Connect with us

Hi, what are you looking for?

Economy

Legislators call for more stimulus with private sector gun-shy on investment

LEGISLATORS said Thursday that more stimulus is needed to help the economy recover from the pandemic, adding that only the government is capable of providing this boost with the private sector still reluctant to invest.

“The private sector will not be investing so much, I suppose next year, while you still have this uncertainty, it’s the job of the government,” Senator Ralph G. Recto said at the 9th Arangkada Philippines Forum 2020.

“That’s why I support all the stimulus measures from the House including a Bayanihan III, of additional spending of 1-2% of GDP.”

He was referring to the third round of Bayanihan stimulus measures, following the Bayanihan to Heal as One law (Bayanihan I) enacted early in the pandemic and the Bayanihan to Recover as One (Bayanihan II) months later.

AAMBIS-OWA Representative Sharon S. Garin, who chairs the House economic affairs committee, has filed a third Bayanihan bill calling for a P247-billion package, while Marikina Rep. Stella Luz A. Quimbo proposed to inject up to P400 billion.

Ms. Quimbo said treasury records show that the government has over a trillion pesos in undisbursed cash from the P4.1-trillion 2020 national budget, which may be tapped as a source of stimulus funds.

“When Congress passed (the ARISE stimulus bill in June), I think within 24 hours, the executive said it was unfundable. At that point… perhaps that was a reasonable decision given that there was so much uncertainty,” she said at the same forum.

“But fast forward to today, knowing they have so much undisbursed funds… I think there is hope for some more aggressive spending behavior. Besides that’s the clamor of many sectors.”

Mr. Recto said the leaders of the Senate and the House of Representatives will meet in January to discuss the Congressional agenda over the remaining 18 months of the current government.

He said the Senate is open to measures that will ease the entry of foreign investors in retail as well as lower the minimum employment requirement to 15 from 50 for small enterprises with paid-in capital of at least $100,000.

Meanwhile, Mr. Recto said the proposal to amend the Public Service Act (PSA), or Commonwealth Act No. 146, is “a bit ticklish.”

“PSA, a bit ticklish because there are constitutional provisions that we’re looking at. Like telecommunications, is that a public utility or not? Would it still require a franchise?” he said, also noting cybersecurity concerns in opening up the industry to foreign investors. — Charmaine A. Tadalan

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

Investing

People living in rural areas are having to travel further to find somewhere to withdraw and deposit cash free of charge, says the City...

Investing

Ministers have ruled out extending the list of workers who are exempt from self-isolation rules and warned that the August 16 date for lifting...

Economy

The House of Representatives will adopt the Senate’s version of the proposed measure taxing Philippine Offshore Gaming Operators (POGO), a key lawmaker said on...

Economy

President Rodrigo R. Duterte on Friday approved the recommendation of his pandemic task force to enforce stricter quarantine rules in Manila, the capital, and...

Economy

Thirty-seven percent of Filipinos are optimistic that their lives will improve over the next 12 months, a non-commissioned survey shows.  Of the 1,200 respondents in Social Weather Stations’...

Economy

Six electricity consumers on Friday filed a complaint with the Ombudsman against Department of Energy (DoE) Secretary Alfonso G. Cusi, alleging that the government official has neglected his duties.  “In his five...

You May Also Like

Investing

Having a good Instagram marketing agency to back up your Instagram account is an absolute must going into the new year. With competition stronger...

Economy

US President Joseph R. Biden, Jr., will rely on ally countries to supply the bulk of the metals needed to build electric vehicles and focus on...

Investing

As a traditionally rigid insurance industry becomes bogged down by antiquated processes and operations, a handful of industry leaders are seeking to shake things...

Economy

THE Securities and Exchange Commission (SEC) has warned the public from investing or to stop any investment in a group named Maxxprofit Computer Trading...

Disclaimer: SmartRetirementReport.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 SmartRetirementReport. All Rights Reserved.

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.



Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!