MANILA - The House Defeat COVID-19 Committee on Tuesday approved a P1.3 trillion economic stimulus measure, the chamber's Majority Leader Martin Romualdez said.
The Philippine Economic Stimulus Act (PESA) aims to "ensure business operations and jobs’ retention" during the pandemic, Romualdez said in a statement.
Some 4.1 million employees of micro, small, and medium Enterprises (MSMEs) are expected to benefit under the package, he added.
The panel also approved the proposed Financial Institutions Strategic Transfer Law, which "seeks to strengthen the financial sector through rehabilitation of distressed businesses and improving liquidity of the financial system," Romualdez said.
The Philippines' expects up to P2 trillion in economic damage due to the virus, the Department of Budget and Management earlier said.
The economy shrank by 0.2 percent in the first quarter, the first contraction in 22 years. The second quarter is expected to turn in worse numbers as the full effect of the lockdown is reflected.
More details to follow.
--With a report from RG Cruz, ABS-CBN News