Connect with us

Hi, what are you looking for?

News

Agency budget briefings nearing halfway mark

MARIKINA REP. STELLA QUIMBO FACEBOOK PAGE

BUDGET BRIEFINGS at the House of Representatives have been conducted by nearly half of the government agencies scheduled to go before the chamber, a senior legislator said.

Marikina Rep. Stella Luz A. Quimbo said at a news conference on Tuesday that “As of yesterday (Monday), 14 out of 34 agencies have briefed Congress regarding their respective budget proposals.”

The progress made in the budget briefings puts the House on track to complete its budget bill by around the Sept. 30 recess, she added.

Agencies that have presented their budget proposals include the Development Budget Coordination Committee, Department of Agriculture (DA), and the Department of Energy (DoE).

Ms. Quimbo said discussions with the DA and DoE have revolved around the Agriculture and Fisheries Modernization Program and the Total Electrification Program, as well as other priority items for 2023 that concern the two departments.

 “Almost all (agencies) asked for consideration for the budget proposals they submitted to the (Department of Budget and Management),” she said. “Even if many congressmen support (these proposals), it isn’t clear what programs the budget increases will come from.” 

Ms. Quimbo said that the budget ceiling of P5.268 trillion serves as a hard cap on ambitious funding proposals.

“The absorptive (capacity) of the agencies is a perennial challenge which is why we have to pay close attention to the execution of the budget,” she added, noting low budget utilization rates for some agencies.

She said devolution has emerged as a common thread in the proceedings, with “lawmakers (showing) concern regarding the capacity of (local government units) to be able to absorb the devolved functions from national agencies, especially with a smaller (National Tax Allotment) compared with last year.”

She was referring to the 40% share of National Government revenue that LGUs are allocated, known as the National Tax Allotment (NTA). The NTA is based on the National Government revenue collected three years prior, which means the 2023 NTA will be based on the National Government Revenue from 2020, the first year of the pandemic.

“Congress still stands by its goal of the swift passage of the (General Appropriations Bill) to allow sufficient time for it to exercise its oversight functions,” Ms. Quimbo said.

“This way, we can ensure that the agencies will not only use their respective budgets for programs in alignment with the new administration’s 8-point socioeconomic agenda but will also be genuinely felt by the Filipino people who will benefit from their programs.” — Matthew Carl L. Montecillo

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

News

PHILIPPINE STAR/ MICHAEL VARCAS WASHINGTON D.C. — The United States is seeking to form a coalition of countries to drive negotiations on a global...

News

Buildings are seen along EDSA in Quezon City. — PHILIPPINE STAR/ MIGUEL DE GUZMAN By Diego Gabriel C. Robles  THE WORLD BANK (WB) upgraded...

News

Heavy traffic is seen on the southbound lane of EDSA in Cubao, Quezon City. — PHILIPPINE STAR/ MIGUEL DE GUZMAN THE PHILIPPINE auto industry’s...

News

REUTERS THE BANGKO SENTRAL ng Pilipinas (BSP) may deliver a second off-cycle rate hike in early November when the US Federal Reserve is expected...

News

Vendors arrange their goods at a public market in Manila. — PHILIPPINE STAR/ RUSSEL A. PALMA THE ASIAN Development Bank (ADB) is planning to...

Editor’s Pick

With the reversal of the 1.25% rise in National Insurance Contributions happening on the 6th of November, employers across the nation have an opportunity...

You May Also Like

News

BW FILE PHOTO GROSS BORROWINGS by the National Government reached P2.6 trillion as of end-September as it continued to raise funds to respond to...

News

KARASOLAR.COM TENA, Ecuador — Ecuador’s rainforest Achuar people say their ancestors long dreamed of a “fire canoe” or “electric fish” that would let them...

News

REUTERS By Luz Wendy T. Noble, Reporter The country’s foreign exchange buffers slightly increased as of end-October as the value of the central bank’s...

News

COVID-19 has had a significant impact on the mental health of Filipinos across different groups all over the archipelago. From frontline workers, parents balancing...

Disclaimer: Respect Investment.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2022 Respect Investment. All Rights Reserved.