House prioritizes P370-B stimulus for business continuity

The House of Representatives is prioritizing the approval of a P370-billion economic stimulus package to ensure business continuity and employment for Filipinos during the national health emergency.

The proposed "Economy Moving Forward as One Act" includes P110 billion for wage subsidies under the Department of Labor and Employment.

Additionally, it allocates P130 billion for interest-free loans through various government financial institutions and P10 billion for loan guarantees.

Grants totaling P119 billion are earmarked to support business resilience under the Department of Trade and Industry and Department of Tourism.

A P1 billion provision is included for paid sick leaves of COVID patients, managed by the Social Security System and Government Service Insurance System.

Congress is expected to resume sessions on May 4 to discuss and potentially pass the stimulus package, with further meetings planned during the break to expedite the process.

Key proponents, including Majority Leader Rep. Martin Romualdez and Rep. Stella Luz Quimbo, emphasize the importance of safeguarding livelihoods alongside lives during the pandemic.

Rep. Joey Salceda also proposed the creation of a National Emergency Investment Corporation (NEIC) to help businesses and enhance the Build, Build, Build program for economic recovery and healthcare support.