PESA and FIST bills approved by HR

In an online meeting on Tuesday, the House of Representatives Defeat COVID-19 Ad-Hoc Committee (DCC) approved the substitute bills to the proposed "Philippine Economic Stimulus Act" (PESA), “Financial Institutions Strategic Transfer (FIST) Act”, and “COVID-19 Related Anti-Discrimination Act” which would further help the country ease the impact of the COVID-19 economically, financially and socially The PESA bill is the House immediate response to jumpstart the economy amid the pandemic. The proposed economic stimulus budget for 2020 is P568 billion while the amount of P650 billion plus P80 billion are for the succeeding year 2021 which would be the start of the Enhanced Build-Build-Build Program.

Meanwhile, the FIST Bill aims to develop and maintain a strong financial sector In the country and address the financial sector’s problems on its non-performing assets amid the pandemic.Lastly the proposed “Anti-COVID-19 Related Discrimination Act” makes it unlawful for any person, natural or juridical, to engage in discrimination against confirmed, suspect, or probable cases of COVID-19, repatriated overseas Filipino workers, health workers, responders and service workers.