Solons file P1.5T Bayanihan 3 to back Marcos’ BBM agenda

August 4, 2022 0 Comments

Some Bicolano lawmakers have filed a P1.5-trillion economic stimulus program in the 19th Congress to support President Ferdinand “Bongbong” Marcos Jr’s Bayan Bangon Muli (BBM) agenda.,The House Bill (HB) 271 or the National Economic Stimulus and Recovery Act of 2022, introduced by Camarines Sur Representatives Luis Raymund Villafuerte, Tsuyoshi Anthony Horibata, Miguel Luis Villafuerte, and Bicol Saro Partylist Representative Nicolas Enciso VIII, will help Marcos create millions of long-term jobs and speed up the Philippines’ recovery from the unprecedented global crises brought on by the ongoing Covid-19 and the Russia-Ukraine conflict.,The bill will also finance Marcos’ commitment to continue the massive infrastructure program started by former President Rodrigo Duterte.,The President earlier said that Duterte “built more and better than all the administrations” succeeding his late father’ Ferdinand Marcos Sr.,“Following these giant steps, we will continue to build. I will complete on schedule the projects that have been started… we will be presenting the public with a comprehensive infrastructure plan… no part of our country will be neglected,” Marcos said in his inauguration speech.,Meanwhile, presumptive House Speaker Ferdinand Martin Romualdez previously said that the 19th Congress’ top priority legislation would be a BBM bill patterned after Bayanihan to Heal as One (Bayanihan 1) and Bayanihan to Recover as One (Bayanihan 2) laws passed in response to the pandemic in 2020.,Romualdez believed the BBM bill stimulus package would allow Marcos to harness the resources available during the closing period of 2022 and pass measures that are needed for the pandemic. He said, “the BBM bill is seen as the successor of the Bayanihan laws passed to mitigate the negative effects of the Covid-19 lockdowns on the economy.”, ,Bayanahin spirit,Villafuerte was also the principal author in the House of both Bayanihan 1 and Bayanihan 2, which enabled the previous administration to access and spend massive public funds by providing cash aid and other assistance to help Filipinos from Covid.,The solon said the projected P1.5 trillion stimulus package will let the new administration continue the unmatch high spending on infrastructure development that Duterte started.,“But this time, such investments will be focused on building and improving facilities for HEAL IT, which stands for Health, Education, Agriculture, Livelihood, Information Technology (IT) and Tourism,” he said.,The four lawmakers said under HB 271, that government infrastructure spending shall be primarily geared towards maximizing the direct and indirect creation and sustaining of jobs, particularly in the countryside.,Of the planned P1.5 trillion appropriation for the three-year Recovery Fund, P500 billion shall be disbursed in the first year of this measure’s adoption, another P500 billion in the second year, and P500 billion more in the third and final year.,According to HB 271, a Special Fund called the National Economic Stimulus, and Recovery Fund (Recovery Fund) would be established and used primarily to carry out infrastructure projects in the six HEAL IT priority sectors.,With the nation’s growth rate expected to drop to -9.5 percent in 2020 and 5.6 percent in 2021, the four lawmakers wrote in their bill that “the recovery of the domestic economy will ride on the back of sustained government spending across all sectors with a focus on new private and public infrastructure works that will be propelled by the Marcos administration with the BBM flagship program.,