THE House of Representatives approved on Monday, June 1, on second reading the proposed 1.3-trillion-peso Accelerated Recovery and Investments Stimulus for the Economy.
The bill, when it becomes a law, will be used to mitigate the impact of the coronavirus pandemic to the country.
The House aims to approve the bill on third and final reading this week as legislators plan to extend their session on Thursday.
Based on the calendar of session days, the chamber is set to take a sine die adjournment on June 3, Wednesday.
Rep. Joey Sarte Salceda, one of the principal authors of the bill, said the funding for this economic stimulus will be sourced from the Department of Finance through the Bureau of Treasury, government financial institutions, and government-owned corporations and bonds.
The proposed law will allow the president to realign within six months items that cannot be utilized due to the pandemic, such as travel and forced savings.
The bill also extends the validity of the 2019 and 2020 General Appropriations Acts to 2021.
It also extends the power of the Bayanihan to Heal as One Act, particularly the provisions on testing, wage subsidies, loan payment extension, among others.
The measure creates an Economic Stimulus Board and Economic Resilience Plan to include required investments in health, digital infrastructure, and database to withstand economic shocks.
The bill also condones the loans of agrarian reform beneficiaries to enhance access to credit facilities.
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