SENATORS are keen to hear private- sector inputs on Friday’s joint hearing of the Finance and Economic Affairs Committees on related bills filed providing multibillion-peso funding, ranging from P180 billion to P370 billion, for the Covid-19 recovery package and economic stimulus bills.
Sen. Juan Edgardo Angara, chairman of the lead Finance Committee, confirmed the Senate hearing intends to firm up joint efforts between government and private sector to mitigate the impact of the contagion and fast-track economic recovery, saying “it is the intention of the Senate to work with the private sector, which has seen either a significant scaling down or a total shut down of their operations during the lockdowns, adding that senators expect to see how government can help reduce their hardship.”
“We want to hear from the representatives of the private sector about how the Covid-19 pandemic has affected their operations,” he said. “What have they been doing to keep afloat during the lockdown and what have they done to help their employees?”
The senator added: “Moving forward, we will determine what must be done to help them minimize their losses and preserve the jobs of their employees now that they will have to operate under a drastically different environment that we are calling the new normal.”
Angara’s Finance panel is also set to tackle related measures jointly with the Economic Affairs Committee chaired by Sen. Imee Marcos, including Senate Bill 1417 or the proposed Economic Rescue Plan for Covid-19 and Senate Bill 1449 providing for the Economic Rescue Plan for Covid-19, filed by Angara.
The two committees will consider Senate Bills 1414 or the Pag-Asa, Alaga, Sustento at Angat sa Panahon ng Covid-19 Crisis Package; 1427, which amends Republic Act 11469 or the Bayanihan to Heal as One Act; and 1431 or the proposed Act Establishing an Economic Recovery Package to Businesses in the Hardest Hit Sectors by the Coronavirus Disease 2019, filed by Marcos.
Also on the agenda is Senate Bill 1474 or the Philippine Stimulus Package, Aid and Response to Coronavirus Act filed by Senate President Pro Tempore Ralph Recto.
In addition to these bills, the two committees are also set to consider Angara’s Senate Resolution 409 seeking to determine the budgetary requirements of the government to utilize innovative digital technologies and to accelerate the build-up of telecommunications infrastructure.
According to Angara, “this is an economic stimulus because the Covid-19 pandemic is said to be the biggest economic downturn since the Great Depression of the 1930s.” recalling that “back then it took around three years before some economic recovery was seen.”
“We must act swiftly. We do not want to repeat the mistakes of the past and we want to help those who really need it,” Angara said, noting that the impact of Covid-19 is widespread and did not spare anyone, “and so we want to cast the widest net possible,” to capture as many sectors with the recovery and stimulus packages.
He said it will also be an occasion to review some of the programs rolled out under the Bayanihan We Heal as One Act. “We’ll take a look at what is working and what needs tweaking if any,” he said.
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