Stella Quimbo gets LP’s backing for post-pandemic economic stimulus bill

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The Liberal Party has thrown its support behind Marikina Rep. Stella Quimbo’s bill allotting P568 billion to jumpstart economic recovery amid the COVID-19 pandemic.

In a statement, LP said the proposed Philippine Economic Stimulus Act (PESA), “is a thoroughly-studied and well-crafted proposal aimed to help us recover from the economic slump arising from the COVID-19 pandemic.”

The bill seeks to protect workers from the risk of job loss by ensuring business continuity and reviving business, and consumer confidence. It proposes several forms of assistance for micro, small and medium enterprises, which are hit hard by the COVID-19 crisis.

The proposed PESA also includes measures that will get money into people’s hands such as wage subsidies, interest-free loans, loan guarantees, expanded cash-for-work programs, and assistance to students.

LP said Quimbo’s proposal is comprehensive because it not only addresses economic needs but also the importance of mass testing.

“After the shock, we all ask when the Philippine economy will get back on track. The Quimbo PESA bill offers us the first steps forward, not merely to the normalcy of the past, but perhaps to a better, more empowering, more compassionate future,” the party said.