House approves P1.5 trillion stimulus package

The House of Representatives approved on final reading House Bill 6920, the COVID-19 Unemployment Reduction Economic Stimulus (CURES) Act, a P1.5 trillion package aimed at addressing unemployment and stimulating the economy.

The bill authorizes the government to appropriate P500 billion annually for three years to fund various infrastructure projects designed to create jobs for those displaced by the pandemic.

Key authors of the bill include Speaker Alan Peter Cayetano, Deputy Speakers Paolo Duterte and Loren Legarda, and Majority Leader Ferdinand Martin Romualdez.

The allocated funds will prioritize projects in health, education, agriculture, local roads, and livelihood.

Infrastructure projects would include barangay health centers, municipal and city hospitals, digital equipment for COVID-19 testing, telemedicine services to post-harvest facilities, trading centers, and farm-to-market roads.

The approval came on the same day the Philippine Statistics Authority reported that unemployment soared to 17.7% in April, equivalent to around 7.3 million jobless Filipinos.

However, the executive branch has stated that such amounts cannot be funded without new sources of revenue, and hopes for a reduced package.

The bill is not yet a law as the Senate does not have its own version of the measure and the 18th Congress has adjourned.