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FinTech Alliance PH, biz orgs call for swift passage of economic stimulus bill

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Fintech Alliance.PH, together with other 45 business organizations join in supporting the swift passage of the stimulus/recovery bill: Accelerated Recovery and Investments Stimulus for the Economy (ARISE), formerly the Philippine Economic Stimulus Act (PESA).

Speaking to THEPHILBIZNEWS, Lito Villanueva, Chairman of Fintech Alliance.PH and RCBC Bank Executive Vice President and Chief Innovation and Inclusion Officer said, “We are now living in most uncertain times. Everyone was caught off guard with this unprecedented crisis. This enabling stimulus bill would provide the impetus for us to bounce forward towards a sustainable recovery. We look forward to the passage of this bill that will ultimately benefit those who are most vulnerable in the country. Everyone wins.”

Below is the joint statement of Fintech Alliance.PH and the 45 business organizations on their call for immediate passage of Accelerated Recovery and Investments Stimulus for the Economy (ARISE) bill.

The undersigned business organizations support a second, more substantial economic stimulus plan along the lines of the Accelerated Recovery and Investments Stimulus for the Economy (ARISE) bill, formerly the Philippine Economic Stimulus Act (PESA) bill, to fight the effects of the COVID-19 pandemic, protect jobs and help job-creating businesses, especially MSMEs, which employ more than 62% of our workforce. ARISE would be an effective program for building on the Bayanihan Law and the measures President Duterte and the Bangko Sentral ng Pilipinas have rolled out. It will serve as a powerful complement to the Corporate Recovery and Tax Incentives for Enterprises Act (CREATE) proposed by the Department of Finance.

We appeal to the House of Representatives, the Senate, and the Administration to have thorough but speedy deliberations to produce a law for this stage of the crisis and recovery. We support the calls for President Duterte to call a special session of Congress to act on this and other similar legislation.

A law along the lines of ARISE would act on the lessons that many countries are heeding from previous recessions: that swift, substantial intervention is needed. The Administration’s fiscal management has provided the financial strength and fiscal space to do this. We can and should increase spending, where we have been more conservative than many of our neighbors and economic competitors, according to some comparisons.

As the country reopens and the economic effects of the pandemic become clearer, a strong new law would provide much-needed support and confidence to COVID-19 frontliners, workers, and businesses. Unemployment funds and wage subsidies will help workers provide for their families, keep their children in school, and fuel the economy. Loans, grants, and guarantees will help businesses pay suppliers and banks, strengthening all of them for the challenging months and years ahead.

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