Thursday, January 28, 2021

PH lost P464B in early 2019 because of delayed budget approval, says lawmaker


Latest Stories

Public warned vs new car theft scams

THE Philippine National Police-Highway Patrol Group (PNP-HPG) on Wednesday warned the public against new scams perpetrated by car thieves. Apart...

Ex-Philippine National Railways general manager convicted of graft

The Manila Times file photo THE Sandiganbayan's Fourth Division has convicted former Philippine National Railways (PNR) General Manager Manuel Andal...

House urged to tackle ‘unfinished business’ of ABS-CBN franchise

THE House of Representatives has been urged to tackle its "unfinished business", which includes the bill granting a franchise...

Dacera died of ‘natural causes’ — PNP 

THE PHILIPPINE National Police (PNP) ruled out homicide in the case of flight attendant Christine Dacera and said that she...

House OKs bill granting president power to suspend SSS contribution hikes

THE House of Representatives approved on second reading the bill granting the country's president the power to suspend the...

THE Philippines suffered economic losses worth P464 billion in the past six months because of a delay in the enacted budget for 2019, a lawmaker said on Thursday.

“The budget delay cost the country almost P465 billion in foregone revenues which slowed down the economy,” Deputy Speaker and 1-Pacman Party-list Rep. Michael “Mikee” Romero told reporters in a briefing.

He said that this amount was equivalent to P77.2-billion in losses per month, brought by the four-month delay in the approval of the 2019 money measure.

“We should do everything legal to avoid a repeat of this regrettable situation in the future,” said Romero, an economist.

He said that the government missed its 6.4 percent projected gross domestic product growth, registering a four-year low of 5.5 percent for the first half of the year.

To avoid a repeat of the consequences of this delay for the incoming year, Romero called on the Department of Budget and Management (DBM) to submit the proposed National Expenditure Program on July of each year to give Congress enough time to scrutinize the budget proposal prior to its approval.

“This way, Congress will have at least one month addition to the budget study. The timetable is a very important matter that our economic managers should consider,” Romero said.

“Economically, the repercussions of the delayed budget passage [are] too heavy for the country that a repeat should be avoided,” he added.

The party-list bloc head expressed confidence that Congress would approve the 2020 budget measure right before they go on a break to help the administration catch up with this year’s losses.

President Rodrigo Duterte had passed the 2019 budget but vetoed P95.3 billion worth of “unconstitutional insertions” even after Congress deliberated on separate versions of realignments which went on for months, resulting in a reenacted budget early this year.

The proposed P4.1 trillion budget for 2020 is 9.1 percent higher than the 2019 General Appropriations Act (GAA) of P3.7 trillion.

Proposals of over 20 agencies, including the Presidential Communications Operations Office (P1.63 billion), the Judiciary (P37.65 billion), the Department of Finance (P17.29) and the Office of the Ombudsman (P3.087 billion) have been approved in the House plenary as of Thursday. GLEE JALEA




Today's Front Page