Palace backs stimulus package if financially viable

Malacañang supports the passage of an economic stimulus package for COVID-19 response, provided it is financially viable and does not require excessive borrowing.

Presidential Spokesperson Harry Roque stated that the government, following the advice of Finance Secretary Carlos Dominguez III, can only fund around PHP140 billion to maintain a good credit rating.

This figure contrasts with the PHP1.3 trillion ARISE bill approved by the House of Representatives, which the National Economic and Development Authority deemed unfundable.

The Senate, however, is pushing for the Bayanihan to Recover as One Act with a PHP140 billion appropriation.

Discussions are ongoing between the House and Senate to develop an acceptable economic recovery plan.

The primary objective is to implement a stimulus package that the government can realistically fund without incurring significant debt.