HB 6606 seeks P108-B stimulus for COVID-19 economic impact

House Bill 6606, also known as the 2020 Economic Rescue Plan law, has been filed in the House of Representatives proposing a P108 billion fiscal stimulus package to mitigate the economic effects of COVID-19.

The proposed package allocates P43 billion for the tourism sector, P15 billion for displaced workers with provisions for emergency employment and transportation vouchers, and P50 billion for businesses, including loan packages and subsidies.

Representative Stella Luz Quimbo stated that the stimulus package will be funded by contingency funds and savings.

She also mentioned that assistance to businesses has the highest allocation as it covers all sectors other than tourism, noting there are over 900,000 small and medium-sized enterprises (SMEs).

Quimbo believes the filing of the measure is not too late, as Congress can resume anytime if needed to address the economic impact throughout the year.