A stimulus package is impossible without revenue sources, Malacañang said yesterday. This following the House of Representatives passed a bill that seeks to allot P1.3 trillion to jumpstart the economy battered by the coronavirus disease 2019 (COVID-19) pandemic.
On May, Budget Secretary Wendel Avisado said there is no basis to seek a supplemental budget because the country does not have new revenue sources or excess tax collections.
The proposed Accelerated Recover and Investments Stimulus for the Economy of the Philippines or ARISE Philippines Act, which seeks to promote economic activity and assist sectors affected by the pandemic, was recently approved by the lower chamber for its final reading.
Supporters of the measure said the P1.3-trillion stimulus package would create infrastructure and jobs and help workers and small businesses.
The finance chief also warned that the passage of new spending laws without funding sources could jeopardize the country’s fiscal sustainability.