Connect with us

Hi, what are you looking for?


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!



By Diego Gabriel C. Robles THE Philippine economy expanded by 7.4% in the second quarter — slower than expected — as rising inflation weighed...


By Abigail Marie P. Yraola, Researcher THE Philippines’ merchandise trade deficit hit another record in June as imports continued to outpace exports despite a...


THE National Government’s (NG) outstanding debt as a share of the gross domestic product (GDP) eased to 62.1% at the end of June. Data...


By Keisha B. Ta-asan SOURED LOANS held by Philippine banks fell for a fourth straight month in June, bringing the nonperforming loan (NPL) ratio...


Smart says third telco player’s PCC complaint meant to avoid liability By Arjay L. Balinbin, Senior Reporter GLOBE Telecom, Inc. on Tuesday said it...


DMCI Holdings, Inc. reported on Tuesday that its second-quarter consolidated net income went up by 73% to P9.03 billion from P5.23 billion, driven by...

You May Also Like


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


Ivermectin, an existing drug against parasites including head lice, has had a checkered history when it comes to treating COVID-19. The bulk of studies...


Insomnia is the most common sleep disorder in the global population. Therefore, it is a problem that many people suffer or have suffered throughout...


Instagram still holds the top spot for social media in terms of building brand reputation and expanding business potential. Every day, more and more...

Disclaimer:, 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.