Velasco: Economic managers now identifying fund sources for Bayanihan 3
MANILA, Philippines – The Departments of Finance (DOF) and Budget and Management (DBM) are already identifying funding sources for the proposed Bayanihan 3, Speaker Lord Allan Velasco disclosed Tuesday.
According to Velasco, DOF Secretary Carlos Dominguez III and DBM Secretary Wendel Avisado told him in a virtual meeting last April 8 that they were already determining funds to finance Bayanihan 3, a measure that aims to “hasten the country’s economic recovery from the ravage of the health crisis.”
He lauded the economic managers for now seeing Bayanihan 3 as “a lifeline” for Filipinos amid the critical COVID-19 situation.
“I am very thankful to Secretary Dominguez and Secretary Avisado for recognizing the importance of Bayanihan 3 in addressing financial gaps to better manage the government’s response to the impact of the pandemic,” Velasco said.
“Our economic managers see Bayanihan 3 as a lifeline for many Filipinos facing economic hardship during this crisis, and I’m very glad that we are aligned on this,” he added.
Velasco has been pushing for the passage of Bayanihan 3 or the “Bayanihan to Arise as One,” which calls for a P420-billion stimulus package for the economy. Marikina City Rep. Stella Quimbo has also filed a similar measure.
The proposed law remains pending before the Committee on Economic Affairs. Velasco said he expects that the committee will approve the measure before the House resumes sessions on May 17.
“We are extremely hopeful for the passage of Bayanihan 3, which is a much-bigger, well-targeted and proportionate stimulus package that would help to struggle Filipinos and revive our pandemic-ravaged economy,” the Speaker said.
“The third round of fiscal support is in order to relieve the economic struggle experienced by many Filipinos, particularly those with low incomes, and help businesses stay afloat during the pandemic,” he added.
Velasco noted that some 224 members from the supermajority, minority, and independent blocs in the House have signed either as principal authors or co-authors of his Bayanihan 3 measure.
– Liezelle Soriano Roy, trainee
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