MANILA – House Ways and Means Committee chairperson and Marikina 2nd District Rep. Miro Quimbo said securing loans remains an option to help fund the proposed Bayanihan 3 measure aimed at cushioning the impact of rising oil prices.

“I don’t think we need to borrow money for Bayanihan 3, but again, it’s going to be the call of the Executive to identify what needs to be done,” Quimbo told reporters.

He described government financing as a balancing act, stressing that available funds alone may not always be sufficient.

“This is a balancing act. Running the economy is like running a business. You cannot be content with whatever money you have available,” he said.

Quimbo underscored the role of borrowing in sustaining and expanding economic activity.

“Kung alam mo naman para mag-survive o para mas lumaki ang kita, kailangan mo rin umutang. Walang negosyo na hindi umutang,” he said.

“Wala ring gobyerno na hindi umutang. Kailangan ng pag-utang. (There is no government that does not borrow; borrowing is necessary.) What is important is that borrowing is managed well,” he added.

He emphasized that any borrowing should remain within fiscal targets, including limits on the deficit and the country’s debt-to-GDP ratio, which measures debt relative to the size of the economy.

Quimbo noted that the Philippines’ debt-to-GDP ratio rose to 60.5 percent in 2021 from 54.6 percent in 2020 due to increased borrowing during the COVID-19 pandemic, after reaching a low of 39.6 percent in 2019.

He said government agencies have indicated that funds are available to support Bayanihan 3, although the final amount has yet to be determined.

“We want to know what the agencies and sectors need. We cannot give aid that turns out to be something they don’t want or need,” Quimbo said.

“We need to gather information so we can come up with the right recommendations,” he added.

The proposed measure is expected to prioritize assistance for sectors most affected by rising fuel costs, particularly the transport sector.

Quimbo said the first committee hearing on Bayanihan 3 is set for April 8.