NextGen Day

MANILA, Philippines — On Wednesday, a House speaker said the Department of Budget and Management can assist in identifying any unused allocations or potential savings to support the new administration of presumptive President Ferdinand “Bongbong” Marcos Jr.’s proposed stimulus package, entitled “Bayan Bangon Muli.”

Deputy Speaker Isidro Ungab stated there is a minimal probability of using the current or 2022 budgets to fund the proposed stimulus, and that the Treasurer of the Philippines may be unable to approve fresh sources of funds or revenue at this time.

Ungab emphasized that waiting for the future administration’s economic blueprint, as formulated by the National Economic and Development Authority (NEDA) through its new Secretary, would be wise and optimal.

Arsenio Balisacan, the chairman of the Philippine Competition Commission (PCC), has revealed that he has accepted the role of socioeconomic planning chief in the upcoming administration.

“This roadmap may take into account the planned stimulus package,” Ungab said, “such that the necessary cash is already included in the investment-led expenditure.”

The most significant activity that needs to be taken as soon as possible, according to Ungab, is the drafting and updating of the Medium-Term Philippine Development Plan for 2023–2028, which would serve as the basis for budgeting expenditures in the BBM administration’s future months and years.

He added Marcos’ desire to work closely with the upcoming 19th Congress to enact the national budget for 2023 as soon as possible demonstrates his sincere support for economic recovery and provides a strong signal that the next administration is committed to rebuilding the country’s economy.

“The newly-elected president recognizes that much work has to be done, and problems abound. As a result, deciding to engage closely with Congress is the proper move toward achieving his economic recovery goals and ambitions. “President-elect Marcos is correct in saying that he expects the new budget for 2023 to include his priority programs and projects, one of which is the proposed stimulus fund,” Ungab added.

Marcos’ legislative program, which includes a stimulus plan to help the country recover from the consequences of the coronavirus pandemic, would be prioritized by the next Congress, according to House Majority Leader Martin Romualdez.

“It was [presumptive] President Marcos’ initials, BBM or Bayan Bangon Muli bill stimulus package,” Romualdez said in an ambush interview, “that will allow the incoming President to harness the resources available during the closing period of 2022 and [pass] measures that are needed for the pandemic, hopefully, endemic stage of this COVID.”

“We’re working to guarantee that the priority legislation of the incoming President, President-elect BBM, is aided and supported by measures that will enable him to pursue his program for the people,” he continued.

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