EIGHTEENTH CONGRESS OF THE 
REPUBLIC OF THE PHILIPPINES 
First Regular Session
)
SENATE
S. No. 1417
20 MAR 23 R2 •-06
Introduced by Senator SONNY ANGARA
AN ACT
APPROPRIATING THE SUM OF ONE HUNDRED EIGHT BILLION PESOS 
(P108r000,000A000) FOR THE 2020 FISCAL STIMULUS PACKAGE TO 
ADDRESS THE ECONOMIC IMPACT OF COVID-19
EXPLANATORY NOTE
On March 8, 2020, President Rodrigo Duterte issued Proclamation No. 922 
declaring a state of public health emergency throughout the Philippines after the 
Secretary of Health confirmed local transmission of the new coronavirus (COVID-19). 
As of March 16, 2020, there have been 140 confirmed cases and 12 deaths recorded.
To contain the spread of COVID-19, the Philippines has implemented a travel 
ban covering foreign nationals coming from China, Hong Kong, Macau, the South 
Korean province of Northern Gyeongsang and all countries which have localized 
transmission of the viral disease.1 Further, the government has enforced stringent 
social distancing measures in the National Capital Region for a period of thirty (30) 
days starting at 00:00 A.M. of March 15, 2020 until 00:00 A.M. of April 14, 2020. Per 
guidelines issued by the Office of the President, among measures undertaken is the 
imposition of a community quarantine which: (a) limits the movement of people to 
accessing basic necessities and work; and (b) mandating the presence of uniformed 
personnel and quarantine officers at border points.
As to the economic impact of COVID-19, the Department of Finance estimates 
that should COVID-19 linger until midyear, revenues for 2020 may decline by P91 
billion, potentially causing a budget deficit of 3.6 percent of gross domestic product
1 https://www.cnnphilippines.eom/news/2020/3/l 2/Philippines-expands-travel-ban-to-all-countries-with-local-
COVID-19-transmission.html


(GDP) which is higher than the government's cap of 3.2 percent of GDP. Also, the 
National Economic and Development Authority (NEDA) said that, for the same period, 
the COVID-19 outbreak could shave off 0.5 to one percentage point from the GDP 
growth in 2020. Further, the Bangko Sentral ng Pilipinas (BSP) noted that the widening 
outbreak of COVID-19 could pose a downside risk to inflation and may also cause a 
0.2 to 0.8 percentage point reduction in remittances growth this year.2 In nominal 
terms, one percentage point of GDP is equivalent to
Negative effects in various sectors have also been recorded. For travel and 
tourism, NEDA projects a loss of up to P22.7 billion per month3 due to 1.42 million 
reduction in tourist arrivals.4 For trade, the Department of Trade and Industry has 
reported supply chain disruptions for the industries of aerospace, airlines, auto parts, 
bananas, footwear, garments, and iron and steel, as raw materials for factories were 
either delayed or subjected to quarantine.5
There is now an urgent need to provide assistance, necessary safety nets, and 
to cushion the adverse effects of COVID-19 to the different sectors of our economy.
This bill, which was originally filed by Representative Stella Luz A. Quimbo in 
the House of Representatives, seeks to create a fiscal stimulus package, to aid the 
government in addressing the ill-effects of the current public health emergency. 
Assuming a multiplier of about 1.7, a 108-billion Peso stimulus to the economy will 
compensate for the expected losses from COVID-19 and keep the economy on track. 
In view of the foregoing, the passage of this bill is earnestly sought.
ANGARA
2 https://www.philstar.eom/headlines/2020/03/l 1/1999930/economic-team-wams-impact
3 https://www.bworldonline.com/phl-tourism-to-lose-p23-billion-a-month-due-to-covid-19/
4 https://www.gmanetwork.com/news/money/economy/728917/neda-tourist-aiTivals-in-the-philippines-to-drop- 
by-1 -42m-amid-covid-19-situation/story/
5 https:/^usiness.inquirer.net/292231/outbreak-shuts-down-19-tourism-companies


EIGHTEENTH CONGRESS OF THE 
)
REPUBLIC OF THE PHILIPPINES 
)
First Regular Session 
)
SENATE
1417
S. No.
20 MAR 23 R2:07
RtCc:';
Introduced by Senator SONNY ANGARA
AN ACT
APPROPRIATING THE SUM OF ONE HUNDRED EIGHT BILLION PESOS 
(PIOS^OOO^OOO^OOO) FOR THE 2020 FISCAL STIMULUS PACKAGE TO 
ADDRESS THE ECONOMIC IMPACT OF COVID-19
Be it enacted by the Senate and House of Representatives of the Philippines in 
Congress assembled:
1 
SECTION 1. Short Title. - This Act shall be known as the "Economic Rescue Plan
2 
for COVID-19."
3 
SEC. 2. Supplemental Appropriations. - The sum of One Hundred and Eight
4 
Billion Pesos (P108,000,000,000.00) is hereby appropriated out of any funds in the
5 
National Treasury not otherwise appropriated, as additional funding and budgetary
6 
requirements for the Fiscal Year (FY) 2020 budget.
7 
SEC. 3. Establishment of an Inter-Agency Task Force. - An Inter-Agency Task
8 
Force for the 2020 Fiscal Stimulus Package is hereby established to develop the fiscal
9 
stimulus package and manage the use of funds, to be headed by the National
10 
Development and Economic Authority (NEDA), with representatives from the
11 
Department of Tourism (DOT), Department of Labor and Employment (DOLE),
12 
Department of Trade and Industry (DTI), Department of Finance (DOF), and
13 
Department of Budget and Management (DBM).
14 
SEC. 4. Funding and Budgetary Requirements for the Fiscal Stimulus Package.
15 
-The sum of One Hundred and Eight Billion Pesos shall be appropriated as a stimulus
16 
package for those affected by the 2019 novel coronavirus. It shall be allocated as
17 
follows;
18 
(a) Forty-three Billion Pesos (P43,000,000,000.00) for assistance and promotion
19 
of the tourism sector


1 
(b) Fifteen Billion Pesos (P15,000,000,000.00) for assistance to displaced
2 
workers, including but not limited to emergency employment assistance and
3 
transportation vouchers
4 
(c) Fifty Billion Pesos (P50,000,000,000.00) for assistance to businesses,
5 
including but not limited to loan packages and subsidies
6 
Upon recommendation of NEDA, the Inter-Agency Task Force may adjust the
7 
aliocation of the fund. In event of any adjustment, a report to Congress must be made
8 
and the reallocation must be published.
9 
SEC. 5. Use and Release of Funds. - The amount to be appropriated shall be
10 
released by the Department of Budget and Management to the relevant agencies of
11 
the Inter-Agency Task Force in accordance with budgeting, accounting and auditing
12 
laws, rules and regulations. The DBM and NEDA, in coordination with the Inter-Agency
13 
Task Force, shall issue the guideiines necessary for the proper expenditure of this
14 
budget.
15 
SEC. 6. Monitoring of Economic Impact. - NEDA shall continue to estimate and
16 
monitor the impact of the 2019 novel coronavirus on the economy in order to ensure
17 
the proper use of funds, and submit a quarterly report to Congress.
18 
SEC. 7. Applicability of General and Special Provisions in the FY 2020 Genera!
19 
Appropriations Act - The amount herein provided shall be used for the purpose
20 
indicated and subject to the relevant general and special provisions under Republic
21 
Act No. 11465 or the FY 2020 General Appropriations Act.
22 
SEC. 8. Availability of Appropriations. - The appropriations authorized in this
23 
Act shall be available for release and obligation for the purpose specified from the
24 
date of the effectivity of this Act until fully spent.
25 
SEC. 9. Separability Clause. - If any provision of this Act is declared
26 
unconstitutional or invalid, the remainder of the provisions thereof not affected shall
27 
remain in force and effect.
28 
SEC. 10. Effectivity Clause. - This Act shaii take effect immediately upon its
29 
publication.
Approved,