EIGHTEENTH CONGRESS OF THE 
REPUBLIC OF THE PHILIPPINES
of tljc ^Ji’cr.'tarp
First Regular Session
20 APR 27
All :28
SENATE
Introduced by SENATOR SONNY ANGARA
AN ACT
APPROPRIATING THE SUM OF THREE HUNDRED SEVENTY BILLION PESOS 
(P370/000,000/000) 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 implemented 
enhanced community quarantine (ECQ) covering entire Luzon 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. As of date, the ECQ has been extended to 15 May 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.
1 https://www.cnnphilippines.com/news/2020/3/12/Philippines-expands-txavel-ban-to-all-countries-with-local- 
COVID-19-transmission.html


As to the economic impact of COVID-19, the Department of Finance estimates 
that should COVID-19 linger until midyear, revenues for 2020 may deciine by P91 
biilion, potentially causing a budget deficit of 3.6 percent of gross domestic product 
(GDP) which is higher than the government's cap of 3.2 percent of GDP. Also, the 
National Economic and Deveiopment 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 couid 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
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 arrivais.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 steei, as raw materials for factories were 
either deiayed or subjected to quarantine.5
In order to further bolster government response to COVID-19, Congress, on 
23 March 2020, passed Republic Act No. 11469 or the Bayanihan to Heai as One Act. 
This law provided additional powers to the President allowing budgetary adjustments 
and disbursements for purposes of containing the transmission of COVID-19 and 
providing social amelioration for those dispiaced by the ECQ.
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 institutionaiize a fiscal stimulus package to 
ensure worker retention and payroll maintenance through business continuity, 
amounting to a totai of 370 billion pesos, with breakdown as foilows:
(1) 110 billion pesos targeted to private businesses whose operations were 
temporarily disrupted during the ECQ but continued to shoulder payroll costs;
2 https://www.philstar.eom/headlines/2020/03/ll/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-arrivals-in-the-philippines-to-drop- 
by-1 -42m-amid-covid-19-situation/story/
5 https://business.inquirer.net/292231/outbreak-shuts-down-19-tourism-companies


(2) 1 billion pesos targeted to employees who had contracted COVID-19, to 
ensure that sick leaves are fully paid;
(3) 100 billion pesos targeted to government financial institutions so they can 
increase their ability to assist the private sector in managing their loans;
(4) 50 billion pesos targeted to the estimated 1 million micro, small, and 
medium-scale establishments;
(5) 43 billion pesos targeted to all sectors constituting the tourism industry; and
(6) 66 billion pesos targeted to exporters or importers, particularly, in the 
manufacturing sector.
The bill likewise creates an inter-agency task force that is mandated to manage 
the fiscal stimulus package and monitor availment of various forms of assistance 
authorized herein.
In view of the foregoing, the passage of this bill is earnestly sought.
SONNY ANGARA


EIGHTEENTH CONGRESS OF THE 
REPUBLIC OF THE PHILIPPINES 
First Regular Session
of tijf ^cartnrp
20 APR 27 PAH :28
SENATE
1449
S. No.
Introduced by SENATOR SONNY ANGARA
AN ACT
APPROPRIATING THE SUM OF THREE HUNDRED SEVENTY BILLION PESOS 
(P370,000,000,000) 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:
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SECTION 1. Short Title. - This Act shall be known and cited as the "Economic
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Rescue Plan for COVID-19."
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SEC. 2. Definition of Terms. - For purposes of this Act, these terms are
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defined as follows:
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(a) Economic resilience refers to the policy-induced ability of an economy to
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withstand and recover from exogenous shocks, such as pandemics, natural
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disasters, and financial crises.
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(b) Enhanced community quarantine (ECQ) refers to the period where strict home
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quarantine is implemented in all households, transportation is suspended,
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provision for food and essential health services is regulated, and heightened
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presence of uniformed personnel 
to enforce quarantine procedures is
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implemented, in order to contain the spread of the 2019 novei coronavirus, in
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accordance with the Memorandum of the Executive Secretary dated 13 March
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2020, and as imposed on all of Luzon under Presidential Proclamation No.
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929 dated 16 March 2020.
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(c) ECQ non-essential businesses refers to those private establishments not in the
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business of providing basic necessities and not engaged in such activities
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related to food and medicine production, i.e., public markets, supermarkets.


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groceries, convenience stores, hospitais, medical ciinics, pharmacies, and 
drug stores, food preparation and deiivery services, water-refilling stations, 
manufacturing and processing plants of basic food products and medicines, 
banks, money transfer services, power, energy, water and 
teiecommunications supplies and faciiities, in accordance with the 
Memorandum of the Executive Secretary dated 13 March 2020.
(d) Fiscal stimulus refers to any increase in government spending undertaken to 
support economic growth, inciuding temporary tax revenue losses arising 
from reguiatory forbearance adopted by the government.
(e) Micro, small, and medium-scale enterprise (MSME) refers to any business 
activity or enterprise engaged in industry, agribusiness and/or services, 
whether soie proprietorship, cooperative, partnership or corporation whose 
totai assets, inciusive of those arising from loans but exclusive of the iand in 
which the particular business entity's office, plant, and equipment are 
situated, must have a value falling under the following categories:
At least
Not more than
Micro
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P 3,000,000
Small
P 3,000,001
P15,000,000
Medium
P 15,000,001
P 100,000,000
SEC. 3. Supplemental Appropriations. - The sum of Three Hundred and 
Seventy Billion Pesos (Php 370,000,000,000.00) is hereby appropriated out of any 
funds in the National Treasury not otherwise appropriated, including funds from 
approved loans and proceeds of bond issuances by the National Treasury, as 
additional funding and budgetary requirements for the Fiscal Year (FY) 2020 budget.
This sum shall be appropriated as a stimulus package for those impacted by the 
COVID-19 outbreak. It shall be allocated in the manner set out in Section 5.
The Department of Budget and Management (DBM) shall identify programs, 
projects, and activities which cannot be utilized effectively as a result of the COVID- 
19 outbreak, including items such as discretionary travel, and declare allotments for 
such items as forced savings. The DBM shall make a detailed report to Congress on


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forced savings arising from COVID-19, not later than two (2) weeks after the
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enactment of this Act.
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SEC. 4, General Principles in Aiding Businesses. - In assisting businesses
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who have been impacted by the 2019 coronavirus disease (COVID-19) crisis,
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additional government spending authorized by this Act shall be guided by the
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following principles:
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(a) Continuity: firms shall receive assistance for purposes of avoiding business
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closure, restoring business confidence, and ensuring that firms can proceed
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business-as-usual, post-COVID-19;
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(b) Compensatory: firms will be reasonably compensated for damages that
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firms have incurred during the COVID-19 outbreak, which the government
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would have otherwise shouldered;
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(c) Capacity-building: firms shall receive assistance for purposes of building
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their capacity to respond to new business arrangements after the COVID-
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19 outbreak and become more resilient to future economic shocks; and
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(d) Proportionality: the total amount of stimulus is a proportionate response to
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the expected outcome of keeping the economy back on track.
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SEC. 5. Economic Relief Measures. - Existing programs under the various
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government agencies at the time of enactment of this Act shall be prioritized for
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purposes of implementing the delivery of the fiscal stimulus package: Provided, that
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implementing agencies are authorized to increase their manpower complement for
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purposes of ensuring that their mandates as provided in this Act are sufficiently
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performed. The maximum allowable expenditure for this purpose is three percent
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(3%) of the appropriation for each implementing agency as specified in this sub-
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section. Implementing agencies are also authorized to enter into partnerships or
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agreements with private corporations and financial institutions if deemed necessary
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to ensure the timely and efficient delivery of services and fulfillment of duties under
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this Act. The following economic relief measures are hereby adopted:
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(a) The Department of Labor and Employment (DOLE) shall offer wage
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subsidies to ECQ non-essential businesses, and other business displaced
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due to COVID-19 as jointly determined by the National Economic and
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Development Authority (NEDA) and Department of Trade and Industry


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(DTI), hereafter referred to as "other affected sectors", amounting to a 
minimum of twenty-five percent (25%) and a maximum of seventy-five 
percent (75%) of actual payroll costs for a period equivalent to the length 
of the ECQ for purposes of employment retention. Sectors that will receive 
the maximum allowed wage cost-share by government include (i) those 
that have been directly impacted by the COVID-19 outbreak, such as 
tourism and trade, and (ii) those that support priority programs of the 
government such as Build, Build, Build.
The DOLE shall likewise provide unemployment benefits for overseas 
Filipino workers (OFWs) who were repatriated, whether voluntarily or 
mandatorily as a result of the outbreak of COVID-19, in order to aid them 
in job search. The maximum amount for such unemployment benefits shall 
be equivalent to the average wages of OFWs in the country of employment 
prior to repatriation, for a period of two (2) months.
The amount of One Hundred Ten Billion Pesos (PI 10,000,000,000.00) 
is hereby authorized to be appropriated to carry out this sub-section.
Not later than fifteen (15) days after the date of enactment of this Act, 
the DOLE shall issue guidelines and regulations implementing this sub­
section, including the schedule of wage subsidies to be provided by COVID- 
affected sector, the target number of beneficiaries, and the estimated total 
amount of wage subsidies to be provided.
(b) The Social Security System (SSS) and Government Service Insurance 
System (GSIS) shall provide employee compensation for private 
establishments and government agencies, respectively, in the form of paid 
sick leaves to employees who contracted COVID-19.
For private establishments, the SSS shall compensate the employer to 
the extent of salaries paid to the employee in excess of paid sick leaves as 
provided for under company policy, for the duration of the entire illness, 
including the quarantine period subsequent to hospital discharge. For 
government employees, the GSIS shall directly compensate the employee 
for all salary deductions, in case paid sick leaves have been fully utilized. In


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no case will employee compensation exceed One Hundred Twenty 
Thousand Pesos (P120,000.00) per individual.
The amount of One Billion Pesos (Pl/000,000,000.00) is hereby 
authorized to be appropriated to carry out this sub-section.
Not later than fifteen (15) days after the date of enactment of this Act, 
the SSS and GSIS shall jointly issue guidelines and regulations 
implementing this sub-section, including the target number of beneficiaries, 
and estimated total amount of compensation for paid sick leaves.
(c) The Land Bank of the Philippines (LBP) and the Development Bank of the 
Philippines (DBP) shall expand their current loan and loan guarantee 
programs to assist MSMEs, ECQ non-essential businesses, and other 
affected sectors. Nothing in this Act shall prohibit the LBP and the DBP 
from introducing financial innovations in providing assistance towards debt 
and liquidity management, consistent with the guiding principles set forth 
in Section 4 of this Act.
The LBP and DBP shall also introduce an Interest-free Loan Program 
targeted to MSMEs, ECQ non-essential businesses, and other affected 
sectors for purposes of labor retention and payroll cost maintenance. The 
maximum amount of the loan, per eligible borrower, shall be equal to the 
cost of maintaining payroll continuity during and after the ECQ period.
Eligible borrowers receiving an interest-free loan under this sub-section 
shall make a good faith certification that the uncertainty of current 
economic conditions justifies the interest-free loan request to support the 
ongoing operations of the borrower, and acknowledges that funds will be 
used to retain workers and maintain payroll. Failure to retain workers and 
maintain payroll shall trigger the imposition of interest payments 
proportional to the reduction in employees.
The amount of One Hundred Billion Pesos (P100,000,000,000.00) is 
hereby authorized to be appropriated to carry out this sub-section.
The LBP and DBP shall repay to the national government the total 
amount received to carry out this sub-section, net of administrative costs.


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allowable losses and a reasonable return, with the schedule of repayment 
to be determined and consistent with loan terms provided to assisted 
businesses.
Not later than fifteen (15) days after the date of enactment of this Act, 
the LBP and DBP shail jointly issue guidelines and regulations implementing 
this sub-section, including the schedule of interest rates in the event that 
labor conditionalities are not met, the target number of beneficiaries, and 
the estimated total amount of loan issuances.
(d) The DTI shall offer grants for the education, training, and advising of 
MSMEs on:
(i) improving business resiliency in the post COVID-19 era;
(ii) the prevention and containment of transmission of communicable 
diseases such as COVID-19;
(iii) coping with the potential effects of exogenous shocks such as 
COVID-19 on the supply chain, distribution, and sales of products, 
including the introduction of innovations in business practices;
(iv) utilizing online platforms as alternative or supplementary product 
distribution or delivery channels, including website development 
and the set-up of logistics to support online sales platforms;
(v) the management and practice of tele-work, tele-consulting in the 
case of medical practitioners and other professionals, and customer 
service, including managing the risk of cyber threats; and
(vi) any other relevant business practices introduced for purposes of 
mitigating the economic effects of COVID-19.
The amount of Ten Billion Pesos (P10,000,000,000.00) is hereby 
authorized to be appropriated to carry out this sub-section.
Not later than fifteen (15) days after the date of enactment of this Act, 
the DTI shall issue guidelines and regulations implementing this sub­
section.


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(e) The Small Business Corporation (SBC) shall expand its existing ioan
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programs for MSMEs by any or a combination of the foliowing: (i)
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increasing the availability of loanable funds, (ii) reducing eligibility
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requirements, (iii) increasing the maximum loan amounts per borrower, (iii)
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reducing the interest rates to zero, and (iv) extending loan terms. To
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ensure effective program expansion for purposes of this Act, including
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program reach and efficiency, the SBC shaii increase its manpower and
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technology complement.
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In addition to the ailowabie uses of loans under the regular loan
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programs of SBC, the proceeds of any loan granted under this sub-section
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may be used for:
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(i) 
payroil costs;
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(ii) materials and supplies;
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(iii) mortgage payments;
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(iv) rent;
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(v) utiiities, including fuel and storage;
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(vi) creation of new businesses;
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(vii) repurposing of existing business capitai; or
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(viii) any other debt obiigations that were incurred before the covered
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period.
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Priority shall be given to establishments requiring financing for any
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activity that supports initiatives of the Department of Health (DOH) towards
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ensuring an adequate and responsive supply of health care services.
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The amount of Twenty Biliion Pesos (P20,000,000,000.00) is hereby
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authorized to be appropriated to carry out this sub-section. The SBC shall
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repay to the national government the total amount received to carry out
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this sub-section, net of administrative costs, allowable losses and a
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reasonable return, with the schedule of repayment to be determined and
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consistent with loan terms provided to assisted businesses.
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Not later than fifteen (15) days after the date of enactment of this Act,
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the SBC shaii issue guidelines and regulations impiementing this sub-


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section, including the target number of beneficiaries and the estimated
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total amount of grants to be provided.
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(0 The Agricultural Credit Policy Council's (ACPC) Financing Program shall
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expand its existing loan programs for agribusiness establishments by any
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or a combination of the following: (i) increasing the availability of loanable
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funds, (ii) reducing eligibility requirements, (iii) increasing the maximum
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loan amounts per borrower, (iv) reducing the interest rates to zero, and (v)
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extending loan terms. To ensure effective program expansion for purposes
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of this Act, including program reach and efficiency, the ACPC shall increase
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its manpower and technology complement.
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In addition to the allowable uses of loans under the regular loan
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programs of ACPC, the proceeds of any loan granted under this sub-section
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may be used for:
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(i) 
payroll costs;
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(ii) 
materials and supplies, including fertilizer;
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(iii) mortgage payments;
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(iv) crop insurance payments;
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(v) rent;
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(vi) utilities, including fuel and storage;
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(vii) creation of new businesses;
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(viii) repurposing existing capital; and
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(ix) any other debt obligations that were incurred before the covered
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period.
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Priority shall be given to business establishments that support the
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initiatives of the Department of Agriculture (DA) on promoting farm
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consolidation arrangements to bring about economies of scale, particularly,
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for crops that require mechanization and massive use of technology.
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The amount of Ten Billion Pesos is hereby authorized to be
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appropriated to carry out this sub-section. The ACPC shall repay to the
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national government the total amount received to carry out this sub-
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section, net of administrative costs, allowable losses and a reasonable


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return, with the schedule of repayment to be determined and consistent 
with loan terms provided to assisted businesses.
Not later than fifteen (15) days after the date of enactment of this Act, 
the ACPC shall issue guidelines and regulations implementing this sub­
section, including the target number of beneficiaries and the estimated 
total amount of loan issuances.
(g) The Philippine Guarantee Corporation (PGC) shall expand its existing loan 
guarantee programs for MSMEs and other businesses by any or a 
combination of the following: (i) increasing the availability of loan 
guarantee funds, (ii) increasing the maximum loan amounts eligible for 
loan guarantees, (iii) increasing the maximum loan guarantee coverage per 
borrower to one hundred percent (100%), (iv) including as allowable 
purpose for guarantee the provision of working capital to ensure labor 
retention and payroll maintenance; (v) extending scope of eligible 
recipients beyond export-oriented or import substituting firms, to cover all 
types of MSMEs, (vi) reducing eligibility requirements, (vii) reducing the 
guarantee fees, including processing fees, to minimum levels to the extent 
practicable and reasonable, or (viii) extending guarantee periods.
Eligible borrowers receiving a loan guarantee under this sub-section 
shall make a good faith certification that the uncertainty of current 
economic conditions justifies the loan guarantee request to support the 
ongoing operations of the borrower, and acknowledges that loan proceeds 
will be used to retain workers and maintain payroll.
The amount of Ten Billion Pesos is hereby authorized to be 
appropriated to carry out this sub-section. The PGC shall repay to the 
national government the total amount received to carry out this sub­
section, net of administrative costs, allowable losses and a reasonable 
return, with the schedule of repayment to be determined and consistent 
with loan terms provided to assisted businesses.


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(h) The Department of Tourism (DOT) and its instrumentalities shall offer
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assistance to businesses operating, either directly or in support of, the
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tourism industry, including:
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(i) incentives for domestic tourism, including but not limited to, special
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travel packages;
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(ii) interest-free loans with terms of up to 5-years for facility
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improvements, including construction of new buildings and
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renovations;
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(iii) participation in tourism fairs, to restore or identify new target markets
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for international tourists;
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(iv) other forms of tourism promotion;
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(v) grants for education, training, and advising on:
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a. coping with increased health risks arising from infectious diseases
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such as COVID-19;
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b. utilizing innovations in tourism marketing, including website
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development and the set-up of logistics 
to support online sales
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platforms;
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c. the management and practice of tele-work and customer service,
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including managing the risk of cyber threats; and
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d. any other relevant business practices introduced for purposes of
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mitigating the economic effects of COVID-19 on trade relations.
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For purposes of item (i), in the case of special travel packages, the
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grant amount will include reductions in published rates of hotels though the
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removal of VAT and applicable local government unit (LGU) fees, which
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shail be payable to the Bureau of Internal Revenue (BIR) and chargeable
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against the fund created for purpose of implementing this sub-section. The
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maximum period of availment for this item by any grant recipient is six (6)
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months.
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For purposes of item (ii), the DOT or any of its instrumentalities shall
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repay to the government the total amount received to carry out this task,
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net of administrative costs, allowable losses and a reasonable return if
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applicable, with the schedule of repayment to be determined and 
consistent with loan terms provided to assisted businesses.
Availment of grants under this sub-section does not disqualify the 
recipients from availing of any other form of economic relief measures in 
this Section.
The amount of Forty-Three Billion Pesos (P43,000,000,000.00) is 
hereby authorized to be appropriated to carry out this sub-section.
Not later than fifteen (15) days after the date of enactment of this Act, 
the DOT shall issue guidelines and regulations impiementing this sub­
section, including the target number of beneficiaries and the estimated 
total amount of grants and assistance to be provided.
(i) The Board of Investments (BOI) shall offer assistance to business 
establishments engaged in exporting or importing, including:
(i) grants on any activity with the purpose of market retention,
identification, and expansion such as:
a. participation in trade fairs, post COVID-19, to restore or identify 
new global markets for exports, or identify new products to be 
bought or sold in global markets;
b. research and development for purposes of introducing new 
products, improving existing products, or any form of innovation in 
business processes, to increase competitive advantage in existing 
or new export markets;
(ii) education, training, and advising of exporters or importers on:
a. improving business resiliency in the post-COVID-19 era;
b. coping with global supply chain disruptions caused by COVID-19, 
including changes in quantity and iead time, quality, and 
technology;
c. the use of online platforms as alternative or supplementary product 
distribution or delivery channels;
d. the management and practice of tele-work and customer service, 
including managing the risk of cyber threats; and
11


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e. any other relevant business practices introduced for purposes of
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mitigating the economic effects of COVID-19 on trade relations.
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Availment of grants under this sub-section does not disqualify the
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recipients from availing of any other form of economic relief measures in
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this Section.
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The amount of Sixty-six Billion Pesos (P66,000,000,000.00) is hereby
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authorized to be appropriated to carry out this sub-section.
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Not later than fifteen (15) days after the date of enactment of this Act,
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the BOI shall issue guidance and regulations implementing this sub-section,
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including the target number of beneficiaries and the estimated total
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amount of grants provided.
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SEC. 6. Industrial Policy Measures - The DTI, in consultation with the Anti-
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Red Tape Authority (ARTA), shall review existing industrial policies and will
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recommend the removal or revision of rules and regulations that do not support the
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goal of business continuity post COVID-19: Provided, that industrial policies that
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tend to delay the response of businesses in coping with the economic effects of
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COVID-19 shall be revised accordingly, including, but not limited to, the immediate
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adoption of zero tariff rates on essential imported raw materials and the temporary
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suspension of the export percentage requirements for export enterprises to allow
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domestic sales of select manufactured goods while export markets are in the process
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of recovery, which shall be facilitated by the DTI, NEDA, the Tariff Commission, and
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the Philippine Economic Zone Authority; Provided, further, that the DTI, after public
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consultation, shall identify and publish the raw materials and final goods which shall
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be covered by each revised policy, and review this list every month. In determining
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final goods to be covered, the DTI, in consultation with the Philippine Competition
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Commission, shall balance the needs of domestic suppliers, export enterprises, and
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consumers to ensure that household needs are met while ensuring a level playing
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field.
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The DTI shall, within six (6) months after the enactment of this Act, make a
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recommendation on whether the measures undertaken pursuant to this Section shall
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be adopted on a permanent basis.
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SEC. 7. Exercise of Regulatory Forbearance. - The BIR, PCC, Securities and
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Exchange Commission (SEC), and other relevant regulatory agencies are hereby
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directed to suspend deadlines for all payments and submissions due within the ECQ
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period and extend due dates accordingly. For this purpose, for the Fiscal Year 2020,
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businesses may file all tax payments with the BIR until six (6) months after the
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lifting of the ECQ at no additional fine or penalty.
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The SEC, LGUs, and other relevant agencies, in consultation with ARTA, shall
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streamline the process for application for registration of new businesses after the
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enactment of this Act, including reducing timelines for requirements and reducing
10 
the permits necessary before the commencement of operations: Provided, that
11 
ARTA shall, within six (6) months after the enactment of this Act, make a
12 
recommendation on whether the streamlined process established pursuant to this
13 
Section shall be adopted on a permanent basis.
14 
SEC. 8. Establishment of an Inter-Agency Task Force. - The Inter-Agency
15 
Task Force for the Economy Moving Forward as One (lATF-EMFl) is hereby
16 
established to outline the specific contents of the fiscal stimulus package, identify
17 
the specific government program to implement the delivery of each intervention, and
18 
to manage the use of funds. The lATF-EMFl shall be headed by NEDA, with
19 
representatives from the DOLE, SSS, GSIS, LBP, DBP, DTI, SBC, BOI, PGC, ACPC,
20 
DOT, DBM, Department of Finance, the Bangko Sentral ng Pilipinas, and
21 
representatives from the business sector.
22 
The lATF-EMFl shall create a Registry of Assisted Businesses, a centralized
23 
database, accessible to all members of the lATF-EMFl, for purposes of monitoring
24 
the availment of various forms of assistance authorized by this Act, and ensuring
25 
that the total amount of assistance received by any single business entity, under the
26 
various sub-sections of this Act, is rational and proportionate to the scale of
27 
response required to retain its workforce and maintain its payroll costs.
28 
Upon recommendation of NEDA, the lATF-EMFl may adjust the allocation of the
29 
fund provided in Section 5. Any adjustment to the fund allocation shall be reported
30 
to Congress detailing reasons for such reallocation.
31 
SEC. 9. Confidentiality of Business Information. - Information concerning
32 
operations, production, sales, shipments, purchases, transfers, identification of
13


1 
customers, inventories, research and development, or amount or source of any
2 
income, profits, losses, or expenditures submitted by entities in order to apply
3 
and/or avail for the services under this Act shall not, in any manner, be directly or
4 
indirectly disclosed, published, transferred, copied, or disseminated. Any violation of
5 
this provision shall be penalized according to Section 14 of this Act.
6 
SEC. 10. Use and Release of Funds. - The amount to be appropriated shall
7 
be released by the DBM to the relevant agencies of the lATF-EMFl in accordance
8 
with budgeting, accounting and auditing laws, rules and regulations. The DBM and
9 
NEDA, in coordination with the lATF-EMFl, shall issue the guidelines necessary for
10 
the proper expenditure of this budget.
11 
SEC. 11. Monitoring and Congressional Oversight. - The NEDA shall
12 
continue to estimate and monitor the impact of COVID-19 on the economy. In order
13 
to ensure the proper use of funds, the lATF-EMl shall submit a monthly report to
14 
Congress of all acts performed pursuant to this Act.
15 
SEC. 12. Long-term Plan for Economic Resilience. - Not later than six (6)
16 
months from lifting of the ECQ, the NEDA shall submit to Congress a long-term plan
17 
for building economic resilience. The Economic Resilience Plan (ERP) shall include a
18 
strategy for measuring and monitoring economic resilience and identification of
19 
structural reforms needed to increase the ability of the economy to withstand shocks
20 
such as the COVID-19 pandemic: Provided, that the ERP shall include: (i) the
21 
required investments in the health care sector in the next ten (10) years to ensure
22 
its ability to properly and sufficiently respond to the health care needs of the
23 
population, including emerging infectious diseases similar to COVID-19, and (ii) the
24 
database requirements to ensure that social protection is sufficiently provided by the
25 
DOLE, the Department of Social Welfare and Development, and all relevant social
26 
security agencies, to ensure that Filipino households are able to cope with external
27 
shocks such as the outbreak of COVID-19. All required spending as indicated in the
28 
ERP shall be included in the National Expenditure Program beginning the FY 2021.
29 
SEC. 13. Applicability of General and Special Provisions in the FY 2020
30 
General Appropriations Act. - The amounts herein provided shall be used for the
14


1 
purpose indicated and subject to the relevant general and special provisions under
2 
Republic Act No. 11465 or the FY 2020 General Appropriations Act.
3 
SEC. 14. Penalties. -- Any person found to be in violation of confidentiality as
4 
provided in Section 9 hereof shall be penalized with a fine of not less than Five
5 
Hundred Thousand Pesos (P500,000.00) but not more than Two Million Pesos
6 
(P2,000,000,000.00) and imprisonment of six (6) months to three (3) years.
7 
SEC. 15. Availability of Appropriations. - The appropriations authorized in
8 
this Act shall be available for release and obligation for the purpose specified from
9 
the date of the effectivity of this Act until fully spent.
10 
SEC. 16. Separability Clause. - If any provision of this Act is declared
11 
unconstitutional or invalid, the remainder of the provisions thereof not affected shall
12 
remain in force and effect.
13 
SEC. 17. Effectivity Clause. - This Act shall take effect immediately upon its
14 
publication in a newspaper of general circulation or in the Official Gazette.
Approved,
IS