The House of Representatives is dead set in approving the Bayanihan 3 relief package and will do this swiftly as possible.
Speaker Lord Allan Velasco made this vow as he stressed that the chamber’s leadership is determined at pursuing the measure in order to aid struggling Filipinos and revive the country’s economy that has been devastated by the 2019 coronavirus disease (COVID-19 pandemic) Interviewed on radio, Velasco vowed to push the immediate passage of the bill as soon as it is presented for plenary action on May 17.
The Bayanihan to Arise as One Act or Bayanihan 3 will consolidate six legislative measures aimed at appropriating P405.6 billion economic stimulus that will include P2,000 cash aid to each Filipino.
“As soon as we get back on May 17, we will fast-track the approval of Bayanihan 3,” Velasco told radio station DZME.
The House Committee on Appropriations is the remaining House panel that will hold hearings for measure.
Velasco said the bill will be reported to the plenary as soon as it gets the approval of the appropriations panel chaired by ACT-CIS Partylist Rep. Eric Go-Yap.
The House Committees on Economic Affairs, on Social Services and on Ways and Means recently approved a P405.6-billion Bayanihan 3, which includes two rounds of cash aid amounting to P1,000 per Filipino.
The cash aid, totaling P216 billion, would be given to all 108 million Filipinos regardless of social status.
Velasco vowed to ensure that distribution will be “equitable.” The House leader said the House is constantly communicating with the Department of Finance (DOF) as to the funding sources for Bayanihan 3.
To raise funds for Bayanihan 3, Congress seeks to authorize the Bangko Sentral ng Pilipinas to make additional advances with or without interest to the national government to finance expenditures authorized by law to address and respond to the COVID-19 pandemic.
It also wants to increase from 50 percent to 75 percent the mandatory dividend remittances by government-owned and controlled corporations (GOCCs) and to grant the President the power to withdraw capital from overcapitalized GOCCs.
In pushing for Bayanihan 3, Velasco said that while the two previous Bayanihan laws have increased the government’s initial capacity to respond to the pandemic, these were “not sufficient for the genuine economic recovery of the country.” He strongly believes that a third economic stimulus package will provide much-needed lifeline to individuals, families and businesses severely affected by the pandemic.
Apart from providing social amelioration to every Filipino, Velasco’s Bayanihan 3 bill seeks to allocate funds for capacity-building for impacted sectors, wage subsidies, capacity-building for agricultural producers, internet allowances for students and teachers, COVID-19 treatment and vaccines, and rehabilitation of areas ravaged by recent floods and typhoons.