Velasco: Economic managers identifying sources of funds for proposed Bayanihan 3

The country's economic managers are already identifying possible sources of funds for the proposed third Bayanihan law, Speaker Lord Allan Velasco said on Tuesday.

Velasco had a meeting with other House leaders and party-list representatives on Monday to discuss the proposed Bayanihan 3. 

He informed his colleagues at the chamber that Finance Secretary Carlos Dominguez III and Budget Secretary Wendel Avisado were already identifying sources to finance the proposed measure, which aims to be a "lifeline" to individuals and families affected by the COVID-19 pandemic.

“I am very thankful to Secretary Dominguez and Secretary Avisado for recognizing the importance of Bayanihan 3 in addressing financial gaps to better manage the government’s response to the impact of the pandemic,” Velasco said in a statement.

“Our economic managers see Bayanihan 3 as a lifeline for many Filipinos facing economic hardship during this crisis, and I’m very glad that we are aligned on this,” he added.

Velasco and Marikina City Representative Stella Quimbo had filed their own version of Bayanihan 3 under House Bill 8628 or the “Bayanihan to Arise As One Act,” which proposes a P420-billion fund to stimulate the nation’s economic recovery from the pandemic.

Under the bill, each household member will receive P1,000 regardless of their economic status. On top of this, a P1,000 allowance will also be given to each student and teacher, and P8,000 for every displaced worker.

This measure is pending before the Committee on Economic Affairs. A technical working group was created to consolidate all other measures pushing for Bayanihan 3.

Velasco is expecting that the Bayanihan 3 will be approved at the committee level before session resumes on May 17.

“We are extremely hopeful for the passage of Bayanihan 3, which is a much-bigger, well-targeted and proportionate stimulus package that would help struggling Filipinos and revive our pandemic-ravaged economy,” Velasco said.

“A third round of fiscal support is in order to relieve the economic struggle experienced by many Filipinos, particularly those with low incomes, and help businesses stay afloat during the pandemic,” he added.

Albay Representative Joey Salceda earlier said the bill could be passed at the committee level this week or next week. He said there would be no special session despite calls from other lawmakers.

According to Velasco's camp, a total of 224 members from the supermajority, minority and independent blocs in the lower chamber have signed either as principal authors or co-authors of Velasco’s Bayanihan 3 bill. — Anna Felicia Bajo/RSJ, GMA News