MANILA – The House of Representatives on Tuesday night approved on second reading the Bayanihan to Arise as One bill or the Bayanihan 3, which contains a PHP401 billion stimulus package to provide more aid to Filipinos amid the pandemic.
The chamber approved through voice voting House Bill 9411, which has 293 out of 300 lawmakers or 98 percent of members of the House signing up as co-authors.
The proposed Bayanihan 3 is divided into three phases, with a budget breakdown of PHP165.9 billion for Phase 1, PHP186 billion for Phase 2, and PHP48.6 for Phase 3.
Under the bill, two rounds of financial aid worth PHP1,000 shall be granted to each Filipino.
The cash subsidy program shall have a total funding of PHP216 billion.
Pandemic-affected households shall receive a one-time cash subsidy worth PHP5,000 to PHP10,000 to be implemented by the Department of Social Welfare and Development.
The bill also offers wage subsidies, assistance to displaced workers, assistance to the agri-fishery sector and cooperatives, medical assistance to indigents, local government support fund, and support for basic education.
It states that the Bangko Sentral ng Pilipinas may make additional advances, with or without interest, to the national government of up to 10 percent of the average income of the government for fiscal years 2018 to 2020 to finance expenditures authorized by law to address the pandemic.
Mandatory dividend remittances by government-owned and -controlled corporations (GOCCs) will also be increased from 50 percent to 75 percent, while the President will have the power to withdraw capital from overcapitalized GOCCs. (PNA)