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SOURCE: Press and Public Affairs Bureau



03 May 2021 01:20:40 PM

The House Committee on Ways and Means chaired by Albay Rep. Joey Salceda approved without amendments, in an online meeting Monday, the revenue provisions contained in Sections 34 and 35 of the unnumbered substitute bill to the proposed “Bayahihan 3.” The revenue provision in Section 34 of the ‘Bayanihan 3’ substitute bill states that the Bangko Sentral ng Pilipinas (BSP) would be authorized to make additional direct provisional advances with or without interest to the National Government. These direct advances would be used to finance expenditures which are authorized by law, to address and respond to the COVID-19 situation in the country. Meanwhile, Section 35 would mandate some government-owned and -controlled corporations (GOCCs) recommended by the Joint Executive-Legislative Bayanihan Council, to increase their dividend remittances to help fund the appropriations of the proposed measure. Committee on Economic Affairs Chairperson Rep. Teodorico Haresco Jr. (2nd District, Aklan) said that most of the proposed funding sources for Bayanihan 3, would come from existing unutilized appropriations, unreleased balances, dividends from GOCCs, as well as from excess revenue collection from tax and non-tax sources. The new “Bayanihan 3’ bill replaced House Bills 8597, 8031, 8059, 7620, 9089, and 8628, which was authored by Speaker Lord Allan Velasco. The committee also approved the tax provisions of the Employee Pension and Retirement Income (EPRI) in HB 8938 or the “Capital Market Development Act of 2021.” The panel likewise approved the tax requirements of the unnumbered substitute bill to HBs 4256, 4622, 5143 and 8359. The bills aim to strengthen the rural banks in the Philippines. The panel also approved with recommendations, the tax provisions of the unnumbered substitute bill to HB 8123, which seeks establish a public medical school in the University of Science and Technology of Southern Philippines-Cagayan De Oro City Campus, Misamis Oriental. It also thumbed up the tax provisions of the unnumbered substitute bill to 14 House measures seeking to establish the “Young Farmers and Fisherfolk Challenge Program.” Lastly, the panel approved the funding provisions of the substitute bill to HBs 1655, 4115, 7398 and 7403, which seek to establish Information and Communications Technology (ICT) hubs all over the country.