To boost the country’s economic recovery, the House Committee on Ways and Means on Monday has approved Bayanihan 3, which now stands at P405.6 billion.Albay Rep. Joey Salceda, chairman of the panel, said the unnumbered substitute bill to Bayanihan 3, or the Bayanihan to Arise As One Act, would contain direct emergency and social amelioration to Filipinos, livelihood interventions, as well as food security and health interventions.Salceda said his committee particularly approved the revenue provisions of the bill.The revenue provision in Section 34 of the Bayanihan 3 substitute bill states that the Bangko Sentral ng Pilipinas (BSP) would be authorized to make additional direct provisional advances with or without interest to the national government. These direct advances would be used to finance expenditures, which are authorized by law, to address and respond to the Covid-19 situation in the country.Citing his own computation, the lawmaker said P294.8 billion would be sourced from provisional advances from the BSP.Also, he said, another P78 billion will be derived from theincreased remittance of government- owned and -controlled corporation (GOCC) dividends.Section 35 of the bill would mandate some GOCCs recommended by the Joint Executive-Legislative Bayanihan Council, to increase their dividend remittances to help fund the appropriations of the proposed measure.Salceda said other sources of revenue include the capital withdrawal from “obese” GOCCs, e-sabong and Philippine Offshore Gaming Operation taxes.For his part, House Committee on Economic Affairs Chairman Teodorico Haresco Jr. of Aklan also said that most of the proposed funding sources for Bayanihan 3 would come from existing unutilized appropriations, unreleased balances, as well as from excess revenue collection from tax and non-tax sources.But Finance Assistant Secretary Soledad Emila Cruz told the committee that they are only eyeing P60 billion from the GOCCs.“We considered their cash positions…of what they can provide because last year we’ve already taken out so much,” Cruz said.For his part, Governance Commission for GOCCs Director Johann Barcena said the commission is supporting the passage of Bayanihan 3.“The GCG fully supports the joint effort of the legislative and executive to have a stimulus package to support the economy amid this pandemic without compromising our long-term debt sustainability,” he said.“This will serve to stimulate our economy in the short term, while securing our position for economic growth and stability in the long run. We recognize, in this extraordinary time, the role of GOCCs for the economic development becomes more paramount,” he said.Speaker Lord Allan Velasco is also pushing for the passage of the Bayanihan 3, a proposal seen as a “lifeline” amid the raging pandemic that continues to cripple the economy and hurt the livelihood of millions of Filipinos.Under the substitute bill, P108 billion will be allocated for the implementation of a cash subsidy program of P1,000 for every Filipino, with another P108 billion in standby funds.Also, around P12 billion shall be appropriated for assistance for households in crisis situations under the Assistance to Individuals in Crisis Situation (AICS) program of the Department of Social Welfare and Development (DSWD). Some P12 billion standy fund shall be appropriated for Phase 2 and P6 billion standby fund for Phase 3 of the AICS program.The Small Business Wage Subsidy (SBWS) program shall be continued and expanded with a direct funding of P8 billion, and standby funds worth P8 billion for Phase 2 and P4 billion for Phase 3 to assist micro, small and medium enterprises (MSMEs).To provide temporary employment to displaced workers, around P10 billion shall be appropriated for the implementation of the Tulong Panghanapbuhay sa Ating Displaced/Disadvantaged Workers (TUPAD), Covid-19 Adjustment Measures Program (CAMP), and Abot Kamay ang Pagtulong (AKAP) Program, while P10 billion shall be appropriated as standby funds for Phase 2 and P5 billion for Phase 3.Assistance to the agri-fishery sector will receive a total of P30 billion worth of standby funds to finance programs and interventions toward food security and farmer income security and welfare.The bill also allocates P3 billion for medical assistance for indigent patients, and standby funds worth P3 billion each for phases 2 and 3.A total of P54.6 billion shall be allocated to the Pension and Gratuity Fund for retired military and the police, while the amount of P5.6 billion shall be appropriated to assist the Department of Education in the implementation of its digital education, information technology, and digital infrastructure and alternative learning modalities as part of pandemic response and transition to a new normal.Standby funds worth P5 billion each shall be allocated for the implementation of the Masustansyang Pagkain para sa Batang Pilipino Act and Kalusugan at Nutrisyon ng Mag-Nanay Act, both of which are aimed at providing national nutrition.Meanwhile, the bill will be forwarded to the Committee on Appropriations for its own deliberations. Appropriations Chairman Rep. Eric Yap said he will set the hearing for the Bayanihan 3 immediately.Earlier, Speaker Velasco said he expects that the Bayanihan 3 will be transmitted to the plenary when session resumes on May 17.