The chairman of the House of Representatives’ Committee on Ways and Means on Monday assured funding for the proposed Bayanihan 3 which provides a P420-billion fund to boost economic recovery from the COVID-19 crisis.
Albay Rep. Joey Sarte Salceda said the third Bayanihan measure, composed primarily of what he described as “lifeline measures,” will be funded in a way that does not increase the country’s deficit.
“We can’t do full-blown stimulus just yet because we have not yet maximized mobility. When the velocity of money is slow, it is unwise to infuse liquidity for growth. But we need to feed our people. So, actually, Bayanihan 3 will not be stimulus, but mainly lifeline,” Salceda said.
The current draft of the technical working group on Bayanihan 3 includes P108 billion for universal basic income of P1,000 per head, with another P108 billion in standby funds; P12 billion in direct funding for assistance for individuals in crisis situations (AICS) of the Department of Social Welfare and Development: and P3 billion for Medical Assistance for Indigent Patients (MAIP).
Salceda added there will also likely be some room for the P54 billion Pension and Gratuity Fund that Speaker Lord Allan Velasco is prioritizing.
“Stimulus will be much more effective later, when we begin returning to normalcy. Our top priority now is to keep our people alive,” he said.
“The tug-of-war was between those who wanted ayuda by increasing our debt, and those who said we could not borrow anymore. We need ayuda, so I mediated by providing options that will not increase our deficit, including more GOCC remittances, capital withdrawal from GOCCs, and taxes on POGOs and e-sabong. That intervention appears to have broken the gridlock. We will have Bayanihan 3,” Salceda added.
He said he is working with the Department of Finance to find revenue sources for the measure.
“It will be deficit-neutral, if my work with Secretary Dominguez succeeds,” Salceda said.
Meanwhile, the Department of Tourism, in cooperation with the Department of Labor and Employment, has disbursed a total of P1.8 billion to assist 355,737 tourism workers from 13,752 affected establishments as of April 6.
Tourism secretary Bernadette Puyat said the DOT released the financial assistance during the thick of the second lockdown where many industry workers, again lost their jobs as establishments were shuttered.
“I hope this event can bring a bit of good news, especially to stakeholders and workers from the NCR Plus bubble. While it may help in the short term, we believe that the best way to help stakeholders in the long-run is to develop a tourism industry that is stronger, more resilient, and more adaptable to change,” she said Monday during the awarding of assistance certificates to a new batch of beneficiaries.
In addition to the reported figures, an additional 12,321 workers who applied individually were approved by the DOT to receive financial assistance.