House bill

P500-B Annual Recovery Fund Sought in Villafuerte Bill – Manila Bulletin

Members of Congress based in Camarines Sur are fighting for a three-year Covid-19 pandemic recovery program to release 500 billion pesos each year as a form of economic stimulus.

Camarines Sur 2nd district Rep. Ray Villafuerte (Facebook)

Camarines Sur 2nd District Representative LRay Villafuerte led the filing of Internal Bill (HB) No. 271, which seeks the appropriation of 1.5 trillion pesos for the National Economic Stimulus and Recovery Fund .

The authors described the fund as a “lasting remedy for economic resilience” following the impact of the pandemic on the local economy.

“Infrastructure will be the backbone of our economy according to the ideas of almost every respected economist and recognized policy maker. Therefore, while palliative measures such as cash transfers, unemployment benefits, relief and other forms of immediate improvement support are undoubtedly needed now, it is in the interest of the government, the private sector and the Filipino people as a whole that a lasting remedy for economic resilience be established,” they emphasized in the bill.

According to Villafuerte, the proposed stimulus package of 1.5 trillion pesos “will allow President BBM (Bongbong Marcos) to maintain and even expand the unparalleled high expenditures for infrastructure development initiated by his predecessor, [former President Rodrigo] Duterte, while focusing these new investments on building and improving facilities for the new government’s priority areas that Mr. Marcos listed in his first SONA (State of the Nation Address), including the HEAL IT sectors of the health, education, agriculture, livelihoods, information technology (IT) and tourism”.

Under the proposed three-year 1.5 trillion peso recovery fund, 500 billion pesos will be released in the first year of the approval of this measure, an additional 500 billion pesos in the second year and an additional 500 billion pesos the third and final year.

The authors said their proposed multi-year economic stimulus package is similar to pandemic stimulus packages rolled out by other countries like the United States (US), European Union (EU) member states, Korea South and Thailand.

Earlier, Villafuerte praised President Marcos for putting agriculture, health and tourism on his to-do list that the government will focus on to spur high growth, improve the lives of Filipinos and lessen the scars. economics of the global crisis caused by the pandemic. .

“Putting farm modernization as well as productivity, public health care, and tourism infrastructure, among others, at the forefront of the Marcos administration in the medium term will enable President BBM to achieve his announced SONA goal of d ‘raise economic growth from 6.5% to 8% from 2023 to 2028, and his ‘Bayan Bangon Muli’ presidential campaign promises to improve the lives of all Filipinos,” the former vice president said.

Villafuerte, who is Vice President for Political Affairs of the National Unity Party (NUP), filed HB No. 271 with Camarines Sur Reps Miguel Luis Villafuerte (5th District) and Tsuyoshi Anthony Horibata (1st District), and Bicol Saro Party-List Rep. Nicholas Enciso VIII.