House approves P162-B Bayanihan 2 for economic recovery

The House Committee of the Whole has approved the proposed P162 billion Bayanihan to Recover as One Act, aimed at funding the country's economic recovery efforts following the COVID-19 pandemic.

This new legislation, distinct from the Bayanihan to Heal as One Act, outlines crucial government interventions to be implemented until September 30, 2020.

A significant portion of the P162 billion standby fund is allocated for enhancing COVID-19 testing and healthcare services, totaling P12 billion.

P18 billion is designated for cash-for-work programs, including the Tulong Panghanapbuhay sa Ating Disadvantaged/Displaced Workers (TUPAD) program.

Displaced workers across various sectors will receive P21 billion in unemployment or involuntary separation assistance.

The bill also provides P50 billion for capital infusion into government financial institutions.

Support for the agriculture sector and critically impacted businesses in the transportation industry, including the development of sidewalks and bike lanes, will receive P21 billion each.

The tourism sector is set to receive P10 billion in assistance.

State universities and colleges will get P3 billion to transition to flexible learning, while the Technical Education and Skills Development Authority (TESDA) receives P1 billion for smart campus development.

Additionally, P5 billion is allocated for the Assistance to Individuals in Crisis Situation Program of the DSWD.