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Bayanihan 2 salient points

The Bayanihan to Recover as One (Bayanihan 2), as ratified by the Senate, has a total budget of P165.5 billion. Of this total amount, P140 billion is regular appropriation and P25.5 billion in standby funds.

(JANSEN ROMERO / MANILA BULLETIN)

The following are the salient features of the regular P140 billion appropriation:

  • P39.472 billion as capital infusion to government banks, broken down as follows: P10 billion for the Department of Trade and Industry’s Small Business Corporation (SBCorp)—P4 billion of which will be devoted for low-interest loans to micro, small, and medium enterprises, cooperatives, hospitals, and overseas Filipino workers, and P6 billion for tourism
  • P18.4725 billion for the Land Bank of the Philippines (LBP)
  • P6 billion for the Development Bank of the Philippines (DBP)
  • P5 billion for the Philippine Guarantee Corporation
  • P24 billion as assistance to the Agricultural Sector and the Plant, Plant, Plant initiative under the Department of Agriculture;
  • P9.5 billion in assistance to the Transportation industry
  • P4 billion for the tourism industry, and another P100M for tourist guides training and subsidies
  • P3 billion for the development of smart campuses across the country
  • P1 billion for Technical Educational Skills Development Authority scholarships
  • P6 billion for the Department of Social Welfare and Development assistance to individuals in crisis situations
  • P4 billion for the Department of Education’s implementation of digital education
  • P1.5 billion as assistance to local government units, with another P2 billion as subsidy for the payment of interest on loans secured by LGUs from government banks
  • P5 billion for the Department of Interior and Local Government to hire more contact tracers
  • P2.5 million for the computer-based licensure of the Philippine Red Cross
  • P10 million for the research fund of the Health Technology Assessment Council, which was created under the Universal Health Care Law
  • P15 million for UP Diliman’s Computational Research Lab
    For the P25 billion standby fund:
  • P10 billion for COVID-19 testing and procurement of vaccines and medicines
  • P15.5 billion as additional capital infusion to government banks
    In addition, the Bayanihan 2 will continue the social amelioration program to provide P5,000 to P8,000 aid to low-income households.
    Bayanihan 2 also grants a 60-day extension for loan payment. It also requires public utilities to implement a minimum 30-day grace period for the payment of fees falling due within the enhanced community quarantine (ECQ) or modified ECQ without penalties.

Source: Manila Bulletin (https://mb.com.ph/2020/08/21/bayanihan-2-salient-points/?utm_source=rss&utm_medium=rss&utm_campaign=bayanihan-2-salient-points)

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