OpinionsEcon 101Our P6.3 trillion natl budget for 2025

Our P6.3 trillion natl budget for 2025

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The 1987 Constitution instituted a democratic system composed of  three branches: the Executive, which wields the power of the ‘sword’,  the Judiciary as the ‘pen’, and the Legislature (Senate and Congress) as  having the power of the ‘purse’.

Thus, all  appropriations  should exclusively originate from the House of Representatives, with the Senate having the right to propose amendments. The President proposes the budget, and Congress supposedly has the final say on where that budget should go or how it can be spent.

The process of allocating revenues and borrowed funds to attain the economic and social goals of the country is achieved through a national budget, processed by Congress by scrutinizing and deliberating on the management of government expenditures — in the amount of P6.3 trillion for 2025, set to be approved by Sept. 25.

Previously, the President would submit to Congress his proposed annual budget in the form of the Budget of Expenditure & Sources of Financing, supported by details of proposed expenditures in the form of a National Expenditure Program which summarizes the country’s policy thrusts and priorities for the year.

The task of initial budget review is undertaken by the House Appropriations Committee,  with the other sub-committees conducting hearings on the budgets of Departments/Agencies, and scrutinize their respective programs/projects.

While budget hearings are on-going, the Senate Finance Committee, through its different sub-committees, also starts to conduct its own review and scrutiny of the proposed budget, and proposes to the Senate body  for approval some amendments to the House Budget Bill.

To thresh out differences, and arrive at a common version of the General Appropriations Bill, the House and the Senate creates a Bicameral Conference Committee that finalizes the General Appropriations Bill.

The General Appropriations Act is a legislative authorization that contains the new appropriations in terms of specific amounts for salaries, wages, and other personnel benefits; maintenance and other operating expenses; and capital outlays authorized to be spent for the implementation of various programs/projects and activities of all Departments, Bureaus, and offices of the government for a given year.

In his speech, Speaker Martin Romualdez said the Chamber will uphold the principles of transparency and accountability in “defending the public coffers as legislators, we are not only guardians of the national purse, but also stewards of the people’s trust. Every peso we allocate in this budget carries with it the sweat and sacrifice of millions of Filipinos, and it is our duty to ensure these resources are spent wisely, effectively, and with absolute accountability.”

Analysts opined that these remarks were directed at Vice President and former Education Sec. Sara Duterte-Carpio, who refused to  participate in the budget hearings.

As a result, Appropriations Panel Vice-Chairperson Stella Quimbo disclosed the slashing of the proposed 2025 budget of P2.037 billion of the Office of the Vice President to only P733.198 million.

Is this as  a clear signal of  the Duterte-Marcos rift  as the two political clans struggle for power? Is this a portent of  the Election 2025 scenario? Abangan.

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Author’s email: [email protected]

 

 

 

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