With a vote of 238 in favor, one abstained or did not vote and no one objected, the Congress passed Bayanihan 3 or the Bayanihan to Arise As One Act which will be funded by the government with P401 billion.
Bayanihan 3 aims to provide assistance to Filipinos affected by the COVID-19 pandemic and to rebuild the country’s collapsed economy.
The government will provide two rounds of cash aid worth P2,000 to each family member regardless of their life status.
A total of P216 billion has been allocated for cash assistance to be given to 108 million Filipinos.
The proposed P420-billion appropriation under Bayanihan 3 were as follows:
- P52 billion for subsidies to small business for wages and other worker-related expenses;
- P100 billion for the capacity-building of businesses in critically impacted sectors;
- P108 billion for additional social amelioration to impacted households through programs of the Department of Social Welfare and Development;
- P70 billion for the provision of assistance and capacity-building to farmers, livestock producers and fishermen;
Bayanihan 3 passed in Congress
- P30 billion for the implementation of unemployment assistance and cash-for-work programs under the Department of Labor and Employment;
- P30 billion for internet allowances to primary, secondary and tertiary students and teachers in public and private educational institutions;
- P5 billion to the Department of Public Works and Highways for the rehabilitation of typhoon-affected areas, including the repair, reconstruction and/or construction of flood control works, roads, bridges, public buildings and other damaged public works, to be distributed proportionately among provinces and cities affected;
- P25 billion to the Department of Health for the procurement of COVID-19 medication and vaccines, and to finance logistics, information awareness campaigns, and other related operational expenses.
Meanwhile, with a vote of 251 in favor, 21 against, Resolution of Both Houses (RBH) 2 or economic charter change was finally passed.
Economic Cha-cha aims to attract more Foreign Direct Investments which the country desperately needs in the recovery of the economy that has been severely affected by the pandemic so that it can create jobs.
Visit our Facebook page for more news updates.