Speaker Lord Allan Velasco on Wednesday said a third economic stimulus package would provide the “much-needed lifeline” for impacted households and businesses amid the upsurge in coronavirus disease (Covid-19) cases in the country.

Velasco said another round of economic stimulus package worth PHP420 billion under his proposed “Bayanihan to Arise As One Act” (Bayanihan 3) is necessary as more areas were placed under localized lockdowns and some businesses were again forced to shut down due to the upward trend in the number of new cases, especially in the National Capital Region.

“There are a lot of Filipinos who are suffering financially and are in dire need of help now,” Velasco said. “A third economic stimulus package will provide a much-needed lifeline to individuals, families, and businesses severely affected by the pandemic.”

It proposes to allocate PHP108 billion for additional social amelioration to impacted households, PHP100 billion for capacity-building for impacted sectors, PHP52 billion for wage subsidies, PHP70 billion for capacity-building for agricultural producers, PHP30 billion for internet allowances to students and teachers, PHP30 billion for assistance to displaced workers, PHP25 billion for Covid-19 treatment and vaccines, and PHP5 billion for the rehabilitation of areas impacted by recent floods and typhoons.

Under the measure, each household member will receive PHP1,000 regardless of their economic status. On top of this, a PHP1,000 allowance will be provided to each student and teacher and PHP8,000 for every displaced worker.

Velasco said he got an assurance from Finance Secretary Carlos Dominguez III that efforts are being made to identify funding sources for the Bayanihan 3.

“It’s a matter of finding revenues to be able to fund those programs. Secretary Dominguez did not actually shoot down Bayanihan 3,” Velasco said.

Velasco said a third stimulus package is necessary in the wake of a Philippine Statistics Authority report that around 4 million adult Filipinos, representing 8.7 percent of the labor force, lost their jobs in the first month of the year even as the economy further reopens. (PNA)