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Sotto estimates P548B needed for economic stimulus in 2020
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.
The proposed bill aims to restore economic growth, maintain employment, and expand the country's productive capacity.
Key features of the proposal include immediate and mandatory mass COVID-19 testing for various groups and communities.
It also seeks to expand wage subsidies and temporary employment programs for informal sector workers, freelancers, and repatriated OFWs.
Additionally, the bill proposes to extend tertiary education subsidies and waive fees for students whose families are experiencing financial difficulties.
A special interest-free loan fund for MSMEs and assistance for critically impacted tourism enterprises are also included.
Sotto estimates P548 billion will be needed for 2020 and an additional P80 billion for 2021, to be sourced from loans and existing government funds.
He emphasized the urgency of enacting these measures to prevent a total economic collapse.
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The House Defeat Covid-19 Committee approved on Tuesday, May 26, 2020, an economic stimulus package worth PHP1.3 trillion to aid the country's recovery from the pandemic.
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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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Senate President Pro Tempore Ralph Recto has filed Senate Bill No. 1561, proposing an extension of the Bayanihan to Heal as One Act until September 30, 2020, and granting President Duterte additional powers for COVID-19 recovery.
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The Department of Trade and Industry (DTI) is urging for the swift passage of the Philippine Economic Stimulus Act of 2020 (PESA) to provide immediate relief to workers and businesses affected by the Covid-19 pandemic.
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Finance Secretary Carlos Dominguez stated that the proposed P130 billion stimulus package, dubbed PH-Progreso, is appropriate for the Philippines' COVID-19 response throughout the rest of the year.
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