Bayanihan II Now Awaits the President’s Signature

The Bayanihan II, also known as the “Bayanihan to Recover As One Act” is ready for the approval of President Rodrigo Duterte. This comes after Congress and the Senate sealed the final approval of the act on Monday.

The Bayanihan II is drafted to help stimulate the economy and provide further aid in the continuing COVID-19 response as lockdowns in the different areas of the country are now beginning to ease.

Once President Duterte signs the act, this will extend his power to distribute to different sectors the existing P4.1 trillion fund which was previously granted to him during the initial “Bayanihan Heal as One Act.”.

Once approved by the President, Bayanihan II will become a law in 30 days.

An additional fund of P165.5 billion will also be authorized on top of the P4.1 trillion granted. These funds will be allocated to the different COVID-19 response budgets such as testing and vaccine acquisition, cash subsidies for affected poor families, public school teachers, and public utility vehicle drivers.

However, only P140 billion of these funds could be readily utilized as the other P25.5-billion will serve as “standby funds,” and will only be distributed if further funds can be raised through savings, unused appropriations, and borrowings.

P39.5 billion out of the P140 billion will also be used as capital for the banks under the government to finance low-interest loans for cooperatives, businesses, displaced Filipino migrant workers, and for tourism. (ASC)