Heal as One Act (Bayanihan I) and the Bayanihan to Recover as One Act (Bayanihan II).

“Its a matter of finding revenues to be able to fund those programs. Secretary Dominguez did not actually shoot down Bayanihan III,” Mr. Velasco said.

“(H)e (Mr. Dominguez) really wants to help the Filipino people. He just said to give him time to look for the funding,” the solon added.

The proposed third Bayanihan law, filed last month by the speaker and Marikina Representative Stella Luz A. Quimbo, has garnered the support of 224 members of the House of Representatives. 

The proposed economic relief package will consist of P108 billion for social amelioration program assistance to households affected by the pandemic; P100 billion for capacity-building of businesses from critically affected industries; P70 billion capacity-building for agricultural producers; P52 billion for wage subsidies; P30 billion for displaced workers; P30 billion for internet expenses for teachers and students; P25 billion for COVID-19 vaccines and medicines; and P5 billion for the rehabilitation of typhoon-affected areas.

Economic managers have previously said that a third Baynihan fund is not needed, citing that there are already pandemic response measures covered by the 2021 national budget and the Bayanihan II. Gillian M. Cortez