House leader wants special session for P1.3-trillion stimulus

A House leader is advocating for a special session of Congress to expedite the approval of a P1.3-trillion economic stimulus package designed to aid sectors severely impacted by the COVID-19 pandemic.

Cagayan de Oro Rep. Rufus Rodriguez emphasized the urgency of the matter, stating that delaying the stimulus until the regular session in late July would result in the loss of valuable time for recovery.

The proposed stimulus is contained in the House-approved ARISE Bill, which requires a corresponding measure from the Senate for enactment.

While senators are pushing for the Bayanihan to Recover as One Act, they have deferred further action on it as Malacañang had not certified it as urgent.

Rodriguez highlighted the necessity of providing immediate financial assistance to affected sectors as quarantine restrictions are being eased across the country.

The ARISE Bill proposes allocating P568 billion for 2020, including funds for wage subsidies, cash for work programs for displaced workers, and loans for MSMEs.

An additional P650 billion is earmarked for the Build, Build, Build infrastructure program in 2021.

While some economic officials and senators deem the P1.3-trillion package 'un-fundable,' proponents suggest utilizing national budget savings, funds from discontinued projects, special funds, borrowings, and the issuance of bonds.