With the Philippine economy still in recession and no end in sight for the COVID-19 pandemic, Marinduque Representative and Speaker Lord Allan Velasco is proposing a P420-billion fund to further help stimulate the country’s economic recovery.
Voting 64-3 with 3 abstentions, the House Committee on Constitutional Amendments on Tuesday adopted a resolution filed by Speaker Lord Allan Velasco seeking to give Congress the flexibility to amend the restrictive economic provisions of the 1987 Constitution to help the Philippine economy recover from COVID-19.
The House of Representatives ratified Wednesday the bicameral conference committee report on the bill that would further amend the country’s anti-money laundering law, ahead of the February 2021 deadline set by the Paris-based global dirty money watchdog Financial Action Task Force (FATF).
House Speaker Lord Allan Velasco has underscored the need to relax the country’s investment regulations in order to attract more foreign direct investments, especially in agriculture and manufacturing sectors.
House Speaker Lord Allan Velasco on Sunday said he fully supports the declaration of a climate emergency to encourage swift action to combat climate change and its impacts.