MANILA, Philippines — Marikina City Rep. Stella Luz Quimbo is pushing for the passage of a third Bayanihan Law that will allocate at least P340 billion to help cushion the economic impact of the coronavirus pandemic on the country.
The P4.506 trillion 2021 national budget was based on the assumption that the economy will only contract at 5.5 percent this year, she explained in a privilege speech on Monday during the first session of the House after a one-month break.
But a more realistic forecast, she pointed out, would be an 8 to 10 percent decline in the gross domestic product as projected by various international groups.
“The 2021 national budget — being a COVID budget…
Keep on reading: Quimbo pushes for Bayanihan 3 as PH continues fight vs COVID-19