MANILA, Philippines — Reeling from public criticism of lawmakers’ desire to tinker with the Constitution, there is now an emerging consensus in the House of Representatives to pass a third big-time economic stimulus package to shore up the economy from its worst recession since World War II.
Speaker Lord Allan Velasco said on Sunday that at least 115 of the 304 House members, or 37 percent, have expressed support for another Bayanihihan law after the Bayanihan to Heal as One Act (Republic Act No. 11469) and Bayanihan to Recover as One Act (RA 11494).
Velasco and Marikina Rep. Stella Luz Quimbo have filed House Bill No. 8628, or the P420 billion Bayanihan to Arise As One Act, also called Bayanihan 3.
The Speaker said the two previous Bayanihan laws were “not sufficient for the genuine economic recovery of the country,” citing that the Philippine economy contracted by 9.5 percent in 2020, the worst performance in the country’s postwar history.
Lawmakers have been looking at another law since November last year with Quimbo proposing a P400 billion package while Majority Leader Martin Romualdez, Albay Rep. Joey Salceda and AAMBIS-OWA Rep. Sharon Garin seeking a P247 billion package.
“Given that actual economic output in 2020 was far below what was assumed for budget purposes, and further losses may still be incurred as the COVID-19 pandemic is expected to prevail well into the current fiscal year, an additional economic stimulus package is needed to help the government meet its recovery targets for the year,” Velasco said.
Unprecedented amounts
Under Bayanihan 1, the government realigned about P275 billion from the 2020 budget for pandemic response while P165.5 billion was allotted for Bayanihan 2.
The two measures were the biggest economic stimulus laws ever passed by Congress.
But Bayanhihan 3, Velasco said, would even be bigger with unprecedented amounts allocated to help revive the economy:
• P52 billion for small business subsidies for wages and other expenses;
• P100 billion for businesses in critically impacted sectors;
• P108 billion for additional social amelioration to impacted households through the Department of Social Welfare and Development;
• P70 billion for assistance to farmers, livestock producers and fishermen;
• P30 billion for unemployment assistance and cash-for-work programs under the Department of Labor and Employment;
• P30 billion for internet allowances to students and teachers in public and private schools;
• P5 billion to the Department of Public Works and Highways for the rehabilitation of typhoon-affected areas; and
• P25 billion to the Department of Health for the procurement of COVID-19 vaccines, logistics, information campaigns, and other operational expenses.