House Deputy Speaker Bernadette Herrera-Dy on Saturday threw her support behind the proposed P420-billion economic stimulus package under the Bayanihan 3 bill, saying the government needs to ramp up spending to boost the coronavirus disease (COVID-19)-battered economy.
“The government should be spending more, not less, to grow the economy, and this is precisely what the Bayanihan 3 is designed for,” the Bagong Henerasyon Party List representative said in a statement.
Herrera-Dy signed to be co-author of House Bill 8628, or the proposed “Bayanihan to Arise As One Act” filed by Speaker Lord Allan Velasco and Marikina City 2nd District Rep. Stella Luz Quimbo.
The bill seeks to allocate P108 billion for additional social amelioration to impacted households; P100 billion for capacity-building for impacted sectors; P52 billion for wage subsidies; P70 billion for capacity-building for agricultural producers; P30 billion for internet allowances to teachers and students; P30 billion for assistance to displaced workers; P25 billion for COVID-19 treatment and vaccines; and P5 billion for the rehabilitation of areas affected by recent floods and typhoons.
Herrera-Dy said the Bayanihan 3 would allow the government to pump-prime the economy by providing much-needed support to sectors severely affected by the pandemic.
“Amid the rising uncertainties and economic challenges, there is an urgent need to re-energize the engines of growth and pump-prime the economy,” she said.
Earlier, Herrera said Velasco’s version of the Bayanihan 3 provides for “comprehensive and integrated strategy to help the economy recover faster from the devastating impacts of the pandemic.”
She said the proposed P420-billion fund for the implementation of much-needed COVID-19 response and recovery interventions are “grounded on economic inclusivity and collective growth”.