HOUSE PASSES P162 BILLION BAYANIHAN 2 ON FINAL READING
The House of Representatives approved its version of the Bayanihan to Recover as One Act on final reading on Monday, with 242 yes votes. Six lawmakers voted against the measure.
House Bill 6953 serves as the chamber’s version of the stimulus measure, which allows a ₱162-billion standby fund for interventions to address the current health crisis.
The amount includes ₱51 billion set for infusion of capital for government financial institutions, ₱20 billion for low-interest credit for the agriculture sector and implementation of cash-for-work programs, ₱10 billion for the Philippine Health Insurance Corporation, and ₱10 billion each for the Transportation and Tourism departments.
The capital infusions are meant to push banks to lend more to companies, especially small firms, to rebuild their operations.