Former Speaker Alan Peter Cayetano on Thursday, February 11, said his proposal for a P10,000 cash assistance for each Filipino family is assured of funding from government.
In a press conference in Taguig City, Cayetano, together with his allies in the Lower House, said House Bill 8597 or the Bangon Pamilyang Pilipino (BPP) Assistance Program ois a simple initiative that can be sustained by unused funds from previous years.
Cayetano promoted his proposal which has been compared to House Bill 8628 or the proposed Bayanihan to Arise as One Act (Bayanihan 3) that was filed by staunch political foe and successor, incumbent Speaker Lord Allan Velasco.
Velasco and Marikina City Rep. Stella Luz Quimbo are pushing for the swift passage of the Bayanihan 3 that proposes a P420 billion economic stimulus fund that is aimed at reviving the country’s economy.
“Simple ang problema ng ating kababayan: wala silang resources at this point in time. (The problem of our citizens is simple: they do not have resources at this point in time),” Cayetano said.
“We need an adrenaline shot talaga_. We need to nurse back to health our economy, and it starts with every Filipino family. _Hindi ito pwedeng para sa big business lang, sa micro, small, and medium enterprise lang. (This cannot be just for big businesses, or even just for micro, small and medium enterprises),” he stressed.
Thus, Cayetano said, he is offering a simple solution of distributing P10,000 as capital for each family, adding that this had been proven effective under the Bayanihan 1 program.
Joining Cayetano in the press conference were Reps. Luis Raymund “Lray” Villafuerte Jr. (NP, Camarines Sur); Dan Fernandez (NUP, Laguna) and Jose Antonio Sy-Alvarado (NUP, Bulacan).
The former speaker said that the BPP program is also expected to stimulate the economy.
“Bakit puhunan? Dahil mismong NEDA (National Economic Development Authority) ang nagsabi na ang consumption ng household ang magiging sikreto, magiging essential element sa ating pagbangon ng ekonomiya. (Why is it capital? Because the NEDA itself said household consumption is the key and will be the essential element in our economic recovery.),”Cayetano explained.
For his part, Villafuerte explained that the program’s budget will be sourced from unutilized and unobligated funds from the two previous Bayanihan programs as well as the 2020 and 2021 General Appropriations Acts.
He said the government recently reported around P452 billion in unutilized funds from the 2020 national budget and P204 million in its unobligated cash balance.
“Isipin n’yo po kung may P200 billion na ibuhos natin sa ekonomiya ngayon, pump-priming po ‘yan. (Imagine if we pour in P200 billion to the economy now. That would pump-rime it.),” Villafuerte said.
HB 8597 was filed by Cayetano, his wife Taguig second district Rep. Lani Cayetano, and their allies on February 1 in response to the ongoing pandemic as well as the increase in the prices of basic commodities.
Under the bill, priority beneficiaries for the P10,000 assistance for families are the poorest of the poor, senior citizens, persons with disabilities, solo parents, displaced workers, medical frontliners, families of overseas Filipino workers, individuals who were not able to secure aid through the Social Amelioration Program, Philippine National ID holders, and members of vulnerable groups.
Citing NEDA’s observation that household consumption is vital to reviving the country’s economic performance, the bill aims to “drive household consumption up and in turn help our economy recover.”