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Mandatory savings of gov’t enough to fund P10K ayuda program — Cayetano

July 15, 2021 Jester P. Manalastas 270 views

FORMER Speaker Taguig City Rep. Alan Peter Cayetano said the four percent mandatory savings of the national government is enough to fund aid programs.

In a statement, Cayetano said the current administration can implement mandatory savings similar to fiscal measures introduced by former President Fidel Ramos.

“If we institute a mandatory savings of four percent this year, makakabuo ka ng close to P200 billion. More than enough iyon for all Filipino families na makatanggap ng P10,000,” he said.

To expand the country’s direct stimulus program, Cayetano proposed that the country issue debt instruments similar to war bonds, which are wartime debt securities issued by a government to finance military operations.

“After every crisis, economic boom naman ang dumarating. Kaya nababayaran yung mga inutang through war bonds,” he added.

Citing recent reports of unused funds among different government agencies, the solon insisted that these funds can be used to give additional cash aid to every Filipino family.

“Marami rin kaming nakita na hindi nagagastos ng gobyerno. Kulang ’yung absorptive capacity ng agencies natin,” he said.

The former Speaker said allotting P200 billion for cash aid will not be harmful to the economy , adding that the national government has numerous options at its disposal to secure funding for a bigger cash aid program.

“Another P200 billion para ilagay sa bulsa ng ating mga kababayan won’t be harmful to our economy,” he said. “Napakaraming paraan kung gusto talaga.”

Cayetano and his allies have been pushing for the passage of the 10K Ayuda Bill since February this year. The bill aims to promote household consumption and stimulate the economy.

While the bill was consolidated into the Bayanihan 3 bill, its proposed amount for cash aid was not adopted.