SOURCE: Press and Public Affairs Bureau
24 August 2020 08:14:55 PM
The House of Representatives on Monday ratified the bicameral conference report on House Bill 6953 and Senate Bill 1564 or the proposed “Bayanihan to Recover as One Act.” The bill will now be transmitted to Malacanang for signing into law by President Rodrigo Roa Duterte. The bill provides for a P165.5-billion subsidy to expedite the recovery of severely affected economic sectors of the country from the COVID-19 pandemic. According to Deputy Speaker Luis Raymund Villafuerte, one of the principal authors of the bill, while the Bayanihan 2 has limited funding, it would create a multiplier effect on the economy by providing supplementary grants for COVID-19 testing, cash-for-work programs, repatriation and reintegration of OFWs, subsidies to transportation, tourism, Micro, Small and Medium Enterprises (MSMEs), as well as to the agriculture and the informal sectors. Moreover, It would fund additional benefits of public and private health workers and teachers.