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Duterte urged to call for special session for passage of key economic measures
Albay Rep. Joey Salceda proposed that President Duterte call for a special session of Congress to pass urgent economic recovery bills.
He emphasized the need to pass measures swiftly to address economic damage from the COVID-19 pandemic and achieve a V-shaped recovery.
Among the priority bills are those seeking to implement a P1.5 trillion stimulus package and the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act.
Salceda cited that delays in passing the CREATE Act, formerly CITIRA, have already resulted in an estimated US$12 billion loss in foreign investments.
He warned that every week of delay costs the economy up to P100 billion in foregone opportunities.
Salceda expressed confidence that the House can approve necessary measures and urged the Senate to also pass them, suggesting the President extend the session if needed.
The House intends to pass its stimulus recovery program before adjournment and will adopt the Senate version of the CREATE Act if approved next week.
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Finance Secretary Carlos G. Dominguez III suggested that Congress might need to hold a special session to pass pending post-pandemic stimulus bills, such as the Corporate Recovery and Tax Incentives for Enterprises Act (CREATE).
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Finance Secretary Carlos Dominguez III urged the Senate to pass the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act, emphasizing its role as a significant economic stimulus for pandemic-affected businesses.
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Senate President Vicente Sotto III has proposed a P548 billion economic stimulus package through Senate Bill No. 1542 to aid the Philippines' recovery from the COVID-19 pandemic's socio-economic impacts.
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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.
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The House of Representatives' Defeat COVID-19 Ad Hoc Committee (DCC) approved three anti-COVID-19 measures to mitigate the pandemic's economic and social impact.
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