GOOD NEWS | PRESIDENT DUTERTE SIGNS BAYANIHAN II INTO LAW!
President Rodrigo Roa Duterte has signed the Bayanihan To Recover As One Act or Bayanihan II bill.
The Bayanihan II will augment our healthcare system and pandemic response while providing measures for the country’s immediate economic recovery through measures that will support businesses and individuals critically-impacted by the COVID-19 pandemic.
As a stimulus package for recovery, Bayanihan II includes the necessary funding to cover appropriate support programs for workers and individuals affected, and other interventions for critically affected sectors such as agriculture, transportation, education, tourism, and MSMEs.
With the signing of Bayanihan II, the remaining bills part of the comprehensive plan for the country’s immediate economic recovery are expected to follow and be passed by Congress: Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act; Financial Institutions Strategic Transfer (FIST) Act for stronger banks; and Government Financial Institutions (GFIs) Unified Initiatives to Distressed Enterprises for Economic Recovery (GUIDE) for financial assistance and access to credit strategically important companies.
Source: Department of Finance
