Malacañang will not veto budget cut, but...
01/29/2008 | 06:19 PM
Budget Secretary Rolando Andaya Jr. on Tuesday said the Presidential Palace will not veto the P38.5 billion cut from debt service interest payments and other allocations that Congress inserted in the proposed 2008 budget.
Congress cut about P25.9 billion from the debt servicing allocation due to the strengthening of the peso.
The peso is currently at 40.95 against the US dollar.
The lawmakers also cut P12.638 billion from proposed allocations for slow-moving projects, excess allocations and other miscellaneous allotments.
Andaya said cutting debt service payments and realigning it runs counter to the government's fiscal position of a balanced budget this year.
"We will have to reckon the alignment with the existing policy," he said, adding that the government should control this kind of expenditure.
"Hindi natin gagastusin iyan kahit nakalagay iyan dyan for it will affect our fiscal position," Andaya said.
He said the Budget department told Congress the funding of the projects, which benefited from the realignments would be “dependent on revenue performance of 2008."
“It's as good as vetoing it. Pareho lang," he said.
Andaya said he has not yet gotten an official copy of the ratified version of the budget committee report. He said now that Congress has done its job, it's the turn of the executive branch to handle it. - GMANews.TV
Congress cut about P25.9 billion from the debt servicing allocation due to the strengthening of the peso.
The peso is currently at 40.95 against the US dollar.
The lawmakers also cut P12.638 billion from proposed allocations for slow-moving projects, excess allocations and other miscellaneous allotments.
Andaya said cutting debt service payments and realigning it runs counter to the government's fiscal position of a balanced budget this year.
"We will have to reckon the alignment with the existing policy," he said, adding that the government should control this kind of expenditure.
"Hindi natin gagastusin iyan kahit nakalagay iyan dyan for it will affect our fiscal position," Andaya said.
He said the Budget department told Congress the funding of the projects, which benefited from the realignments would be “dependent on revenue performance of 2008."
“It's as good as vetoing it. Pareho lang," he said.
Andaya said he has not yet gotten an official copy of the ratified version of the budget committee report. He said now that Congress has done its job, it's the turn of the executive branch to handle it. - GMANews.TV
