(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: