Sotto files bill seeking to establish ‘economic stimulus strategy’ for PH

Senate President Vicente Sotto III. Senate PRIB file photo / Henzberg Austria

MANILA, Philippines — Senate President Vicente Sotto III has filed a measure seeking to establish an “economic stimulus strategy for the country’s growth and development” to mitigate the impact of the COVID-19 pandemic.

In a statement on Wednesday, Sotto underscored the need for the government to “put a premium” on rebuilding the economy once strict restrictions imposed to contain the coronavirus disease (COVID-19) are relaxed.

“In order to offset and mitigate the damages that COVID-19 brought to our country, measures should be put in place through legislative enactments,” Sotto said in filing Senate Bill No. 1542.

“Since the intent of the Bayanihan to Heal as One Act is to cushion the effects of COVID-19 to the country’s health system and to its citizens…it did not cover the economic effect of this pandemic,” he added.

Sotto’s measure proposes a stimulus program to “restore economic growth, maintain employment levels, and expand the productive capacity of the country.”

Among the salient features of the bills is the mandatory immediate mass testing for COVID-19; wage subsidies to non-essential businesses, freelancers, self-employed and repatriated overseas Filipino workers (OFWs); expansion of the Tertiary Education subsidy provided under Republic Act 10931 to include students whose families currently facing financial difficulties due to the various community quarantines; and waiving of registration and other related fees and the grant of special trading accommodations for a limited time to micro, small and medium enterprises plus start-ups (MSMEs+).

The measure would also direct the Land Bank of the Philippines and the Development Bank of the Philippines to establish a Special Interest-Free Loan Fund and provide interest-free loans to non-essential businesses and MSMEs+.

The Department of Tourism (DOT) and its sub-agencies would likewise be required to assist critically impacted DOT-accredited tourism enterprises.

“Our situation could get worse if our government will not act swiftly,” Sotto went on, adding that the country’s economic base “could collapse if urgent measures are not set in place the soonest time possible.”

“Lawmakers need to work fast in giving back life to our economy. We cannot dilly-dally until the last minute. Measures to help revive businesses adversely affected by the COVID-19 crisis should be enacted with haste to prevent the economy from total collapse,” the Senate president said.

A similar measure in the House of Representatives has been filed by Quezon Rep. Mark Enverga, Sotto’s party mate at the Nationalist People”s Coalition.

JPV