Lawmaker Backs fiscal consolidation plan for next administration
Lawmaker Backs fiscal consolidation plan for next administration

Solon Lauded NEDA For the Fiscal Consolidation Plan For the Next Administration

Senator Panfilo “Ping” Lacson expressed his gratitude to the National Economic and Development Authority (NEDA) for making a fiscal consolidation plan which will be presented to the next administration.

The fiscal consolidation plan aims to repay the Philippines’ increasing debt and narrow the budget deficit caused by the COVID-19 pandemic.

NEDA Chief Economic Manager Karl Kendrick Chua noted that the next administration will have to focus on making plans to repay the debts accumulated throughout the COVID-19 pandemic.

In a Twitter post, Lacson tweeted, “Thank you NEDA. This is what I’ve always been saying during budget deliberations. With a yearly average of ₱328 billion unused appropriations for the past 10 years (2010-2020) and ₱700 billion in misused/abused budget each year, there couldn’t be a better advice.”

Lacson referred to the lack of proper planning that led to an average of ₱328 billion in appropriations in the budget unused for consecutive years from 2010 to 2020, together with the occurring corruption that led to a loss of ₱700 billion a year, quoted from a statement of former Deputy Ombudsman Cyril Ramos.

NEDA Socioeconomic Planning Undersecretary Rosemarie Edillon was also quoted in reports saying that the plan will cover proposed cuts on non-priority budget items.

Lacson is known for his tight analysis of the proposed budget of several government agencies during deliberations in the Senate.

Both Lacson and his running mate former national police chief, Senate President Vicente Sotto III, are running a platform to fix the government’s distress which they plan to initiate much-needed improvements to both the preparation and implementation of the national budget.

These ameliorations together with a zero-based budgeting system instead of a budget ceiling; and a combination of strict fiscal discipline and leadership by example.

Leave a comment