Solon Pushes for Stimulus Program in Bayanihan 3 to Boost Job Creation in the Philippines
Albay Representative Joey Salceda calls for a “true stimulus” program to be facilitated through Bayanihan 3, or Bayanihan to Arise as One Act, to boost job creation and economic recovery in the Philippines.
Salceda noted that the improving rate of COVID-19 vaccinations in the country will strengthen job creation. So far, 7% of the population have received their first dose of COVID-19 vaccines.
According to Salceda, an economic stimulus package would be more effective now due to the increasing rate of Filipinos receiving COVID-19 vaccinations.
He stated, “I am convinced that as vaccination rates further improve, it will be strategic to embark on a true stimulus program. When people are able to go out of their homes and do more activities, the impact of economic stimulus will be more effective. The first two Bayanihan packages were not stimuli. They were merely rescue packages.”
The lawmaker noted that Bayanihan 3 should be paired with a more aggressive credit stimulus plan for business recovery and development as it would create more jobs for Filipinos.
Salceda contacted several government financial institutions to put action plans and facilities in place towards recovery.
Salceda expressed, “More, better, and more durable jobs will come from the creation and expansion of new businesses, and the recovery in aggregate demand.”
While job figures in May have improved, Salceda believes that many jobs remain fragile and contingent on recovery support.
According to recent data released by the Philippine Statistics Authority (PSA), the unemployment rate decreased from 8.7% in April to 7.7% in May. While the underemployment rate fell from 17.2% in April to 12.3% in May.
Additionally, the labor force participation rate in the Philippines increased from 63.2% in April to 64.6% in May.
Salceda continued, “These are good employment numbers, but the quality and resilience of these jobs are what will determine the durability of our signs of recovery.”
PSA reported that the Philippines logged its second-lowest unemployment rate in May 2021 amid the pandemic. In May, 410,000 jobs were added to the labor market since the enhanced community quarantine (ECQ) was lifted.