To cushion the impact of the coronavirus crisis, several lawmakers have filed a bill seeking a P1.5 trillion economic stimulus fund for infrastructure projects in various priority sectors. | NAMercadoINQ
“Under this COVID-19 Unemployment Reduction Economic Stimulus Act of 2020, government infrastructure spending shall be primarily geared towards maximizing the direct and indirect creation and sustaining of jobs particularly in the Philippine rural countryside,” the bill’s explanatory note read.
“Anchored on the premise that the ‘construction phase of infrastructural projects like roads, watershed development, construction of irrigation dams, or powerhouses the poor are provided employment and income-earning opportunities’, the CURES Act of 2020 will prioritize the funding of projects that target infrastructure building down the most basic unit of the political structure — the barangay level,” it added.
The program will be implemented in conjunction with the “Balik Probinsya Program” which sought to decongest Metro Manila, the lawmakers said.“After three years, Congress shall enact legislation extending or modifying the same or terminating the Fund In the latter case the unobligated balance shall be made available for the general budgetary requirements of the year succeeding its termination,” the bill further stated.
Implementation of projects under the CURES Fund shall be undertaken by national government departments or agencies authorised by law or their charter to implement such projects. Authors of the bill include House Speaker Alan Peter Cayetano; Majority Leader Martin Romualdez; Deputy Speakers Luis Raymond Villafuerte, Paolo Duterte, Loren Legarda; House Appropriations committee chair Eric Yap; Public Accounts committee chair Mike Defensor; Good Government and Public Accountability committee chair Jose Antonio Sy-Alvarado; and Taguig City-Pateros Rep. Maria Laarni Cayetano.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
P1.6-B pension given to indigent senior citizensOver 546,000 indigent senior citizens have received their stipend for the first semester of 2020 under the government's Social Pension (SocPen) Program, the Department of Social Welfare and Development (DSWD) said on Sunday, May 10.
Read more »
P1.2-million worth of shabu seized in TondoOver P1.2-million worth of suspected shabu was seized from two suspects in a buy-bust operation at Barangay 11 in Tondo, Manila on Sunday night.
Read more »
Senate reporters urge House to act immediately on ABS-CBN’s franchise renewalJournalists covering the Senate urged the House of Representatives on Monday to act immediately on the renewal of ABS-CBN Corporation’s franchise following its shutdown last week.
Read more »
Alvarez: House has to wait for NTC answer before acting on ABS-CBN franchise renewalThe House committee on legislative franchises still has to wait for the explanation of the NTC before they act on the bills seeking the renewal of franchise of media giant ABS-CBN. | NAMercadoINQ
Read more »
Laban at home: Activities to do with your kids without going out of the houseDoing chores together with your Batang May Laban can be fun too! BrandRap
Read more »
Despite White House virus cases, top aides defend reopeningThe comments by Treasury Secretary Steven Mnuchin and economic adviser Larry Kudlow come two days after the country records its steepest job losses in history, and as virus cases continue rising in some states
Read more »