Carlos Dominguez, the Philippine Finance Secretary, had asked the Philippine Congress to ensure that the 2020 Budget Bill is passed on time.
His request was prompted by the lack of a consensus after the House of Representatives leaders debated about budgetary issues.
Dominguez asserted that the timely passage was fundamental in the progress of the nation, particularly in meeting the needs of the disadvantaged. He also noted that the country’s progress could be compromised if the re-enacted budget continued being operational.
The derailment of the budget
Dominguez concerns were raised after Isidro Ungab, the leader of the House panel on government spending, made warnings of the possibility of the derailment of the budget passage so that crucial projects could be included.
On the other hand, Joey Salceda, Albay Representative, stipulated that this could not happen as the entire house could have the budget referred back to the plenary. Notably, she leads the tax-writing committee in the House of Representatives.
Salceda affirmed that rival parties had declared to support the passage of the budget for prosperity purposes.
The derailment of the budget passage has been costly to the nation as analysts have proclaimed that this scenario instigated the sluggish economic growth in the first six (6) months of 2019.
On the other hand, Philippine SMEs are eyeing digital technology for optimal productivity, whereas Singapore’s Vanda Hedge Fund has leaped by two hundred and seventy-eight percent (278%).
