Senate President Pro Tempore Ralph Recto said Tuesday he filed a Bayanihan 3 bill worth P400 billion to boost the country’s economic recovery amid the COVID-19 crisis.
“I filed a Bayanihan 3 [bill] of roughly around P400 billion,” Recto said in an interview on ANC.
Recto said most of the measures under his proposed Bayanihan 3 would augment the budget for COVID-19 vaccines.
“Remember, you would be paying an advance for these vaccines. Di bale nang sumobra pa ‘yung bayad natin and provide for 100% of the population without even mandating it, but it’s available kung gusto nila puwede silang magpabakuna. That’s how it should work. Hindi ‘yung 60-70% lang, nagtitipid tayo,” he added.
Last month, vaccine czar Carlito Galvez Jr. said the government considers borrowing up to $9 billion (P433.3 billion) from the World Bank to fund the country’s purchase of a potential COVID-19 vaccine.
He said the Philippines would have to enter into “multilateral engagements with our credit partners,” such as the World Bank and the Asian Development Bank.
Galvez also said the Philippine government plans to give COVID-19 vaccines to 20 up to 30 million Filipinos annually within five years.
He said that the government aims to vaccinate 60 million to 70 million Pinoys in response to the COVID-19 pandemic.
Recto files P400-B Bayanihan 3 bill
For the best-case scenario, he said the mass vaccination would be launched either by the second quarter of 2021 or by the middle of 2021.
Meanwhile, for the worst-case scenario, Galvez added that the mass vaccination would start by the end of 2021 or early 2022.
However, Recto wanted the government to complete its target in two years instead of five.
“I think the government is doing its best, but we have to move faster. We heard them say three to five years. That’s too long. I think our cut should be two years,” Recto said in an interview on ANC.
“Kung three to five years ‘yan, ‘yung recovery mo three to five years din ‘yan. So it starts with that,” he added.
Recto noted that all economic recovery measures would be useless if the new coronavirus would not be “tamed” as soon as possible.