From P236 billion, the proposed standby fund would now be P140 billion, as they agreed during a caucus meeting Tuesday night.
Economic and finance managers earlier said the government does not have enough resources for this year to further finance response and recovery programs amid the COVID-19 pandemic.The committee report on Senate Bill 1564 initially contained eight items to be funded by the P236-billion standby fund, which, include wage subsidies for displaced workers, loans and increasing the country’s testing capacity, among others.
Recto suggested to specify the items to which the fund would be allocated, to ensure that assistance will be extended to critically affected sectors, particularly agriculture, tourism and transportation. Sotto said the Palace required the amendments, considering the resources, before it issues a ceriftication on the measure.
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