(UPDATED) The bicameral conference committee has finalized the Bayanihan 2 bill, which aims to help the nation cope with the impact of the coronavirus disease 2019 (Covid-19) pandemic, Senator Juan Edgardo Angara said Thursday, August 20, 2020.

Angara, chairman of the Senate committee on finance, said the final version of the bill provides for a P140-billion fund and a P25-billion standby fund, or up to P165 billion.

The Senate, during its virtual plenary session Thursday afternoon, ratified the final version of the proposed Bayanihan to Recover as One Act.

In his speech during the Senate plenary session, Angara confirmed that the proposed economic stimulus measures were not included in the final version of the bill because of fiscal limitations.

“Indeed, all of us in the bicameral conference wanted to devote and obligate more funds for immediate disbursement. But doing so would have jeopardized our response in the long run,” he said.

“Therefore, we tried our best to cover as much ground as we could, and be as strategic as possible, with the fiscal space that was open to us—with the hope that in the coming months, we may be able to legislate an even greater economic stimulus,” he added.

Among the provisions are a 60-day grace period for the payment of all loans falling due on or before December 31, 2020, a total of P10.1 billion for the tourism sector, P4 billion for DepEd’s digital education program, P5 billion for DILG’s contact tracing program, and P9.5 billion for assistance to the transportation sector.

The complete list of regular appropriations under the 140-billion fund includes:

• P3 billion for the procurement of face masks, PPEs, shoe covers, and face shields;
• P4.5 billion for the construction of temporary medical isolation and quarantine facilities, field hospitals, dormitories, and for the expansion of gov't hospital capacity;
• P4.5 billion for Office of Civil Defense (OCD) or NDRRMC isolation facilities and other requirements including billing of hotels, food and transportation used by Covid-19 patients;
• P13.5 billion for the DOH to employ emergency human resources for health;
• P820 million as a fund for overseas Filipinos under the Department of Foreign Affairs;
• P13 billion for the government's cash-for-work program and other support programs for impacted sectors;
• P600 million as subsidies and allowances for students severely impacted by the pandemic;
• P300 million as subsidies and allowances to teaching and non-teaching personnel, and part-time faculty in state universities and colleges (SUCs);
• P180 million as allowance for national athletes and coaches;
• P39.472 billion as capital infusion to government banks, broken down as follows:
• P24 billion as assistance to the agricultural sector and the Plant, Plant, Plant initiative under the Department of Agriculture (DA);
• P9.5 billion in assistance to the transportation industry;
• P4 billion for the tourism industry, and another P100 million for tourist guides training and subsidies;
• P3 billion for the development of smart campuses across the country;
• P1 billion for Tesda scholarships;
• P6 billion for DSWD's assistance to individuals in crisis situations;
• P4 billion for the DepEd's implementation of digital education;
• P1.5 billion as assistance to LGUs, with another P2 billion as subsidy for payment of interest on loans secured by LGUs from government banks;
• P5 billion for the DILG 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 UHC Law; and
• P15 million for UP Diliman's Computational Research Lab.

• P10 billion for the DTI Small Business Corporation, broken down as: P4 billion of which will be devoted for low-interest loans to MSMEs, cooperatives, hospitals, and OFWs; 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); and
• P5 billion for the Philippine Guarantee Corporation.

• P10 billion for Covid-19 testing and procurement of medication and vaccines; and
• P15.5275 billion as additional capital infusion to government banks (roughly P9 billion for the LBP and P6.5 billion for the DBP)

• Expediting the accreditation of viral testing kits that diagnose Covid-19;
• Hiring of skilled medical technologists, molecular biologists, epidemiologists and other skill lab technicians to conduct Covid-19 testing;
• Provision of emergency subsidies worth P5,000 to P8,000 to affected low-income households under specific quarantine conditions, as well as to households with recently-returned OFWs;
• Unemployment or Involuntary Separation Assistance worth P5,000 to P8,000 for displaced workers including seasonal, contractual, and casual workers in private hospitals; workers in tourism; culture and the arts; creative industries including film, audiovisual, and broadcast workers; construction; public transportation; trade industries; freelancers; self-employed; and repatriated OFWs.
• Special Risk Allowances for public and private healthcare workers, which is on top of hazard pay;
• Compensation to Public and Private Healthcare Workers who have contracted Covid-19: P15,000 for mild or moderate cases; P100,000 for severe or critical; and P1 million in case of death;
• Enhanced access to credit facilities to agrarian reform beneficiaries;
• Subsidies and allowances for qualified students;
• One-time cash assistance to affected teaching and non-teaching personnel, including part-time faculty or non-permanent teaching personnel in both public and private schools; and part-time faculty in SUCs;
• Liberalize the grant of incentives for the manufacture or importation of critical equipment or supplies or essential goods, including PPEs, health care equipment and supplies;
• Accelerate the deployment of critical ICT infrastructure, particularly additional cell towers, equipment, software, and wireless technologies to address the need for digital connectivity, internet speed and stability, by suspending the requirements to secure permits and clearances except for the building permit for three years from the effectivity of the law;
• Instruct DTI to accelerate and promote online commerce, and digitalization of MSMEs;
• Move deadlines and timelines for the filing and submission of documents, payment of taxes, fees, and other charges to ease the burden on individuals under community quarantine;
• Authorize a 60-day grace period for the payment of all existing, current, and outstanding loans falling due on or before December 31, 2020; and,
• Minimum 30-day grace period on residential and commercial rents of lessees not permitted to work, among many others.