In a virtual plenary session, House members were set to decide via voice vote to pass on second reading the substitute bill for the proposed Philippine Economic Stimulus Act (PESA) after deliberations last Wednesday.
The measure, approved by the Defeat COVID-19 Committee (DCC) earlier this week, is set for passage on third and final reading before Congress adjourns sine die next week.
The PESA bill, introduced by Albay Rep. Joey Salceda and Marikina Rep. Stella Quimbo, seeks to provide P155 billion this year to a wage subsidy program for workers of private companies affected by the crisis, particularly by the two-month enhanced community quarantine (ECQ).
Also to benefit from the fund are cash-for-work and student loan programs.
Through the Department of Labor and Employment, the wage subsidy program would cover payroll costs of nonessential companies severely affected by the quarantine period through wage subsidies, with a range of 25 percent to 75 percent for two months.
The bill also seeks allocation of P140 billion this year for zero and negative interest loan programs to be implemented by the Land Bank of the Philippines (LBP) and Development Bank of the Philippines (DBP) as well as loans for micro, small and medium enterprises through the Small Business Corp. and Philippine Guarantee Corp.
This story is from the May 29, 2020 edition of The Philippine Star.
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This story is from the May 29, 2020 edition of The Philippine Star.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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