Solon calls for Special Session to approve P1.3T stimulus

Cagayan de Oro City Rep. Rufus Rodriguez urged President Rodrigo Duterte to call for a special session of Congress to approve the P1.3-trillion economic stimulus bill that would help boost the economy.

 

The House of Representatives approved on third and final reading House Bill 6815 or the Accelerated Recovery and Investments Stimulus for the Economy (ARISE) bill before it adjourned last week.

Rodriguez said the president is authorized by the Constitution to call for a special session at any time during a recess.

“Time is of the essence. We should approve this stimulus package to help various sectors crippled by the Covid-19 pandemic. If we wait until August or September after we convene for our second regular session in late July, we will have wasted precious time,” he added.

 

The solon said many small businesses need assistance despite the easing of quarantine restrictions in many areas of the country.

  

Rodriguez explained that the bill will allocate funds for wage subsidies and cash for returning OFWS and domestic displaced workers; loans for micro, small and medium enterprises; programs under the agriculture and fishery sector, transportation industry and tourism; and financial aid to students.

 

It also reserves P650 billion for President Duterte’s enhanced Build, Build, Build infrastructure program for 2021.

 

Members of the administration’s economic team have previously described the stimulus package as “un-fundable,” as there are neither excess revenues or new revenue sources for it.

 

Supporters of the bill suggested using funds from the government’s savings from the 2018 and 2019 national budget; money returned from discontinued projects in the 2019 and 2020 budgets; an amount from the Special fund; loans from multilateral financial institutions, international and domestic banks; and the issuance of economic stimulus bonds.