Pump prime the economy -- solon
“Let’s pump prime the economy.”
This was the call made by economist-turned-Marikina City Rep. Stella Luz Quimbo less than two hours before President Duterte delivers his fifth State-of-the-Nation Address in Batasang Pambansa Monday.
She said the Chief Executive should certify as urgent the passage of fiscal stimulus measures to revive the national economy.
These include the Bayanihan to Recover as One Act or the Bayanihan 2, which is expected to financially assist the businesses and sectors adversely affected by the COVID-19 pandemic and further boost the government’s testing and contract tracing capacity; the P1.3-trillion Accelerated Recovery and Investments Stimulus for the Economy of the Philippines (ARISE Philippines Act), and the COVID-19 Unemployment Reduction Economic Stimulus (CURES) Act of 2020.
"I hope that the government will certify economic stimulus bills as urgent. We need Bayanihan 2 now so P140 billion which is readily available can be immediately spent for subsidies to workers so families have cash to spend and businesses can proceed with operations while working out a credit line from financial institutions on highly subsidized and concessional terms,” Quimbo said during the House Minority Bloc’s virtual press briefing.
Bayanihan 2 has yet to hurdle the House of Representatives while ARISE Philippines Act and CURES have been passed by the House.
"We need ARISE and CURES soon after so that an appropriate scale of stimulus can be provided. Kulang ang P140 billion para buhayin ang ekonomiya. (P140 billion is not enough to resuscitate the economy.) We cannot fight cancer with Biogesic. We need aggressive, targeted chemotherapy. Economic stimulus has to be big enough so it is impactful and not wasted,” Quimbo said.
The House Assistant Minority Leader laments that the Philippines has been lagging behind among its Association of Southeast Asian Nations (ASEAN) neighbors as far as addressing the pandemic crisis is concerned.
"Among our ASEAN peers, we are literally in last place. That’s why time is of the essence. We are now in catch up mode. Now more than ever is the time for the nation to unite, fight the spread of COVID, and help Filipinos earn a living. We need confidence to return to consumers, workers, and the marketplace. We cannot afford to fail, let’s all help the government succeed,” Quimbo said.
She said the Duterte government should "report the true state of health of the nation and give the people clear to-dos on preventing and curing COVID.”
"The DoH needs to tell the facts in its most unvarnished state. Our people need to know what the real score is. They do not deserve sugarcoated presentations that keep changing from one week to the other. They must be properly guided with truthful, even if painful, facts that will guide their behavior,” she said.