House Speaker Lord Allan Velasco said the country's economic and finance managers are now identifying possible sources of funds for their P420-billion proposed Bayanihan 3.
Velasco disclosed in a statement Tuesday, April 13, that he spoke to Finance Secretary Carlos Dominguez III and Budget Secretary Wendel Avisado last April 8 and was told that their respective agencies were already looking for funding sources.
"I am very thankful to Secretary Dominguez and Secretary Avisado for recognizing the importance of Bayanihan 3 in addressing financial gaps to better manage the government’s response to the impact of the pandemic,” Velasco said in a meeting with leaders of political parties and party-list groups in the House of Representatives on Monday, April 12.
“Our economic managers see Bayanihan 3 as a lifeline for many Filipinos facing economic hardship during this crisis, and I’m very glad that we are aligned on this," he told his colleagues.
Velasco has been pushing for the passage of the Bayanihan 3, or the proposed “Bayanihan to Arise As One Act,” which calls for a P420-billion stimulus package to augment the government's resources for addressing the novel coronavirus disease (COVID-19) crisis and its impacts.
The measure is pending with the House Committee on Economic Affairs, which would consolidate all Bayanihan 3-related measures. Velasco said he hopes that measures will be approved by the committee before the Congress resumes session on May 17.
In the Senate, Senate President Pro Tempore Ralph Recto had filed his version of a Bayanihan 3, the proposed "Bayanihan to Rebuild As One Act or Senate Bill No. 1953, which aims to appropriate a P485 billion "as a continuing response" to the pandemic and accelerate the country's economy recovery.
Some senators, however, seemed cold to passing a Bayanihan 3, pointing out that existing COVID-19 laws have yet to be fully implemented and allocated funds are not fully disbursed yet.
They also underscored the need to identify fund sources before a new Bayanihan law is tackled and passed.
Meanwhile, Velasco said that 224 members from House have so far signed either as principal authors or co-authors of the Bayanihan 3 bill.
“We are extremely hopeful for the passage of Bayanihan 3, which is a much-bigger, well-targeted and proportionate stimulus package that would help struggling Filipinos and revive our pandemic-ravaged economy,” the House Speaker said.
“A third round of fiscal support is in order to relieve the economic struggle experienced by many Filipinos, particularly those with low incomes, and help businesses stay afloat during the pandemic,” he maintained.