The Php405.6 billion stimulus package of Bayanihan 3, which aims to provide financial assistance or ‘ayuda’ for every Filipino, was approved by three House of Representatives committees.
According to House Deputy Minority Leader Stella Luz Alabastro-Quimbo, the measure was approved by ways and means committee led by Albay Rep. Joey Salceda, social services panel chaired by Quezon City Rep. Alfred Vargas, and economic affairs committee of Aklan Rep. Teodorico Haresco Jr.
“The measure will provide two rounds of P1,000 cash aid (ayuda) for every Filipino (per head), where the first tranche will cost about P108 billion, and then after three months, another P108 billion,” Quimbo explained.
The stimulus bill contains Php 216 billion ayuda to every Filipinos.
A total of Php 93.2 billion will be allocated to various government agencies including P12 billion livelihood assistance for the Department of Social Welfare and Development, P10 billion budget for assistance for displaced workers in the Department of Labor and Employment, P8 billion in wage subsidies for the Department of Finance’s program.
The measure will also provide P5.6 billion for the information technology needs of the Department of Education, P3 billion for the Medical Assistance for Indigents Program of the Department of Health, and P54.6 billion in the pension and gratuity fund for uniformed personnel.
Meanwhile, Salceda said the remaining P96.4 billion, which is yet to be accounted, can be sourced from amending the Dividends Law of GOCCs (RA 7656).
The House ways and means panel on Monday approved without amendment the revenue provisions contained in Sections 34 and 35 of the unnumbered substitute bill to the proposed Bayanihan 3.
Under the revenue provision of the Bayanihan 3, the Bangko Sentral ng Pilipinas would be authorized to make additional direct provisional advances with or without interest to the national government. (RA)