President Ferdinand R. Marcos Jr. said Monday foreign-assisted projects should have sufficient funding in the national budget.
In Episode 3 of the BBM Podcast, the President revealed that several foreign-assisted projects were stripped of funding during last year’s congressional budget deliberations.
“Oo, ‘yung pinakamalaking naging problema ‘yung foreign-assisted projects, tinanggal halos lahat nung funding. (The biggest problem was almost all of the funding for foreign-assisted projects was removed),” the President said.
“Kailangan natin ibalik ‘yun dahil importante ‘yung mga foreign-assisted projects. At saka sinisira pati ‘yan ang reputation natin. (We need to bring it back because foreign-assisted projects are important. And then it also ruins our reputation).”
Marcos warned that budget “insertions” have jeopardized vital infrastructure initiatives and damaged the country’s credibility with international financial institutions.
Insertions refer to amendments made by lawmakers to the proposed national budget submitted by the Executive branch.
According to the President, non-priority projects were funded under unprogrammed appropriations — allocations that often require borrowing.
The President said he would rather operate under a reenacted budget than approve a General Appropriations bill that deviates from the administration’s priority programs or tolerates misuse of public funds.
“Well, yes. I am willing to reenact the budget if that’s what we’ll have to do. I made New Year’s Day the hard deadline. I’m sure we will find a way,” he said.
While acknowledging Congress’ constitutional power over the budget process, Marcos noted that the executive department’s duty is to ensure public funds serve the people.
According to data from the Department of Economy, Planning and Development, 44 infrastructure projects, mainly in the transportation sector and funded through Official Development Assistance, are currently delayed.
Lawmakers have flagged the delays, noting that the government incurs millions of pesos in commitment fees due to undisbursed foreign loans.
The government is required to pay commitment fees on unused portions of foreign loans when projects are delayed. (PNA)