‘P25 billion additional vaccine budget too much’
The Senate may reconvene its committee of the whole to look into the Duterte administration’s plan to raise another P25 billion to purchase COVID-19 vaccines, as senators called for transparency on the government’s jab procurement transactions......»»
P3 billion released for DSWD social safety net
The Department of Budget and Management has released P3 billion as an additional social safety net to help Filipinos cope with and recover from various crisis situations......»»
Come hell, high water,Christmas comes
Despite challenges from inflation and other difficulties because of the geopolitical shifts, Filipinos still look forward to celebrating Christmas on expectations of bonuses and the observance of family traditions. Based on historical data, Kantar, the world’s leading marketing data and analytics company, expects households to increase their spendings on food and beverage during the holidays compared to ordinary months. “The Christmas spirit is felt as early as September. Spending in the fast-moving consumer goods typically starts in December when Filipinos receive additional disposable income through their 13th month pay and other incentives,” Nino Nierva, account director, Worldpanel Division, Kantar Philippines, said. “What we’ve observed, based on our analyses of the spending habits of over 5,000 households’ year-on-year, is that Filipinos spend mostly on food and beverage items from December to January versus the rest of the year.” There is a spending uplift of 7 percent in the total FMCG segment during the height of the Christmas season last year, or from December 2022 to January 2023, compared to other months, or from February to November. This translates to approximately P6 billion more spent every month within the holiday period. Specifically, Filipinos spent 11 percent more on food and 9 percent more on beverage categories during the holidays. This trend also extends to dairy products (6 percent higher), which include all-purpose cream and condensed milk that are key ingredients of fruit salad, a staple Christmas dessert in the country. In contrast, the health and beauty category takes a back seat during this same period based on a 4 percent decline in growth last year, according to Kantar’s study. Season of eating, shopping Data from Kantar further showed that holiday feasts must-haves will continue to take-over the shopping baskets of Filipinos in the remaining months of the year. These items, which registered significant growth in December 2022, are expected to remain a priority for households. These are spreads (up 34 percent), canned fruits (up 25 percent), alcoholic beverages (up 24 percent), noodles and pasta sauces (up 21 percent), lechon sauce (up 17 percent), condensed milk (up 9 percent), mayonnaise (up 8 percent), and all-purpose cream (up 6 percent). However, Kantar notes that inflation continues to impact FMCG in terms of pack size and brand choices. In particular, households, strapped for cash, may buy less holiday meal staples like pasta sauces or cheese, and may choose to purchase more affordable brands of canned fruits, all-purpose cream and noodles. Tight budget not a problem While Filipinos continue to patronize sari-sari stores, they will still visit hypermarkets, supermarkets and groceries to check their options during the holiday season. According to Kantar, Filipinos still buy from sari-sari stores and they spend an average of P1,309 per month during the holidays. This is followed by hyper and supermarkets where 7 out of 10 homes visit the channel with an average monthly spend of P1,559. Aside from their own purchases, households will likewise make extra room in their pantry for FMCG products that they receive as gifts. The post Come hell, high water,Christmas comes appeared first on Daily Tribune......»»
Fuel subsidy easing eyed
An immediate release of government assistance to public utility vehicles will be achieved by shortening the trigger period from three months to one and simplifying the requirements, the Department of Energy said yesterday. The proposal, nonetheless, may need the amendment of the law for releasing fuel subsidies to the transport sector. In a press briefing, Energy Secretary Raphael Lotilla said this was one of President Ferdinand “Bongbong” Marcos Jr.’s proposed solutions to the oil price shock that is expected to worsen amid the spreading Middle East conflict. $80 per barrel long breached Under the current law, fuel subsidies are released to the transport sector whenever the Dubai crude oil price exceeds $80 per barrel for three consecutive months. Lotilla said shortening the trigger period will allow the government to release the subsidies faster to the transport sector, one of the sectors most affected by rising fuel prices. “With this simplification or shortening of the period, we will be able to release the subsidies in a shorter period,” Lotilla said. “Since Congress is now considering the General Appropriations Act, it will be included in that process. The amendment will take effect in 2024 immediately upon Congress’s approval of the GAA,” he added. The DoE chief also said the government will simplify the requirements for the release of the fuel subsidies. The release of the subsidies requires the approval of the DoE, the Department of Transportation, and the Department of Budget and Management. Lotilla said that under the new proposal, the release of the subsidies will only require the approval of the DBM, DoTr and the DoE. He said the DoTr will finalize the list of beneficiaries for those with franchises, the Department of the Interior and Local Government for tricycle drivers, and the Department of Trade and Industry for delivery service drivers. Even though there’s an effort to expedite assistance, Lotilla said the fuel subsidy in the 2024 national budget was decreased to P2.5 billion from P3 billion this year. The energy chief, however, believes that even with the reduced budget, the required funding will be met. “That’s based on the experience of the previous year. We don’t know what will be the final amount,” the official said. Other measures on table Lotilla added the government will implement a voluntary 20-percent ethanol blend for gasoline, which is targeted for approval by the end of 2023. He said the ethanol blend will help mitigate the rising fuel prices, as ethanol is cheaper than gasoline. Lotilla said the President also instructed him to continue the transport sector’s electrification, particularly for mass transport and light cargo vehicles. He said the government will put in place charging stations and ensure that the benefits to the transport sector, particularly the drivers, will be there. Lotilla said the President also emphasized the need to prepare the economy for the eventual manufacture of electric vehicles and to link this with the local mining sector that will produce the minerals needed to manufacture batteries and other components of electric vehicles. Rules out soon The DoE is also releasing the guidelines for the implementation of the long-delayed higher biofuels blend before the year ends. Lotilla said the current 10-percent ethanol blend, also known as E10, in gasoline would be increased to 20 percent or E20, although it would be a voluntary option for motorists. Lotilla added that the current two percent or B2 coco methyl ester or CME blend on diesel will be adjusted to three percent or B3. Based on the DoE calculation, implementing the E20 blend could slash gasoline prices by around P1.28 to P1.50 per liter. While ethanol is generally cheaper than gasoline, Lotilla noted that local ethanol at P79.49 a liter is still more expensive than the imported supply at P41.84 per liter. Lotilla said DoE will bank on the coconut industry, whose production reaches up to 15 billion nuts annually, to complement the B3 shift. “An additional 1 percent blend only needs 2.6 billion nuts. The increase in the blend can also drive down the cost of CME because there will be a bigger market for it. Right now, we expect pure diesel to be at parity with the per liter price of CME,” Lotilla explained. With Maria Romero The post Fuel subsidy easing eyed appeared first on Daily Tribune......»»
Alternergy rechannels IPO money for wind projects
Due to the massive potentials of wind energy as a viable power source, listed renewable energy firm Alternergy Holdings Corp. is reallocating the proceeds of its initial public offering or IPO to provide additional financial support to two of its wind projects. The company informed the Philippine Stock Exchange on Friday that its Board of Directors approved the plan to expedite the development of the projects. Alternergy said the Tanay and Alabat Wind Power Projects, which won in the Green Energy Auction 2 of the Department of Energy, will receive increased funding from its maiden offering. Specific development timeline “Tanay and Alabat Wind Power Projects are following a specific development timeline under GEA 2. Alternergy is fully intent to proceed with the activities leading to immediate construction by the first quarter of 2025 and thus, the reallocation of the IPO proceeds,” Alternergy chairperson Vicente Pérez Jr. said. “The reallocation of proceeds will be a boost for now while the project funding for construction is being finalized,” Gerry Magbanua, Alternergy president, added. The IPO proceeds were supposedly for the Lamut Run-of-River Hydro Power Project and the Offshore Wind Power Projects. Despite the changes, the company assured that pre-development activities for these projects would continue despite the lower budget. “Permitting and securing endorsements and clearances as well as conduct of initial technical studies would proceed,” Pérez said. “We are already on the ground in Lamut, Ifugao engaging the local community while we are in more detailed technical studies for the offshore wind projects. As these activities progress, additional funds will be channeled to support the work programs,” he added. Three leading investment banks tapped Alternergy announced last Monday it has tapped three leading investment banks — BPI Capital, RCBC Capital, and SB Capital — as lead arrangers to raise P12-billion project finance structure for the Tanay and Alabat Wind Power Projects. Alternergy has been investing a significant amount to expand its clean energy portfolio. It aims to develop up to 1,245 MW of additional wind, offshore wind, solar and run-of-river hydro projects. Alternergy was involved in the development of the 33-MW Bangui Bay wind farm in Ilocos Norte — the first commercial wind farm in Southeast Asia at that time. The post Alternergy rechannels IPO money for wind projects appeared first on Daily Tribune......»»
Bong Go shows full support to Filipino athletes in 19th Asian Games
Senator Christopher "Bong" Go, chairperson of the Senate Committee on Sports, articulated his deep sense of pride for Filipino athletes participating in the 19th Asian Games being held in Hangzhou City, China, from 23 September to 8 October. The senator personally traveled to China to show his full support for the Philippine delegation early this week. He also attended live competitions, including the recent match between Gilas Pilipinas and Iran at Zijingang Gymnasium, Zhejiang University on 3 October. “Nakapanood din tayo ng ilang live competitions, gaya na lang ng nakaraang laban ng Gilas Pilipinas kontra sa Iran," he said. “Masarap talaga ang pakiramdam bilang isang Pilipino dahil muling nagwagi ang pambato natin sa basketball na Gilas Pilipinas,” he shared. Go, chairperson of the Senate Committee on Sports, expressed his appreciation and heartfelt gratitude to the athletes, coaches, national sports associations and staff, as well as the Philippine Olympic Committee, Philippine Sports Commission and other agencies who worked hard to support the Philippine delegation. "Bilang chair ng Senate Committee on Sports, taus-puso kong pinupuri at pinasasalamatan ang mga manlalaro nating ibinibigay ang lahat para itaas ang bandera ng Pilipinas sa ginaganap na kumpetisyon," he said. Meanwhile, Go also congratulated Gilas Pilipinas for their historic win over China in the semifinals on October 4, which secured their spot in the gold medal match against Jordan. He praised Justin Brownlee for his clutch performance that led the team to a stunning comeback from a 20-point deficit. The senator also expressed his excitement for the upcoming gold medal match between Gilas Pilipinas and Jordan. He said he will be cheering for the team as they aim to win the country’s first-ever Asian Games gold in basketball. The match is scheduled for 6 October. Go then lauded jiu-jitsu fighter Margarita "Meggie" Ochoa for winning the second gold medal for the Philippines on 5 October. Ochoa defeated Balqees Abdulla of the United Arab Emirates in the final match of the women's –48 kg division. She joined pole vaulter Ernest John Obiena as the country's gold medalists in this edition of the Asian Games. “Samantala, ang boxer na si Eumir Marcial ay pasok na rin sa Asian Games finals matapos niyang ma-knockout ang Syrian boxer na si Ahmad Ghousoon sa men's 80kg weight class nitong October 4. Dahil dito, haharapin ni Eumir sa finals si Tanglatihan Tuohetaerbieke ng China para sa gold medal. Pasok na rin si Eumir sa 2024 Paris Olympics,” Go also mentioned. As vice chairperson of the Senate Committee on Finance, Go has also been a strong advocate for increased funding for sports programs. He revealed that last year's proposed budget for the Philippine Sports Commission was approximately P200 million. However, he pushed for an additional P1 billion, thereby significantly enhancing the financial support for athletes in international competitions. "Dahil dito, nakapagbigay tayo ng pinansyal na suporta para sa mga atletang lumahok sa mga international competitions," he added. This move paved the way for the provision of financial support for athletes participating in international competitions, including the recent 2023 Southeast Asian Games in Cambodia and the ongoing Asian Games in China. Go also emphasized the importance of grassroots sports development, saying, “Tinututukan din natin ang grassroots sports development upang mahubog ang mga kabataan nasaan man sila sa bansa na nagnanais na sumabak sa mga pambansa at pandaigdigang palaro.” In line with this, he highlighted his role as the author and co-sponsor of RA 11470, which established the National Academy of Sports in New Clark City, Tarlac. "Ang NAS ay nagbibigay ng de-kalidad na edukasyon at sports training sa mga batang may potensyal na maging world-class athletes," he added. Additionally, Go filed SBN 423, or the Philippine National Games (PNG) Act, to institutionalize a national platform for athletes, especially the youth, to showcase their talents. "Sa pamamagitan ng PNG, mas maraming talento ang mabibigyan ng pagkakataon na makilala at mapabilang sa ating mga national team," he said. The senator also continues to support the implementation of sports clinics, community leagues, and the provision of sports equipment in rural areas. "Sabi ko nga palagi, ‘get into sports and stay away from drugs!’" he advised. Go called on all Filipinos to continue supporting and praying for all athletes competing in the Asian Games and other competitions. "Ang kanilang tagumpay ay tagumpay ng buong sambayanang Pilipino! Laban, Pilipinas! Ipakita natin ang puso ng Pilipino na lumalaban hanggang dulo!" he exclaimed. "Go, go, go for the gold!" he cheered. As of 5 October, the Philippines has two golds, one silver, and nine bronze medals in the ongoing Asian Games. The post Bong Go shows full support to Filipino athletes in 19th Asian Games appeared first on Daily Tribune......»»
DTI pushes for AI research hub; P300-M for consumer protection programs
The Department of Trade and Industry is pushing for the establishment of the Center for Artificial Intelligence Research, however, it remains "unfunded” under the proposed 2024 National Expenditures Program. During the hearing of Senate Committee on Finance’s Subcommittee “M” on DTI’s proposed P7.909 billion budget for the fiscal year 2024 on Tuesday, Trade Secretary Alfredo Pascual emphasized the idea would help the country's Micro, Small, and Medium Enterprises to effectively adopt “artificial intelligence in their business operations. “This is a research [and development] center. The model is the AStar of Singapore…It’s industry-oriented, it's not academic research. It’s a way to help MSMEs to adopt AI in their operations,” Pascual said, citing that large companies in the country “can take of themselves” to implement AI solutions in their businesses. “But this SMES would need assistance and this is the center that could do that plus the continuing research in the impact of AI on employment which jobs will be affected,” he said. The issue of AI ethics will also be addressed through CAIR, he added. “We are working this out, actually with some business groups that can donate…In fact, we have been offered already a place,” the DTI chief said. Pascual explained that the CAIR has been included in the DTI’s plan for revitalizing Philippine industries under the Philippine Development Plan. Meanwhile, DTI’s Competitiveness and Innovation Group, Undersecretary Rafaelita Aldaba said the agency has been requesting funds, amounting to P200 million, for the CAIR since two years ago. Aldana did not give further details as to why the Department of Budget and Management disapproved their requests. Stressing the importance of the AI program, Senate President Pro Tempore Loren Legarda lamented there must be a reason why the CAIR did not get a budget. Legarda asked Aldaba to further provide details on CAIR as the latter noted the DTI doesn’t have enough space in their existing building, “It’s a physical center and its goal is for us to become an AI center of excellence in the region in the near future. It’s going to house our data scientists, researchers, engineers who will be conducting AI [research and development] to support the needs of the industries, including MSMEs, start-ups, large companies, and multi-nationals,” Aldaba said. The CAIR is also eyed to provide capacity building and training and workshops on AI, she added “so that new products and services could come out from the idea. However, Legarda said DTI should not wait for the physical CAIR to be set up before it starts building the capacity of Filipinos concerning AI, adding that developing a physical infrastructure may take at least two years. “And knowing government, that’s so slow. That means all the resources on AI will not ensue until the structure is done,” Legarda lamented. “What I’m saying is that while the infrastructure is not yet set up, we should continue with AI capacity buildings and research.” Senator Mark Villar, who presided over the budget hearing, backed Legarda’s position, noting that DTI should ensure that AI benefits the country. “Other countries are very concerned also about what AI might mean for the labor industry and what the implications are. I think it’s important that we learn how we can leverage it to help our industries,” he said. On the other hand, Pascual appealed to the Senate for an additional P300 million in funding to strengthen the DTI’s consumer protection programs. “We want to reorganize our consumer protection activity by centralizing it because you cannot expect a junior person running after hoarders or profiteers in an area where there are a lot of people of influence that are operating in the region,” he said. “So the plan that we have done, this planning, after the budget submission, is to centralize the consumer protection activity in the head office and have a quick response task force,” said Pascual. “That would require a funding of P300 million to strengthen our consumer protection activities," he added. Villar supported the DTI’s plan citing its significance amid the ongoing inflation being experienced in the country “It is very relevant that the DTI takes a stronger role in monitoring these hoarders and manipulators,” he said. DTI Assistant Secretary Jean Pacheco said the P300 million would fund an inter-DTI strike team to increase their enforcement activities, consumer education and advocacy, complaints handling, and procurement of equipment for the certification and testing of vapes, among others. At least P130 million of the total request will be utilized for the procurement of equipment for DTI’s certification and testing of vape products, which is in line with their implementation of the law regulating e-cigarettes. The post DTI pushes for AI research hub; P300-M for consumer protection programs appeared first on Daily Tribune......»»
Senate to reallocate CIFs to agencies engaged in WPS patrol too — Zubiri
The Senate on Wednesday mimicked the House of Representatives’ plan to reallocate confidential and intelligence funds to government agencies involved in protecting the country’s sovereignty in the West Philippine Sea such as the Philippine Coast Guard and the Armed Forces of the Philippines. According to Senate President Juan Miguel “Migz” Zubiri, senators have agreed to follow the same path the lower chamber has taken regarding the controversial allocation of secret funds to non-security and defense agencies in the upcoming fiscal year. Zubiri said the “intelligence community” would also receive additional secret funds. “We have agreed in the Senate to do the same. We also will [be] reallocating funds that we feel are not necessary for the use of certain agencies and allocate them to our Intelligence Community as well as our Coast Guard and AFP,” he said in a Viber message sent to reporters. The decision came after various political party leaders in the lower chamber issued a joint statement to push the redirection of secret funds to agencies in charge of intelligence and security amid China’s latest actions in the West Philippine Sea. Citing China’s moves which include the installation of the floating barrier in Scarborough Shoal, political party leaders sought the allocation of more secret funds for the National Intelligence Coordinating Agency, the National Security Council, and the Bureau of Fisheries and Aquatic Resources. “Recognizing the rising security threats in the West Philippine Sea and the need to secure top officials, these agencies are better positioned to counteract security threats, protect our territorial waters, and secure the rights and access of Filipino fishermen to traditional fishing grounds,” the joint statement read. "This decision also underscores the need to ensure that resource allocation aligns with national priorities and the urgent needs of the citizenry, reflecting our commitment to a budget that is balanced, equitable, and serves the true needs and aspirations of the Filipino people,” it added. The joint statement was signed by Rizal Rep. Michael John Duavit of the Nationalist Peoples Coalition, Surigao del Sur Rep. Johnny Pimentel of the PDP Laban, Agusan del Norte 1st District Rep. Jose Joboy Aquino of the Lakas CMD, BHW Party List Rep. Angelica Natasha Co of the Party List Coalition, Romblon Rep. Eleandro Jesus Madrona of the Nacionalista Party, and Camarines Sur 2nd District Rep. LRay Villafuerte of the National Unity Party. How about OVP, DepEd? Zubiri was asked if the same thing would happen to the secret funds allocated to the offices headed by Vice President Sara Duterte. “We shall review all agencies,” he simply replied. Duterte, who heads the OVP and Department of Education, is requesting a total of P650 million worth of confidential funds for the two agencies, P500 million and P150 million, respectively. Under the proposed P.768-trillion National Expenditure Program for next year, a total of P9.2 billion was allocated for confidential and intelligence funds of government agencies and offices. The post Senate to reallocate CIFs to agencies engaged in WPS patrol too — Zubiri appeared first on Daily Tribune......»»
Solon pushes more ‘Pambansang Pabahay’ subsidies
A lawmaker is urging the national government to fully support President Ferdinand R. Marcos Jr.’s flagship Pambansang Pabahay para sa Pilipino Program and lower the monthly amortization for the underprivileged Filipinos. ACT Partylist Representative France Castro — during the plenary deliberations on the Fiscal Year 2024 budget of the Department of Human Settlements and Urban Development on Thursday — stressed her stance on making public housing accessible and affordable, especially for the underprivileged. She added that an increase in government subsidy to augment beneficiary amortization for housing units is key to achieve this. In response, DHSUD, through its budget sponsor Ako Bicol Partylist Raul Angelo Bongalon, agreed on the manifestation, saying that the goal of the 4PH Program is to address affordability of decent housing for the Filipino people. Bongalon then pleaded for the full support of the Congress to augment the housing and urban development sector’s budget with an additional P13.86 billion. “The country’s ability to address the housing problem and attain its goal is limited by the budget allocated for the housing agencies… Business as usual will not address this housing requirement,” Bongalon said. The DHSUD has initially proposed P116 billion for the fiscal year 2024 but the National Expenditure Program only reflected P5.4 billion for the entire sector. “The Department is once again seeking our support in giving them the appropriate budget. The additional budget will ensure that DHSUD will be able to carry out its mandate of providing decent and affordable shelter to all,” Bongalon said. The post Solon pushes more ‘Pambansang Pabahay’ subsidies appeared first on Daily Tribune......»»
House to grant NIA request for P40 billion additional budget
The House of Representatives will grant the request of the National Irrigation Authority for additional funding amounting to P40 billion to finance its irrigation projects, Speaker Martin Romualdez said yesterday.....»»
Up to 2M reservists eyed once ROTC becomes mandatory
There could be about two million reservists who will be able to augment the reserve force of the Armed Forces of the Philippines every year if the Reserve Officers’ Training Corps becomes mandatory again. This was bared by Major General Joel Alejandro Nacnac, Deputy Chief of Staff for Reservists and Retiree Affairs of the AFP, over the weekend during the opening of the National Reservists Week. “Every year, if ROTC becomes mandatory, we expect an additional two million students from all of the universities,” Nacnac told the reporters in an interview. He said projected servicemen from ROTC will be classified as a “standby reserve”—which is mobilized only in times of national emergency or war. The AFP reserve force is currently at 1.2 million as of June 2023, which is composed of over 71,000 “ready reservists,” more than 15,000 affiliated units from other organizations and institutions, and 1.1 million standby reservists—with most of them from the Philippine Army. The ready reservists are called at “any time to add to the regular forces.” The National Reservist Week is the AFP’s annual activity of the “purposely to widen the Reserve Force manpower build-up and for the existing reservists to be accounted.” The event also provides reservists an update on the current AFP policies and directives with regard to the Reserve Force Development Programs as well as establish a robust operational Reserve force by way of checking their individual readiness in order to provide support to the Regular Force to fulfill its mandate. The bill requiring ROTC for students enrolled in at least two years of an undergraduate degree is pending in the Senate plenary. On the other hand, Senator Ronald “Bato” Dela Rosa the government may allot P4.2 billion for free uniforms yearly if the proposed mandatory ROTC program becomes law. “If it will materialize, every year we’re going to budget P4.2B for uniforms alone for cadets,” he said in a recent hearing on the budget of the Department of Science and Technology and its attached agencies. Dela Rosa also made a recommendation that ROTC uniforms should be locally sourced. The Philippine Textile Research Institute welcomed the senator’s suggestion. The post Up to 2M reservists eyed once ROTC becomes mandatory appeared first on Daily Tribune......»»
Bong Go joins Asian Games send-off; renews advocacy for athletes’ welfare
Senator Christopher "Bong" Go recognized athletes, coaches, and sports officials for their contributions to Philippine sports and their crucial roles in representing the nation on the international stage, during the send-off ceremony on Monday, 18 September, at the Philippine International Convention Center (PICC) in Pasay City, for Filipino participants in the 19th Asian Games and 4th Asian Para Games in Hangzhou, China. “Today, we gather here not only to celebrate the excellence of our athletes but also to bid them the best of luck as they embark on a journey to represent our great nation at the 19th Asian Games and 4th Asian Para Games in Hangzhou, China," said Go. Go took the opportunity to shed light on his proposed Senate Bill No. 2116, which aims to amend Republic Act No. 10699, also known as the National Athletes and Coaches Benefits and Incentives Act. "This bill which I authored carries the potential to bring about positive change in the lives of our athletes, particularly our para-athletes," he said. Go emphasized the need to increase the incentives for para-athletes, stating, "Sana po’y ma-increase naman rin po ang kanilang incentives na natatanggap dahil ‘yung honor po na dala nila sa ating bayan, pareho naman po ‘yong gold, silver, bronze at pinaghirapan rin po nila." The proposed measures seek to upgrade the incentives for para-athletes. This bill intends to provide equal opportunities and recognition to all athletes, thereby promoting inclusivity and diversity in sports. "The heart of this legislation is inclusivity and equality. It aims to elevate or increase the incentives for our para-athletes," he mentioned. Go, vice chairperson of the Senate Committee on Finance said he continues to advocate for additional budget for sports programs under the Philippine Sports Commission (PSC). "During the budget deliberation last year, ang ipinasa po na budget ng PSC more or less about P200 million. Ako po mismo sa Senado bilang inyong chairman po ng Committee on Sports and as vice chair ng Committee on Finance, isinulong ko talaga na madagdagan po ng P1 billion po ang pondo ng Philippine Sports Commission," he said. He revealed that during the budget deliberations last year, he sponsored and successfully secured financial support for athletes participating in international competitions such as the 2023 Southeast Asian Games, which took place in Cambodia, and the forthcoming Asian Games in China. He also disclosed the allocation of P50 million through the PSC for the Asian Games, along with P30 million specifically for Asian para-games. Go also highlighted the importance of collaboration between the government and the private sector in achieving sports excellence. "’Pag nagsama ang gobyerno at pribadong sektor, walang imposible.” Meanwhile, in his speech, the senator also touched on the state of sports facilities in the country, emphasizing the need for comfortable training grounds for athletes. "Ako, sa abot ng aking makakaya ay tutulong po ako sa ating mga sports program ng ating bansa," he assured. In line with his focus on grassroots sports development, Go also spoke about the National Academy of Sports (NAS), a fully operational institution located in New Clark City in Tarlac. "Ngayon po pwede na pong mag-aral at the same time mag-training, training at the same time mag-aral diyan po sa National Academy of Sports," he said. This initiative aims to ensure that athletes do not have to sacrifice their education for their sports careers. Former president Rodrigo Duterte signed RA 11470 in June 2020, which provides for the establishment of the NAS System and its main campus. Go was an author and co-sponsor of the measure. Go is also prioritizing the institutionalization of the Philippine National Games (PNG) as a platform to scout and recruit athletes for the national pool. He filed SBN 423, or the proposed PNG Act, which seeks to create a nationwide platform for athletes, particularly the youth, to display their abilities. During the ambush interview, Go also emphasized the importance of grassroots programs in encouraging youth to engage in sports and lead a healthy lifestyle. "Grassroots program, it's one way na ma-e-engganyo natin ang ating mga kabataan to get into sports, stay away from drugs, and to keep us healthy and fit," he said. He further elaborated on the connection between sports and health, saying, "Malaking bagay na fit tayo. Ang importante rin sa akin bilang chairman ng Senate Committee on Health, dalawa po 'yan. Importante sa akin ang sports at health. Magka-connect ang dalawang ito dahil para sa akin, kapag fit ka, healthy ka. Pangalagaan po natin ang kalusugan ng bawat isa. Katumbas ng kalusugan ay buhay ng bawat Pilipino." Toward the end of his speech, Go expressed his gratitude to President Ferdinand Marcos Jr. for his unwavering support for Filipino athletes. "Salamat po mga athletes. And of course, gusto ko rin pong pasalamatan ang suporta po sa atin ng ating mahal na Pangulong Bongbong Marcos sa suporta niya sa SEA Games, sa Asian Games, at sa lahat pa po ng future competition," he said. Go likewise extended his thanks to PSC Chairman Dickie Bachmann, Philippine Olympic Committee President Abraham Tolentino, and the Philippine Paralympic Committee President Michael Barredo for their ongoing support and contribution to the athletic community. He likewise thanked the athletes, para-athletes, and coaches for their dedication and sacrifices in training. "Athletes, para-athletes, coaches salamat po sa inyong lahat, sa inyong sakripisyo sa pagte-training. Alam kong ito na po ‘yung panahon na inaantay natin," Go said. As the athletes prepare for their journey to Hangzhou, China, Go assured them of his full support. "To our athletes, I know that we stand with you every step of the way. We believe in your potential, and we are confident that you will make our country proud on the international stage," he concluded. The upcoming Asian Games will be held in Hangzhou, China, from September 23 to October 8. The event was originally scheduled for 2022 but was postponed due to the COVID-19 pandemic. See more photos here: The post Bong Go joins Asian Games send-off; renews advocacy for athletes’ welfare appeared first on Daily Tribune......»»
Tulfo calls for security of tenure, benefits for PTV 4 employees
Senator Raffy Tulfo on Monday called on the People's Television Network Incorporated, commonly known as PTV 4, to provide security of tenure and additional benefits to its employees. Citing the exemplary role of media in providing accurate and timely information to the public, Tulfo said the PTV 4 also plays an important role in the image-building campaign of the government. However, he lamented that the role of PTV won’t be compensated if the Presidential Communication Office has insufficient budget. Hence, he expressed full support to the PCO’s budget proposal of P1.79 billion, wherein a huge chunk is to be allocated to the PTV 4, a government-owned and controlled corporation, that currently operates under the supervision of the government's communication arm. “The role played by the PCO is important because through the PCO, all the policies, all the things that our government wants to convey to the people come from the PCO and they are disseminated to the public through the government radio and TV, and that includes the PTV 4,” Tulfo said in Filipino. Tulfo said the PTV 4 employees are not well-compensated and lack security of tenure. “When I was at the PTV 4, as anchor/reporter, the situation of the employees there was miserable. They are contractual employees and if you are contractual, anytime you can be terminated because you don’t have security of tenure,” he added. During the budget hearing last year, Tulfo previously promised to support the improvement of facilities and reorganization of the PTV 4. He also called for the regularization and salary increase for PTV4 employees. The post Tulfo calls for security of tenure, benefits for PTV 4 employees appeared first on Daily Tribune......»»
DSWD can give small rice retailers up to P15K financial aid amid ceiling order
The Department of Social Welfare and Development on Tuesday said they are ready to provide cash assistance to small rice retailers who may incur losses due to the Malacanang-mandated price ceiling on rice which became effective yesterday 5 September. DSWD Secretary Gatchalian said he was directed by President Ferdinand R. Marcos Jr. to use the department’s Sustainable Livelihood Program to help small rice retailers recover their would-be losses from the temporary price cap. "We discussed with the President that we will use the DSWD's Sustainable Livelihood Program once again so that our small retailers affected by this temporary price cap on rice can be assisted," Gatchalian said. Under Executive Order No. 39 signed by Executive Secretary Lucas Bersamin on 31 August, the mandated price ceiling for regular milled rice is P41 per kilo while the mandated price cap for well-milled rice is P45 per kilo. The DSWD chief said the SLP currently has a P5.5 billion budget which can be immediately used to help cushion the impact of the price cap on rice particularly among small rice retailers who have a very small inventory. The SLP is a capacity-building program that provides start-up capital for those who wish to start a small business, capital build for cases similar to the effects of the EO 39 to small businesses, and employment grants. Gatchalian said the Department is just waiting for the list of qualified small rice retailers, which will be provided by the Department of Trade and Industry and the Department of Agriculture. “Hopefully, by next week, we can conduct a payout for the sustainable livelihood grant to our affected rice retailers," Gatchalian said. To date, the DTI and the DA are currently coming up with a list of affected rice traders and rice retailers who will receive the government’s assistance. Gatchalian pointed out that the DSWD is ready to begin the nationwide payout to the qualified recipients of financial aid amounting to a maximum of Php15,000. “Bagamat kino-compute pa ng DTI at DA ang dapat matanggap ng bawat tatamaang rice retailers, ang maximum na ibinibigay ng programang SLP ay P15,000. One time big time,” the DSWD chief pointed out. Last Monday, the DSWD chief said he had a meeting with Speaker Martin Romualdez who vowed to raise P2 billion to help augment the SLP budget for the benefit of more small rice traders and retailers. “I told Speaker Romualdez that the SLP’s P5.5 billion is enough to help the distressed small rice retailers. But I also welcome the additional budget as this would mean more Filipinos will be given assistance under the SLP,” Gatchalian said. The post DSWD can give small rice retailers up to P15K financial aid amid ceiling order appeared first on Daily Tribune......»»
Davao City adds P2.5B funds, including P647M for Mayor Baste
The Davao City Government will get an additional Php 2.58 billion supplemental budget for the calendar year 2023, with the City Mayor's office getting the highest piece of the budget worth Php 647 million for projects......»»
Senators grill VP Duterte on proposed P500-M confidential funds
Senators on Monday quizzed Vice President Sara Duterte over her office request for confidential funds amounting to P500 million for the upcoming fiscal year. During the deliberation of the Senate Committee on Finance for the proposed P2.385 billion budget of the Office of the Vice President, Duterte was asked about her request for confidential funds. Of nine senators who were lined up to ask questions about the OVP budget, only Senate Minority Leader Aquilino “Koko” Pimentel III and Senate Minority Deputy Leader Risa Hontiveros inquired about the allocation of confidential funds to Duterte’s office. Hontiveros particularly questioned Duterte on which mandates of the vice president needed the allocation of confidential funds. Duterte said all the OVP’s projects would require confidential funds. “All of the projects of the Office of the Vice President use the confidential funds that are intended for the safe, secure and successful implementation of programs, projects and activities and engagements of the OVP and all of the satellite offices, including the central office of the Office of the Vice President,” she said. The Vice President specifically said all the programs implemented by her office benefit from the confidential funds, such as entrepreneurship programs; peacebuilding in communities; tree-planting programs; feeding programs; disaster and relief operations; and free transportation programs. “In addition to that, I discharge the functions and duties of the secretary of the Department of Education. In addition to that, I was tasked by the president to co-chair the National Task Force on Ending Local Communists. In addition to that, I also took on the role of president of the Southeast Asian Ministers, Education Ministers Organization. All of these activities use confidential funds,” she said. “In addition, there are times when the President is on official trips, travel abroad. I chair the executive committee which is the caretaker of the Office of the President. This is an additional workload from all of the workload I have mentioned,” she added. Confidential funds are supposed to be utilized for “surveillance activities in civilian government agencies that are intended to support the mandate or operations of the said agency.” Duterte also said the liquidation of the allocated confidential funds was enumerated in the OVP’s report submitted to the Speaker of the House of Representatives, the Senate President and the Commission on Audit. She also confirmed that the OVP was undertaking surveillance activities and gathering intelligence – a mandate given by the Constitution to civilian government agencies such as the Philippine National Police, Armed Forces of the Philippines and National Intelligence Coordination Agency. “That is correct. As an example, we did a surveillance of complaints from constituents in Bulacan with regard to the selling of OVP assistance and the selling of TUPAD projects in Bulacan," she said. This prompted Hontiveros to ask Duterte how she could ensure that there would be no duplication of work by her office and other civilian government agencies. “There is no redundancy and duplication of effort because we have different mandates from the other government agencies,” the Vice President responded. Duterte also argued that the OVP is not insisting on any amount for its confidential funds, adding that it is up to the members of Congress if they would grant her office's request. "The OVP can only propose the use of confidential funds based on Joint Circular 2015-01 but we leave it to the decision and discretion of Congress [which] has the power of the purse to decide whether to grant confidential funds to our office," she said. "We can only propose but we are not insisting. We can live without confidential funds, but of course, our work will be much easier if we have the flexibility of confidential funds in monitoring the safe, secure and successful implementations of the programs and projects and activities of the OVP," she added. Meanwhile, Pimentel asked Duterte for her basis in seeking P500 million in confidential funds. Duterte said the basis for her office’s request is Joint Circular No. 2015-01. Unsatisfied, Pimentel said that Joint Circular No. 2015-01 issued by COA and Departments of Budget and Management, of National Defense and of the Interior and Local Government and the Governance Commission for GOCCs in 2015 only “governs the use of confidential funds.” Duterte countered that “the fact there is Joint Circular No. 2015-01... presumes that national government agencies are allowed or can request confidential funds because otherwise there will not be a joint circular for the use of national government agencies...” Joint Circular No. 2015-01 contains guidelines on the entitlement, release, use, reporting and audit of CIFs. After about an hour and a half, the Senate panel terminated the deliberation for the OVP’s proposed budget, which was longer compared to the 20-minute approval made by the House Committee on Appropriations for the OVP’s budget proposal for next year. Citing parliamentary courtesy, Senator Ramon “Bong” Revilla Jr. made a motion to terminate the budget discussion for the OVP’s proposed budget. Senators Jinggoy Estrada and Ronald “Bato” Dela Rosa seconded Revilla’s motion. The post Senators grill VP Duterte on proposed P500-M confidential funds appeared first on Daily Tribune......»»
Bong Go advocates for additional funding for healthcare programs
Senator Christopher "Bong" Go, chairperson of the Senate Committee on Health and vice chairperson of the Finance Committee, expressed his concerns about the proposed budget cut for the Department of Health in 2024, stressing the critical importance of healthcare, particularly as the country continues to recover from the pandemic. According to the 2024 National Expenditure Program (NEP), reductions are proposed in various healthcare programs. For instance, the Health Facilities Enhancement Program is slated to be cut from P26.8 billion in 2023 to P22.9 billion in 2024. Similarly, the budget for the prevention and control of infectious diseases is proposed to be reduced from P5.8 billion to P4.8 billion. "Ang estado ng kalusugan ng mga mamamayan sa isang bansa ay isang batayan din ng kalagayan ng kalidad ng buhay," Go said. He stressed that the government should allocate sufficient funds for health programs led by DOH. "Kailangang matiyak na maging ang pinakamahihirap nating kababayan, mga hopeless, helpless at walang malalapitan maliban sa pamahalaan ay may access sa de-kalidad na serbisyong pangkalusugan,” he added. The senator also highlighted the urgency of strengthening the healthcare system, especially in the wake of the COVID-19 pandemic. "Nagulat tayo nang dumating ang COVID-19 sa ating buhay. Nakita natin ang kakulangan ng ating sistemang pangkalusugan," he said. Despite the challenges, Go sees the pandemic as an opportunity to focus on areas that need improvement. "At dahil dito, sabi ko nga, ‘the more we should invest sa ating healthcare system.’" Go recounted his efforts to increase the DOH budget last year from P296B to P316B for 2023. He also mentioned his opposition to cutting the budget for the Research Institute for Tropical Medicine (RITM) in 2019. "Hindi po tayo pumayag. In fact, dinagdagan pa natin sila noong budget deliberations," he said, adding that RITM has proven to be a crucial institution during the pandemic. The senator also pushed for additional funding for the Cancer Assistance Fund, which was not initially part of the proposed 2023 budget. "Maganda na napondohan ito ng Lower House, at dinadagdagan pa namin sa Senado," he said. Go plans to double the fund next year, acknowledging the financial and emotional toll cancer takes on families, especially those who are less fortunate. In addition to his proposed budget increases, Go discussed his ongoing initiatives to bring medical services closer to the people. “Una na rito ang patuloy na operasyon ng Malasakit Centers na ating isinulong at naisabatas noon bilang principal sponsor at pangunahing may-akda. Sa kasalukuyan ay mayroon ng 158 Malasakit Centers, at mahigit pitong milyong Pilipino na ang natulungan nito ayon sa datos ng DOH,” Go cited. Malasakit Centers bring together representatives from the Department of Social Welfare and Development (DSWD), DOH, Philippine Health Insurance Corporation (PhilHealth), and Philippine Charity Sweepstakes Office. These one-stop shops aim to support impoverished patients in reducing their hospital costs to the least possible amount. “Pangalawa ay ang pagkakaroon ng Regional Specialty Centers sa mga regional hospitals ng DOH na atin ding isinulong na maisabatas kamakailan lamang bilang principal sponsor at isa sa mga may akda nito. Ang Regional Specialty Centers Act ay multi-year plan para ilapit ang specialized medical services sa ating mga kababayan. Halimbawa, ang may sakit sa puso, hindi na kailangang sa Maynila pa magpaopera dahil doon na siya pupunta sa DOH regional hospital na malapit sa kanilang lugar,” he explained. Go is also the principal sponsor and one of the authors of the recently signed RA 11959, or the Regional Specialty Centers (RSC) Act. The newly enacted law aims to create additional specialty centers in various regions, thereby ensuring that Filipinos have access to specialized medical services without the need to travel to Manila. “Pangatlo naman ay ang pagpapatayo ng Super Health Centers sa iba’t ibang sulok ng bansa na ating sinikap na mapondohan. Ang Super Health Center naman ay medium type version ng polyclinic, at improved version ng rural health unit. Sa SHC ay mapagkakalooban ang pasyente ng primary care, konsultasyon at early detection ng kanyang sakit,” he further said. Super Health Centers are designed to focus on primary care, consultation, and early detection, further strengthening the healthcare sector in the country, especially in grassroots communities. Go assured that substantial funding has been allocated for Super Health Centers under the budget of the Department of Health (DOH). A total of 307 centers were funded for 2022, with an additional 322 slated for 2023. "Kaya bilang lingkod bayan, tutulong ako sa abot ng aking makakaya at sisikapin nating mas ilapit pa ang serbisyo ng gobyerno sa mga taong nangangailangan nito—lalo na ang mga mahihirap at biktima ng krisis,” concluded Go. The post Bong Go advocates for additional funding for healthcare programs appeared first on Daily Tribune......»»
Bong Go vows to push for additional budget allocated for health
Senator Bong Go, chairperson of the Senate Committee on Health and Demography and Vice Chair of the Senate Committee on Finance, has once again reiterated the continuing need to prioritize the health of underprivileged Filipinos and underscored the significance of preparedness in the face of potential health crises. In an interview after his visit to Parañaque City on Monday, 28 August, Go stressed the need to allocate more resources to the Department of Health. He emphasized the importance of ensuring that even the most economically disadvantaged individuals in the country have access to quality healthcare services. Go pointed out the concern generated by the proposed P10 billion reduction in DOH's 2024 budget, particularly given ongoing efforts toward pandemic recovery and the need for a more resilient healthcare system. "Alam n’yo the more we should invest sa ating healthcare system, dapat handa tayo. Nabigla tayo noong 2020 sa pandemyang dumating sa buhay natin," Go urged his fellow lawmakers. The senator also highlighted the government's responsibilities, especially towards healthcare workers, and recollected his endeavors in the preceding year to increase DOH’s budget from P296 billion to P316 billion. Go's forward-thinking was evident when he recounted the near budget reduction of the Research Institute for Tropical Medicine in 2019, a crucial institution responsible for COVID-19 testing. He shared, “Sino ba ang mag-aakala na ‘yun ang pinakaimportanteng opisina sa panahon ng pandemya? Kutob ko lang ‘yan. Hindi po ako pumayag na mabawasan. In fact, dinagdagan pa natin during the budget deliberations para ‘wag mabawasan at nadagdagan pa ang RITM.” He likewise outlined various initiatives, including allocating additional budget for the Cancer Assistance Fund to support cancer treatment, overseeing health facilities and services regulation, funding the Health Facilities Enhancement Program, providing medical assistance to indigent patients, and securing health emergency allowances. Go has consistently emphasized his unwavering commitment to fortify the health sector of the country. His dedication is evident through various initiatives such as the establishment of Malasakit Centers, Super Health Centers, and Regional Specialty Centers nationwide. A brainchild of Go, the Malasakit Centers bring together representatives from the Department of Social Welfare and Development, DOH, the Philippine Health Insurance Corporation, and the Philippine Charity Sweepstakes Office. These one-stop shops aim to support impoverished patients in reducing their hospital costs to the least possible amount. To date, 158 operational centers have helped more than seven million Filipinos nationwide, according to DOH. By establishing Super Health Centers throughout the country, the government aims to ensure that every Filipino, regardless of their location, can avail themselves of essential healthcare services without the burden of long-distance travel or prohibitive costs, the senator added. Lastly, Go underscored the importance of bringing specialized medical services closer to communities by establishing dedicated specialty centers in regional hospitals under the DOH. Go is the principal sponsor and one of the authors of the Regional Specialty Centers Act. The newly enacted law includes provisions for the establishment of specialty centers within existing government-controlled corporations or specialty hospitals. It also outlines the specific service capabilities that DOH will implement in regional hospitals. The post Bong Go vows to push for additional budget allocated for health appeared first on Daily Tribune......»»
House granting DTI bigger budget
The House Committee on Appropriations, which scrutinizes the annual proposed expenditure of various government agencies, will exercise its power to grant the Department of Trade and Industry a bigger chunk of the proposed P5.768-trillion national budget for 2024. Congress, which holds the power of the purse, lobbies to afford DTI a greater budget to attain the country’s pursuit of generating additional jobs and better opportunities for the underemployed, which could be fulfilled through the DTI, the country’s main investment promotion agency. The Department of Budget Management did not grant DTI’s proposed P21.03 billion budget for 2024 and slashed it to P7.91 billion. The pending allocated expenditure, however, is still way higher than the agency’s current spending plan of P6.327 billion under the General Appropriations Act. For the panel’s chairperson, Ako Bicol Partylist Rep. Elizaldy Co, Congress must ensure that DTI and its attached agencies have the resources to do its work properly to generate more investments and create better-paying jobs for Filipinos. “We also have to spend more to develop the products we export as well as train Filipinos to be entrepreneurs; to be job creators, not seekers. If we could do this, we could prevent our people from voting with their feet,” Co said on Monday. The DTI’s Office of the Secretary and the Board of Investments suffered the most in the national expenditure program for next year as the DBM cut their projected budget of P12.61 billion and P1.85 billion, respectively. The DBM only allocated the Office of the Secretary P5.32 billion while P659 million for the BoI. Data comparing the DTI budget proposal with the DBM submitted to the House of Representatives revealed cuts in spending for industry development projects, micro, small, and medium enterprises, consumer protection programs, Malikhaing Pinoy, and the establishment of Negosyo Centers. WITH RAFFY AYENG @tribunephl_raf The post House granting DTI bigger budget appeared first on Daily Tribune......»»
QC to strengthen bike lanes after ex-cop road-rage incident
Quezon City Mayor Joy Belmonte on Monday said the city government will further strengthen the safety of bike lanes and deploy more bike patrols to protect cyclists and maintain safer roads. This was after a cyclist was assaulted by an ex-policeman in an incident that was recorded by a netizen, becoming viral on social media. The ex-cop, who pulled a gun on the cyclist, was driving his vehicle on the bike lane. Belmonte stressed that City Ordinance SP-2988 S-2020 or the Ordinance promoting Safe Cycling and Active Transport penalizes motorists obstructing cycling lanes or walking paths. Section 8.2.2 of City Ordinance SP-2636 S-2017 or QC Road Safety Code states that “no driver shall permit his/her vehicle to block any portion of the bicycle lane. At no time shall any vehicle use, straddle, or obstruct the designated bike lane.” "We would like to reassure the cycling community and all our citizens for that matter that the city is willing to exhaust all means to demonstrate to them that we will act in their interest and in the pursuit of justice," the mayor said. Quezon City Rep. Marvin Rillo (Dist. IV) said another P500 million in fresh funding in 2024 will be of great help to the mayor in this regard. The funds, according to Rillo, will be used for upgrading bicycle lanes and pedestrian walkways under the national government’s Active Transport Program in metropolitan areas. “To further stimulate human-powered mobility, such as cycling and walking, there is an additional budget of P500 million for the development of active transport infrastructure and facilities in 2024,” Rillo, a member of the House committee on appropriations, said. “We are all for active transport, which lessens harmful motor vehicle emissions, promotes cleaner air and improves individual and community health,” Rillo, also vice chairperson of the House committee on Metro Manila development, said. The solon explained that the P500 million for the ATP in 2024 is lodged in the budget of the Department of Transportation. The amount is on top of the P705 million earmarked for the ATP this year and the P2 billion funding for the program in 2022. Rillo expressed confidence that the additional government spending for the ATP would protect a greater number of Filipinos who use bicycles as an alternative mode of mobility. As of June this year, the ATP has so far built 564 kilometers of bicycle lanes throughout Metro Manila, Metro Cebu and Metro Davao. The DOTr earlier said it expects the country’s bicycle lane network to reach 2,400 kilometers by 2028. “In other countries where governments are spending more to develop bicycle lanes, they’ve actually seen a five-fold increase in the number of people using bicycles,” Rillo said. The ATP bankrolls the construction of protected, hazard-free bicycle lanes, procurement of bike racks, improvement of end-of-trip cycling infrastructure and the upgrading of pop-up bike lanes into permanent bike lanes. The program also funds the development of pedestrian pathways and crossings designed to accommodate persons with disability, senior citizens, pregnant women, parents with children in strollers and tourists with luggage. Rillo said it will also finance the creation of urban shade trees for the benefit of cyclists, commuters and pedestrians. The post QC to strengthen bike lanes after ex-cop road-rage incident appeared first on Daily Tribune......»»
Gov’t funds inflation measures with loans
Borrowings of the national government from domestic and foreign sources continued to climb as they exceeded the P1-trillion mark in the first half of the year. The loans were purportedly intended for programs to respond to the impact of high prices, mainly through subsidies to the poor. Economists expect prices of basic commodities to remain high as the holiday season approaches. Most of them agreed that the third quarter is considered a period for stockpiling inventories, while the final three months see hefty holiday spending, which both increase price pressures. Bureau of Treasury data showed that actual gross borrowing hit P1.33 trillion during the January–June period, up by 24.3 percent from P1.07 trillion a year ago. In the first half, the government borrowed three times more from domestic sources at P1.06 trillion, while gross external financing reached P366.44 billion. Domestic borrowings came from retail Treasury bonds worth P283.76 billion and fixed-rate bonds worth P686.15 billion. Foreign debts came from project loans totaling P57.76 billion, program loans of P145.06 billion, and global bonds worth an equivalent of P163.6 billion. In June alone, gross financing reached P158.95 billion, up by 14.65 percent from P138.64 billion for the same month in 2022. Gross domestic borrowings reached P143.92 billion in June 2023, a 49.22-percent increase from P96.45 billion a year ago. Broken down, domestic debts came from P125 billion in fixed-rate Treasury bonds and P18.92 billion in Treasury bills. Meanwhile, external gross borrowings declined by 54.61 percent to P22.57 billion from P49.72 billion in the previous year. This consisted of P2.66 billion in program loans and P19.9 billion in new project loans. Government borrowings are okay as long as they are used for productive purposes, according to a previous statement from the Department of Budget and Management. Budget Secretary Amenah Pangandaman earlier said the government’s debt-to-gross domestic product ratio rose at the height of the pandemic because the government had to take out additional debt to fund the health sector. “There is a deficit because you have insufficient revenues and the balance will come from borrowings. So, it’s all interconnected,” Pangandaman said in a vlog. The Development Budget Coordination Committee, or DBCC, has a target to bring down the debt-to-gross domestic product ratio to less than 60 percent by 2025. The post Gov’t funds inflation measures with loans appeared first on Daily Tribune......»»