BusinessWorld Online
House panel OK’s P1.3-T stimulus bill
The House Defeat Covid-19 Committee approved on Tuesday, May 26, 2020, an economic stimulus package worth PHP1.3 trillion to aid the country's recovery from the pandemic.
The proposed Philippine Economic Stimulus Act (PESA) aims to restore economic growth, maintain employment, and expand the country's productive capacity post-pandemic.
Under the proposed stimulus package, P650 billion will go to the government's flagship infrastructure projects under the "Build, Build, Build" program for three years starting 2021.
The projects will involve building new facilities for health, food security and education.
Trade Secretary Ramon M. Lopez urged for the immediate passage of the economic stimulus measure, stating the need to sustain worker income and help businesses affected by the pandemic.
Wage subsidies amounting to PHP110 billion will be granted to non-essential businesses, freelancers, the self-employed, and repatriated overseas Filipino workers.
PHP30 billion is allocated for the Department of Labor and Employment's cash for work program.
The stimulus package also includes provisions for loans for various sectors, with micro, small, and medium enterprises (MSMEs) set to receive P50 billion for 2020 and PHP45 billion for 2021 under the Small Business Corporation.
🤖
This story was generated by AI to help you understand the key points. For more detailed coverage, please see the news articles from trusted media outlets below.
News Sources
See how different news organizations are covering this story. Below are the original articles from various Philippine news sources that contributed to this summary.
The House of Representatives' Defeat COVID-19 Committee has approved a substitute measure to House Bill 6709, also known as the COVID-19 Unemployment Reduction Economic Stimulus (CURES) Act of 2020.
Read more →
The Department of Trade and Industry (DTI) is urging for the swift passage of the Philippine Economic Stimulus Act of 2020 (PESA) to provide immediate relief to workers and businesses affected by the Covid-19 pandemic.
Read more →
The House of Representatives' Defeat COVID-19 Ad Hoc Committee (DCC) approved three anti-COVID-19 measures to mitigate the pandemic's economic and social impact.
Read more →
Senate President Vicente Sotto III has proposed a P548 billion economic stimulus package through Senate Bill No. 1542 to aid the Philippines' recovery from the COVID-19 pandemic's socio-economic impacts.
Read more →
Finance Secretary Carlos Dominguez stated that the proposed P130 billion stimulus package, dubbed PH-Progreso, is appropriate for the Philippines' COVID-19 response throughout the rest of the year.
Read more →