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House panel approves P1.5 trillion stimulus substitute bill
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.
This bill proposes a P1.5 trillion spending program over three years to address slowing economic growth and create jobs following the COVID-19 pandemic.
The measure targets increased spending on readily-implementable health, education, agriculture, local roads, and livelihood sectors.
Proposed projects include the construction of barangay health centers, municipal and city hospitals, digital equipment for testing, tele-health services, e-prescription systems, post-harvest facilities, food depots, walking or bicycle lanes, bridges, evacuation centers, and roads to tourist sites, business districts, and economic zones.
Farm-to-market roads, roads connecting communities to schools and health facilities, the DSWD's Enhanced Sustainable Livelihood Program, the DoLE's Enhanced TUPAD Program and Barangay Emergency Employment Program, and access to credit for MSMEs are also eligible for funding.
The bill's proponents aim for swift congressional passage to help mitigate the economic impact of what the International Monetary Fund forecasts as the Philippines' worst recession since the Great Depression.
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