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Think tank urges transparency in budget spending

As deliberations on the proposed P4.5-trillion 2021 national budget are on their final stages, a Makati-based think tank has urged government to make spending transparent to the people, especially at a time when huge budget allocations are needed to be responsive to the health and economic crisis caused by the COVID-19 pandemic......»»

Category: financeSource: philstar philstarOct 17th, 2020

Go urges Phisgoc to spend fund properly

Sen. Christopher “Bong” Go asked yesterday organizers of the 30th Southeast Asian Games to ensure transparency and accountability in the spending of the P15-billion budget for the country’s hosting of the games......»»

Category: sportsSource:  philstarRelated NewsNov 21st, 2019

Tokyo Olympics say costs $12.6B; Audit report says much more

By Stephen Wade and Mari Yamaguchi, Associated Press TOKYO (AP) — Tokyo Olympic organizers said Friday they are spending 1.35 trillion Japanese yen — about $12.6 billion — to stage next year's games. Organizers said the expenditure is unchanged from a year ago, although robust sponsorship and ticket sales have generated a contingency fund of an extra $300 million. However, Japan's National Audit Board, in a 177-page report prepared for the national legislature, said next year's Olympics will cost much more than organizers say. The audit lists an added $9.7 billion (1.06 trillion yen) it says are Olympic-related costs that have not been included. In addition, the city of Tokyo has previously said it would spend another $7.4 billion (810 trillion yen) on Olympic-related projects. Tokyo Governor Yuriko Koike said at the time the spending was "for projects directly and indirectly related to the games.” She said this included building barrier-free facilities for Paralympic athletes, training programs for volunteers, and advertising and tourism plans. Organizers argue that many of these costs are not tied directly to the Olympics. The audit board, however, came up with similar findings a year ago. “As in the previous year, their report did not classify the cost of these items and activities based on their direct relevance to the games," Tokyo organizers said in a statement to the Associated Press. “It aggregated a wide range of projects that could be seen as contributing to the games, including those that were implemented without regard to the games." The respected Japanese financial newspaper Nikkei and the daily Asahi also calculated Olympic costs. They said spending was far above what organizers contend. They also placed overall spending at about 3 trillion yen, or about $28 billion. The audit board report urged more transparency. “In order to disclose information to the public and gain their understanding about operations that the government should shoulder, the government Olympic and Paralympic office should disclose more by grasping the overall picture of the operations and costs," the audit said. The only non-public money being spent to fund the Olympics is from the privately funded, $5.6 billion operating budget. Revenue for this budget comes from sponsorships, ticket sales, and marketing — and from a contribution from the International Olympic Committee. The rest is taxpayer money from the national government, the city of Tokyo, and other government bodies. When Tokyo was awarded the Olympics in 2013, the bid committee projected total costs would be $7.3 billion. Organizers also reported this week that demand in Japan for Olympic tickets is about 20 times over supply. This has led to criticism on social media by Japanese upset they cannot get tickets to an Olympics they are funding through their taxes. Tracking Olympic costs is always disputed amid arguments over what are — and what are not — Olympic expenditures. The IOC and local organizers usually claim a lower figure. In fact, the IOC has repeatedly emphasized how it has cut billions in Tokyo by having organizers use existing venues, or build temporary venues. The Tokyo Olympics open on July 24 and close Aug. 9. They are followed by the Paralympics on Aug. 25 through Sept. 6. The International Olympic Committee has been criticized for the rising costs of the Olympics, and the perception it forces host cities to build “white elephant”sports venues. In the last several years it has tried to re-brand itself, emphasizing the use of existing venues and giving host cities choices in how they organize. In a study on Olympic spending done in 2016 by the University of Oxford, author Bent Flyvbjerg explained the Olympics and cost overruns. “It’s the most amazing thing that the Olympic games are the only type of mega-project to always exceed their budget,” Flyvbjerg said in an interview. “We think it's because they always have to be on time. There's no way you can move the opening dates. ... So all you can do when problems begin — and problems always begin on projects of this size — it to throw more money at the project. And that's what you do at the Olympics.".....»»

Category: sportsSource:  abscbnRelated NewsDec 20th, 2019

Palace urges Congress to pass 2020 budget on time to avoid economic slowdown

Under the Constitution, the government has to operate on a reenacted budget if Congress fails to pass a new spending bill......»»

Category: newsSource:  philstarRelated NewsSep 19th, 2019

Globe okays $300-m budget for launching of fiber network

Globe Telecom Inc. said Monday it is spending $300 million this year to aggressively roll out fiber-to-homes network nationwide......»»

Category: financeSource:  thestandardRelated NewsOct 20th, 2020

House passes P4.5-T national budget for 2021

The House of Representatives passed the P4.5-trillion national budget for next year on final reading, paving the way for the Senate to tackle the spending bill in the plenary......»»

Category: newsSource:  philstarRelated NewsOct 16th, 2020

How a reenacted budget can cripple COVID response

MANILA, Philippines — A reenacted budget in 2021 will exact a “huge” toll on the economy and the government’s coronavirus response to the tune of P1.23 trillion in forgone infrastructure spending and P67 billion in unfunded programs to manage the pandemic, according to economist and Marikina Rep. Stella Luz Quimbo. This could be the grim […] The post How a reenacted budget can cripple COVID response appeared first on Cebu Daily News......»»

Category: newsSource:  inquirerRelated NewsOct 11th, 2020

Rody calls Congress to special session

President Rodrigo Duterte called on the House of Representatives on Friday to special session next week to resume the congressional deliberations on the proposed P4.5-trillion national budget for 2021 which he also certified as urgent. Duterte’s spokesperson Harry Roque said the Chief Executive urged lawmakers to tackle on 13 to 16 October the government’s spending […] The post Rody calls Congress to special session appeared first on Daily Tribune......»»

Category: newsSource:  tribuneRelated NewsOct 9th, 2020

House minority slams premature end to budget debates

The House minority bloc says ending the debates on the budget early denied them the right to scrutinize the spending plans of the various agencies of the government......»»

Category: newsSource:  philstarRelated NewsOct 7th, 2020

Rody to House: Pass budget

The Palace said Monday President Rodrigo Duterte wants the P4.506 trillion national budget passed before the end of the year amid fears that squabbles within the House of Representatives could delay the spending plan......»»

Category: newsSource:  thestandardRelated NewsSep 22nd, 2020

Experts, advocates push for higher health budget, econ spending

"If we don't spend enough, ordinary citizens would continue to suffer...If we don't reverse the business closures, how could we generate jobs? The government would then have to provide aid, which is obviously not sustainable." -- Marikina 2nd District Rep. Stella Quimbo The post Experts, advocates push for higher health budget, econ spending appeared first on Bulatlat......»»

Category: newsSource:  bulatlatRelated NewsSep 18th, 2020

Think tank pushes higher budget for government digitalization

A private sector think tank said Congress should approve a higher budget for the digitalization of the bureaucracy next year to improve productivity and efficiency in the delivery of government services......»»

Category: financeSource:  thestandardRelated NewsSep 14th, 2020

House to allow social media in budget talks

Netizens can now join deliberations on the P4.5-trillion national budget for 2021 when the House of Representatives starts its hearings tomorrow, in the spirit of transparency, Speaker Alan Peter Cayetano said......»»

Category: newsSource:  philstarRelated NewsSep 3rd, 2020

Speaker promises transparency in 21 budget hearings

Hose Speaker Alan Peter Cayetano said Sunday Congress will conduct transparent budget hearings and come up with a good national budget “in record time.”.....»»

Category: newsSource:  thestandardRelated NewsAug 30th, 2020

Robredo urges DepEd to realign P29-billion budget to fund distance learning, health concerns

"Around P29.5 billion was earmarked for the rehabilitation of school buildings for 2020...This amount can be used to procure the needed gadgets and equipment for distance learning, as well as address the health concerns of educators," Robredo said......»»

Category: newsSource:  philstarRelated NewsAug 13th, 2020

Defense budget veto-proof

WASHINGTON (AFP) — The US Senate on Thursday passed a $740.5 billion bill setting Pentagon priorities, but which President Trump has threatened to veto over a provision that removes Confederate names from military bases. The Senate’s version of the National Defense Authorization Act for critical defense spending passed by a vote of 86 to 14, […] The post Defense budget veto-proof appeared first on Daily Tribune......»»

Category: newsSource:  tribuneRelated NewsJul 25th, 2020

Government infrastructure spending down in May

Government spending on infrastructure slowed down in May due to the suspension of construction activities amid strict movement restrictions to slow the spread of the COVID-19 pandemic, according to the Department of Budget and Management......»»

Category: financeSource:  philstarRelated NewsJul 20th, 2020

Semirara postpones most of 2020 capital spending to 2021 amid crisis

Semirara Mining and Power Corp. said Friday it is moving the bulk of its 2020 capital expenditure budget of P3.7 billion to 2021 amid the coronavirus pandemic......»»

Category: financeSource:  thestandardRelated NewsJul 4th, 2020

Pandemic spending fails to impress in May

The government's budget deficit was nearly at 35% of revised limits as of May, yet the gap is not widened by more spending, but rather dwindling revenues......»»

Category: financeSource:  philstarRelated NewsJun 23rd, 2020

Infrastructure growth to take a hit from budget cuts, lower spending — Fitch unit

Infrastructure growth is expected to take a hit from deep budget cuts and fund reallocations meant to beef up the government's war chest against the coronavirus outbreak......»»

Category: newsSource:  philstarRelated NewsJun 15th, 2020

Budget deficit balloons to nearly P274B in April

The government’s fiscal position last month remained in shortfall as state spending surged and revenues declined, the Bureau of the Treasury (BTr) reported on Wednesday. April’s budget deficit of P273.9 billion was wider than the P59.5-billion gap in March, but a reversal of the P86.9-billion surplus a year ago. In a statement, the Treasury bureau […].....»»

Category: newsSource:  manilatimes_netRelated NewsMay 27th, 2020