House approves P401-B Bayanihan 3

MANILA – The House of Representatives on Tuesday approved on final reading the Bayanihan to Arise as One bill (Bayanihan 3) that will provide more aid to Filipinos amid the Covid-19 pandemic.

With 238 affirmative votes, no negative votes, and one abstention, the chamber passed House Bill 9411, which proposes a stimulus package amounting to PHP401 billion.

Bayanihan 3 is divided into three phases, with a budget breakdown of PHP165.9 billion for Phase 1, PHP186 billion for Phase 2, and PHP48.6 for Phase 3.

Two rounds of financial aid worth PHP1,000 shall be granted to each Filipino.

The cash subsidy program shall have a total funding of PHP216 billion.

Pandemic-affected households shall receive a one-time cash subsidy worth PHP5,000 to PHP10,000 to be implemented by the Department of Social Welfare and Development.

The bill also offers wage subsidies with a funding of PHP20 billion, assistance to displaced workers at PHP25 billion, assistance to the agri-fishery sector and cooperatives at PHP30, medical assistance to indigents at PHP9 billion, and local government support fund at PHP3 billion.

Other assistance in the measure are for national nutrition, cooperatives, basic education, and pension and gratuity fund.

It states that the Bangko Sentral ng Pilipinas may make additional advances, with or without interest, to the national government of up to 10 percent of the average income of the government for fiscal years 2018 to 2020 to finance expenditures authorized by law to address the pandemic.

Mandatory dividend remittances by government-owned and controlled corporations will also be increased from 50 percent to 75 percent, while the President will have the power to withdraw capital from overcapitalized GOCCs.

Senate President Vicente Sotto III, however, said in a television interview on Monday that they are unlikely to approve the measure this week before Congress adjourns.

“Bayanihan 3 for this last week might not be able to hurdle it before the Senate. We have barely four days and there is a lot on our plate,” he told ANC.