Funding source for Bayanihan 3 yet to be finalized, says solon

ABS-CBN News

Posted at Apr 14 2021 07:14 AM

Funding source for Bayanihan 3 yet to be finalized, says solon 1
Beneficiaries of the government cash aid line up at a covered court in Baseco Compound, Tondo Manila on April 7, 2021. The city government of Manila has allotted an amount of Php 6,000,000 from the national government’s financial assistance to 1,500 beneficiaries of Baseco. George Calvelo, ABS-CBN News

MANILA—Economic managers have yet to find funding sources for the country's proposed third stimulus package for COVID-19 worth P420 billion, a lawmaker said Wednesday.

Lawmakers met with economic managers on Friday to discuss the matter and are expecting a list of potential fund sources by this week, said Marikina 2nd District Rep. Stella Quimbo.

"Ang main obstacle talaga is yung pagfinalize ng ating funding sources. Kapag yan po ay maplantsa na palagay ko mabilis na ang pag-approve, she told ABS-CBN's Teleradyo.

(The main obstacle is finalizing our funding sources. When it's finalized, approving the measure will be quick.)

Government can get funding from savings under the 2020 budget, some P280 billion of which were not used as of December, according to Quimbo.

Another source could be savings of government-owned or controlled companies, she said. The administration can also borrow from the central bank, she added.

Under the proposed Bayanihan 3, a P1,000 cash assistance will be given to each Filipino, while aid will also be given to those who lost their jobs due to the pandemic and owners of micro, small, and medium enterprises, according to Quimbo.

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