House sets 3-step strategy for economic recovery

MANILA, Philippines — The House is planning to pass three measures to accelerate the nation’s economic recovery from recession caused by the COVID-19 pandemic.

Speaker Alan Peter Cayetano said the chamber would prioritize the three-step strategy when the 18th Congress convenes for its second regular session tomorrow.

He identified the three measures as the proposed Bayanihan to Recover as One Act or the Bayanihan 2 Law, the 2021 national budget and economic stimulus measures, including the proposed Accelerated Recovery and Investments Stimulus for the Economy Act (ARISE) and COVID-19 Unemployment Reduction Economic Stimulus Act (CURES).

Cayetano revealed that economic managers have set P140 billion for Bayanihan 2, but Congress is still negotiating to increase it to at least P200 billion to better respond to the needs of key sectors.

“There is already an agreement for immediate appropriation of P140 billion, and about one-third or half of it will go to banks that will give loans to small and medium and micro businesses,” he said.

“(Finance) Secretary Sonny (Dominguez) doesn’t want us to be irresponsible, so that’s where our discussion is – where is the line between being irresponsible and being too conservative,” Cayetano explained.

He said the House is looking at the 2021 national budget as a second strategy to fund programs that would facilitate faster and better services to help save the lives and livelihood of Filipinos.

Economic managers announced earlier that the government is looking at a record P4.3-trillion proposed national budget for next year.

Cayetano said ARISE and CURES were both passed by the chamber before adjournment sine die last month and voting for the economic recovery plan will be completed.

The ARISE measure has proposed P1.3 trillion in funds to finance various programs that will provide assistance and wage subsidies to micro, small and medium-sized enterprises (MSMEs) and the tourism and transport sectors.