MANILA, Philippines — The Department of Finance (DOF) and Congress should work together to identify funds for the proposed Bayanihan 3 bill without increasing the country’s fiscal deficit.
This statement of DOF Secretary Sonny Dominguez III was relayed to the media on Tuesday by presidential spokesperson Harry Roque during his regular online briefing amid queries on whether President Rodrigo Duterte has already asked Congress for Bayanihan 3.
The Bayanihan 3 bill, or the Bayanihan to Arise as One Act, is a measure being pushed by Speaker Lord Allan Velasco in a bid to “hasten the country’s economic recovery from the ravage of the health crisis.” Marikina Rep. Stella Quimbo also filed a similar proposal.
“Finorward ko po kay Secretary Sonny Dominguez ng Finance ‘yung tanong kung hiningi na raw po ng ating Presidente sa Kongreso ang Bayanihan 3,” Roque said.
(I have forwarded to Secretary Sonny Dominguez of Finance the question if the President already asked Congress for Bayanihan 3.)
“Ang sagot po niya, ‘No, we told Congress that together, we should identify sources of additional funds for Bayanihan 3 so our fiscal deficit will not exceed the estimates of 8.9 percent for 2021,’” he added.
The proposed law calls for a P420-billion stimulus package for the economy and aims to give P1,000 to each household member regardless of their economic status, as well as provide P1,000 allowance to each student and teacher and P8,000 to every displaced worker.
According to Velasco, Dominguez and Budget Secretary Wendel Avisado told him in a virtual meeting last April 8 that they were already identifying funding sources for Bayanihan 3.
“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 in a statement Tuesday.
“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.
House committee on ways and means chair Rep. Joey Salceda has said the Bayanihan 3 measure may be passed at the committee level this week or next week.
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