Palace welcomes new stimulus proposal but sees no need for 'Bayanihan 3' yet
MANILA, Philippines — The government has enough financial resources for its COVID-19 response, Malacañang said Monday, after some lawmakers filed a bill for a P420-billion stimulus package to resuscitate the pandemic-struck economy.
The 'Bayanihan 3' bill or the proposed "Bayanihan to Arise As One Act" filed by House Speaker Lord Allan Velasco and Rep. Stella Luz Quimbo (Marikina) seeks to fund a stimulus package to help the government meet its recovery targets.
The measure, which is designed to be a continuation of the Bayanihan 1 and 2 laws, seeks to allocate P108 billion for cash assistance to pandemic-affected households; P100 billion for capacity-building programs for businesses; P70 billion for the agriculture sector; P52 billion for small business subsidies; P30 billion for displaced workers; P30 billion for internet allowances to teachers and students; P25 billion for COVID-19 medicines and vaccines, and expenses related to vaccination; and P5 billion for the rehabilitation of typhoon-struck areas.
"Well, we appreciate the policy initiatives of Speaker Velasco. But our position has been consistent. We have enough fiscal stimulus in our budget and we are implementing Bayanihan 2," presidential spokesman Harry Roque said at a press briefing.
"Of course, we appreciate the filing of Bayanihan 3 because if we really lack (resources), then we (would) of course resort to Bayanihan 3. For now, let's see first what will happen to the implementation of the 2021 budget and Bayanihan 2 which has been extended until this year," he added.
Last month, Duterte signed laws extending the availability of the funds under Bayanihan 2 or "Bayanihan to Recover as One Act" and the P4.1-trillion 2020 national budget.
The laws will enable the administration to sustain measures designed to address the effects of the pandemic.
The Bayanihan 2 funds will be available until June 30 this year while the shelf life of the 2020 budget has been extended until Dec. 31.
Bayanihan 2 is an extension of Bayanihan to Heal as one Act or Bayanihan 1, which provided the government resources and additional powers to mitigate the impact of the COVID-19 health crisis.
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