By Jovee Marie N. Dela Cruz & Samuel P. Medenilla
THE leadership of the House of Representatives on Thursday said it will prioritize the immediate passage of the proposed Bayanihan to Recover As One Act or Bayanihan 2 and other fiscal measures as soon as they begin their Second Regular Session of the 18th Congress this month.
House Speaker Alan Peter Cayetano made a statement following the pre-State of the Nation Address (Sona) forum of the Economic and Infrastructure Cluster last Wednesday.
Meanwhile, government economic managers and lawmakers have finally agreed on the provisions of the Bayanihan 2 bill, raising the chances legislation will soon be finalized.
In an online press briefing on Thursday, Presidential spokesperson Harry Roque reported the breakthrough in the deliberation of both parties on the extension of the emergency powers of President Duterte in addressing the effects of the Covid-19 as well as the contents of the stimulus package to address the economic impact of the pandemic.
However, Roque said the final version of the bill might not be completed until after the President’s Sona later this month.
This after Malacañang expressed uncertainty whether Duterte will still call for a special session in Congress to tackle the Bayanihan 2 bill.
“We are still considering if there will be a need for a special session since [Congress will soon be] opening the regular session,” Roque said in an online press briefing.
He issued the statement after meeting with Duterte in Davao on Wednesday.
Last week, Roque had said there was a high chance that the President will call for a special session after the economic managers and lawmakers nearly resolved the provisions of the Bayanihan 2 bill.
However, no less than Senate President Vicente Sotto III said the special session is already unlikely since Congress will already resume its regular session on the day of Duterte’s Sona later this month.
Cayetano said on Thursday Bayanihan 2 and other fiscal measures are needed to ensure that micro, small and medium-scale enterprises (MSMEs) and banks are given assistance and opportunities to bounce back from the financial losses caused by the pandemic.
At the pre-Sona forum, Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno said that, while there are initiatives to mitigate the impact of Covid-19, the BSP continues to push for the passage of several legislative priorities and measures.
Among these measures are: the Financial Institutions Strategic (FIST) bill, the Government Financial Institutions Unified Initiatives to Distressed Enterprises for Economic Recovery (GUIDE) bill and the proposed Bayanihan Act II.
“We remain steadfast in our commitment to uplift the lives of our kababayan. In the coming days, we will be working and coordinating closely with various national government agencies in preparation for President Rodrigo Duterte’s fifth Sona and the beginning of the 18th Congress’s Second Regular Session,” said Cayetano.
The 5th Sona and the opening of the Second Regular Session are set for Monday, July 27.
Meanwhile, Cayetano said the House is consulting with different sectors and groups to ensure that its legislative agenda is aligned with the needs of the people and the vision of the President.
Under the Bayanihan Act II, the BSP and the Securities and Exchange Commission are encouraged to adopt measures, including the relaxation for regulatory and statutory restrictions, that will encourage the banking industry and other financial institutions to extend loans and other forms of financial accommodation to help businesses recover from the economic effect of Covid-19 and enable the banking industry to manage appropriately its risks and potential losses.
They are likewise authorized to grant reporting relief to its supervised entities by allowing staggered booking of allowance for credit losses for all types of credit accommodations extended to individuals and business entities affected by Covid-19.
Before the Congress’s sine die adjournment in June, the chamber approved House Bill 6815 or the P1.3-trillion Accelerated Recovery and Investments Stimulus for the Economy (ARISE) bill; House Bill 6817, or the Anti-Covid-19 Discrimination bill; House Bill 6864, or the Better Normal for the Workplace, Communities and Public Spaces bill; and House Bill 6920, or the P1.5-trillion Covid-19 Unemployment Reduction Economic Stimulus (CURES) bill.
Image credits: Nonie Reyes