Malacañang eyes stimulus package without ‘too much borrowing,’ Roque says

Malacañang wants an economic stimulus package for COVID-19 response that the government can fund without resorting to too much loans, presidential spokesperson Harry Roque said on Wednesday.

In an interview on ANC on Wednesday, Roque highlighted the suggestion of Finance Secretary Carlos Dominguez III not to borrow too much for the stimulus package.

“The position of Secretary Dominguez is that it is better to have a very good credit rating so we can borrow cheaply, but that we should not borrow too much to finance the stimulus package,” he said.

“The pending bills now talk about the extension of emergency powers and the stimulus package. Malacañang now wants something—a stimulus package that we can actually fund and will not require too much borrowing,” he added.

Citing Dominguez, Roque said the government can fund P140 billion only.

The House of Representatives approved on third and final reading the P1.3 trillion ARISE or Accelerated Recovery and Investments Stimulus for the Economy bill.

However, the National Economic and Development Authority said the lower chamber's proposal cannot be funded.

The Senate, meanwhile, is pushing for the Bayanihan to Recover as One Act which comes with a P140 billion appropriation.

Both bills were not certified as urgent by President Rodrigo Duterte before Congress adjourned its session early this month.

However, Roque said the Senate and House could reach a compromise on the proposed stimulus package.

“There are a lot of negotiations ongoing between the Senate and the House. I was dragged into the negotiation rather unwillingly because I was telling them, I have too much work already. But I think they were close to a compromise. That is all I can say,” he said. 

Roque said a new law that will succeed the Bayanihan to Heal as One Act should still contain special powers for the President.

“I believe so because now we are looking at what happened to Cebu City, we are sending in ventilators, 50, the other day. Meaning, there may have to be purchases to be made, depending on what happens to the COVID outlook,” he said.

Duterte earlier ordered the reimposition of the enhanced community quarantine in Cebu City due to increasing number of new cases, widespread community transmission and the status of the critical care capacity. —Joviland Rita/Virgil Lopez/KG/LDF, GMA News