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House approves P1.3-trillion economic recovery package for COVID-19 crisis
The House of Representatives approved on third and final reading House Bill 6815, the proposed Accelerated Recovery and Investments Stimulus for the Economy (ARISE) Act, with 216 yes votes, 7 negative votes, and no abstention.
The economic stimulus package aims to address the economic impact of the COVID-19 crisis in the country over the next three years.
The bill proposes PHP1.3 trillion in total, with PHP708 billion allocated for 2020 and PHP600 billion for 2021 to 2022.
It is expected to protect and assist up to 15.7 million workers, create 3 million short-term jobs and 1.5 million infrastructure jobs, and help up to 5.57 million micro, small, and medium enterprises (MSMEs).
The measure includes wage subsidies for non-essential businesses, self-employed, freelancers, and overseas Filipino workers.
A mass testing program will also be implemented, with PHP10 billion allocated for both 2020 and 2021.
The ARISE Act prioritizes full employment, health, and dignity for Filipinos without significantly weakening fiscal fundamentals.
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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.
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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.
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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.
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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.
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The National Economic and Development Authority (NEDA) has stated that the proposed P1.3 trillion economic stimulus package approved by the House of Representatives is not fundable.
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