MANILA, Philippines — House Deputy Speaker Luis Raymund Villafuerte Jr. on Saturday urged the Department of Budget and Management (DBM) to release stimulus funds to prop up the economy after President Duterte signed the P165-billion Bayanihan to Recover as One Act, or Bayanihan 2.
Villafuerte said the prompt release of Bayanihan 2 funds for pandemic-hit businesses would hasten economic recovery, especially with the gradual easing of mobility restrictions nationwide.
This, he said in a statement, would boost business and consumer confidence in the domestic economy.
The Camarine Sur lawmaker welcomed the enactment of the Bayanihan 2 law, saying it would let the executive boost its COVID-19 response while extending immediate financial aid to distressed companies, especially micro, small and medium-sized enterprises (MSMEs).
“Bayanihan 2 would vest President Duterte anew with special powers to realign state resources and carry out urgent programs to scale up COVID-19 active response at both the national and local government levels,” he said.
At the same time, Villafuerte said there would be “immediate succor” to businesses, especially MSMEs that employ the majority of Filipino workers.
Bayanihan 2 allocates a P140-billion regular outlay and a P25.5-billion standby fund for a wide range of industries affected by the pandemic.
The biggest share of its budget will go to soft loans for badly hit sectors such as MSMEs, transport, tourism and agriculture.
Like the Bayanihan to Heal as One Act, the bill provides for an emergency subsidy of P5,000 to P8,000 to affected low-income households in areas under granular lockdown and to households with recently returned overseas Filipino workers.
It also allocates subsidies and allowances to qualified students in both private and public elementary schools, high schools and colleges whose families were affected by work stoppage amid the lockdowns, and a one-time cash aid to displaced teaching and nonteaching employees.
An additional P13.5 billion was allocated for health-related responses, including the retroactive payment of the P100,000 hazard duty pay for health workers effective February 2020, continuous employment of existing emergency health personnel, augmentation of operations of Department of Health hospitals, and a risk allowance for health workers attending to COVID-19 patients.
Another P3 billion will be used to purchase masks, face shields and personal protective equipment, while P4.5 billion will be used for the construction of temporary isolation and quarantine facilities.
“We are hoping that Malacañang would be able to raise more resources in the months ahead to bankroll further stimulus packages needed for an early and strong economic rebound,” Villafuerte said.
He was referring to the House-approved proposals on the P1.5-trillion COVID-19 Unemployment Reduction Economic Stimulus Act and the P1.3-trillion Accelerated Recovery and Investments Stimulus for the Economy Act, which the Senate have yet to pass.
The two measures both call for aggressive spending to boost the economy and temper the impact of the pandemic on the worst-hit sectors.