President Duterte on Friday signed into law the Bayanihan to Recover As One Act, which provides a P165-billion economic stimulus and relief package to cushion the effects of the COVID-19 pandemic.
The law is the second measure specifically aimed at responding to the health crisis and its crippling effects on the economy. It appropriates P140 billion for various emergency packages plus a P25-billion standby fund.
It will fund the improvement of health-care resources and cash-for-work programs, and provide agricultural support, assistance to affected industries and funds to purchase vaccines.
The biggest share of the budget, around P39 billion, will go to loans for sectors hardest hit by the pandemic like micro, small and medium-scale enterprises, transport, tourism, etc.
Cash subsidies ranging from P5,000 to P8,000 will also be given to low-income households in communities under “granular lockdown” and areas with recently returned overseas Filipino workers and workers displaced by the pandemic.
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