Senator Manuel “Lito” Lapid has filed Senate Bill (SB) 1538 which seeks a moratorium on student loan payments during disaster and other emergencies such as the current Coronavirus Disease (COVID-19) pandemic.
Lapid explained that the interaction and relationship between disasters and poverty incidence is quite obvious in the case of the Philippines.
Volcanic eruptions literally turned to ashes cityscapes, industries and neighborhoods,” Lapid said in filing his bill.He cited a recent discussion paper published by the Philippine Institute for Development Studies that one of the projected economic impacts of the pandemic and the restrictions imposed to contain its spread is on employment – a potential 50 percent reduction in the country’s number of workers following the pandemic.
Lapid stressed that it is imperative that the government should extend as much economic assistance and protection as possible, especially to the poor who bear the risk of not being able to survive with continued work, economic activity and mobility restrictions.“With most families left without stable sources of income and livelihood during major disaster and calamities, priorities for expenses are restrained to the most basic needs such as food, medicines and other daily needs.
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