DBCC Briefing

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Senator Joseph Victor "JV" G. Ejercito

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The proposed fiscal year 2027 National Expenditure Program is hereby called to order.

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Senator Joseph Victor "JV" G. Ejercito

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I would like to acknowledge the presidents of centers who are with us today.

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Senator Joseph Victor "JV" G. Ejercito

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Our Senate President Pro Tempore, Senator Vicente Soto,

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Senator Joseph Victor "JV" G. Ejercito

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Senators Erwin Tulfo, Senator Panfilo Laxon,

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Senator Joseph Victor "JV" G. Ejercito

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Senator Francis Kiko Pangilinan, Senator Camille Villar,

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Senator Joseph Victor "JV" G. Ejercito

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and Senator Risa Ontiveros.

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Senator Joseph Victor "JV" G. Ejercito

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Thank you to our dear colleagues for joining us this morning.

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Senator Joseph Victor "JV" G. Ejercito

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For the record, during the plenary session on June 3, 2026,

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Senator Joseph Victor "JV" G. Ejercito

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yours truly was elected Chairperson of the Committee on Finance.

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Senator Joseph Victor "JV" G. Ejercito

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Considering that the committee is composed of 20 members,

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Senator Joseph Victor "JV" G. Ejercito

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all Senators except the Senate President and the ex-official members

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Senator Joseph Victor "JV" G. Ejercito

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all were elected as regular members of the committee on June 17, 2026.

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Senator Joseph Victor "JV" G. Ejercito

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Further, August 24, 2026, the following senators were designated

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Senator Joseph Victor "JV" G. Ejercito

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as Chairpersons of the committee and will work

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Senator Joseph Victor "JV" G. Ejercito

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with the committee on sponsoring the budget of the respective assigned agencies.

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Senator Joseph Victor "JV" G. Ejercito

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Senators Bam Aquino, Senators Pia Cayetano, Senators Christopher Lorenz-Bongo,

00:08:38Source

Senator Joseph Victor "JV" G. Ejercito

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Senators Risa Ontiveros, Senators Loren Legarda, Senators Francis Kiko Pangilinan,

00:08:45Source

Senator Joseph Victor "JV" G. Ejercito

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Senators Erwin Tulfo, and Senators Joel Villanueva.

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Senator Joseph Victor "JV" G. Ejercito

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At this juncture, let me direct the Committee's Secretary

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Senator Joseph Victor "JV" G. Ejercito

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to acknowledge our resource persons present for today.

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Committee Secretary

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Thank you, Mr. Chair. Good morning.

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Committee Secretary

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For the DBCC briefing on the 2027 National Budget,

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Committee Secretary

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we'd like to acknowledge our resource persons.

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Committee Secretary

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From the Department of Budget and Management, or DBM,

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Committee Secretary

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we have Acting Secretary Kim Robert de Leon,

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Committee Secretary

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Undersecretary Janet Abuel,

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Committee Secretary

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Undersecretary Mary Ann De La Vega,

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Committee Secretary

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Undersecretary Ryan Lita,

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Committee Secretary

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Undersecretary Wilford Will Wong,

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Committee Secretary

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Assistant Secretary Romeo Matthew Balangkit,

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Committee Secretary

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Assistant Secretary Gerardo Maula,

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Committee Secretary

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and OIC Assistant Secretary

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Committee Secretary

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Andrea Celine Magdalas.

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Committee Secretary

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From the Department of Finance, or DOF,

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Committee Secretary

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we have Secretary Frederick Goh,

00:09:33Source

Committee Secretary

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Undersecretary Carlo Fermin Adriano,

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Committee Secretary

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Undersecretary Catherine Fong,

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Committee Secretary

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Undersecretary Maria Angela Ignacio,

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Committee Secretary

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Undersecretary Rolando Ligon,

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Committee Secretary

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Undersecretary Joven Balbosa,

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Committee Secretary

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Undersecretary Crystal Lynn Uy,

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Committee Secretary

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OIC Undersecretary Nino Raymond Alvina,

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Committee Secretary

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Assistant Secretary Neil Adrian Cabiles,

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Committee Secretary

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Assistant Secretary Juvie Donofrata,

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Committee Secretary

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and Treasurer Sharon Almanza.

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Committee Secretary

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From the Department of Economy, Planning, and Development, or DEPDEV,

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Committee Secretary

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we have Secretary Arsenio Balisacan,

00:10:06Source

Committee Secretary

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Undersecretary Melbourne Panna,

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Committee Secretary

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Undersecretary Glenda Rumor,

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Committee Secretary

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Assistant Secretary Jonathan Uy,

00:10:13Source

Committee Secretary

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Assistant Secretary Reynaldo Cancio,

00:10:15Source

Committee Secretary

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Assistant Secretary Agnes Tolentino,

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Committee Secretary

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and the President of the Philippine Institute for Development Studies, or PIDS,

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Committee Secretary

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President Philip Arnold Tuanio.

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Committee Secretary

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And last but not the least, from the Banko Central ng Pilipinas, or BSP,

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Committee Secretary

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we have Governor Eli M. Remolona, Jr.,

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Committee Secretary

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Deputy Governor Zeno Ronald Abenoja,

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Committee Secretary

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General Counsel Roberto Figueroa,

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Committee Secretary

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Assistant Governor Redentor Bangkod,

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Committee Secretary

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and Attorney Arnold Cabanlit of the Anti-Money Laundering Council, or AMLC Secretariat.

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Committee Secretary

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Thank you, Mr. Chair.

00:10:46Source

Senator Joseph Victor "JV" G. Ejercito

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Thank you, ComSec.

00:10:47Source

Senator Joseph Victor "JV" G. Ejercito

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Likewise, to Senator Babacuino, who joined us as well this morning.

00:10:52Source

Senator Joseph Victor "JV" G. Ejercito

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So, before we start, the Chair would like to give his opening statement,

00:10:59Source

Senator Joseph Victor "JV" G. Ejercito

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but also Governor Eli Remolona, or the BSP,

00:11:03Source

Senator Joseph Victor "JV" G. Ejercito

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has requested that he be excused earlier because they have monetary boards,

00:11:09Source

Senator Joseph Victor "JV" G. Ejercito

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so we will ask him to present first,

00:11:12Source

Senator Joseph Victor "JV" G. Ejercito

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and if the Senators will have any concerns,

00:11:15Source

Senator Joseph Victor "JV" G. Ejercito

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you may prepare questions for Governor Remolona.

00:11:22Source

Senator Joseph Victor "JV" G. Ejercito

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Okay? Thank you, sir.

00:11:24Source

Senator Joseph Victor "JV" G. Ejercito

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Dear colleagues, secretaries, and members of the Cabinet present here today,

00:11:29Source

Senator Joseph Victor "JV" G. Ejercito

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my fellow workers in government, members of the Media Civil Society,

00:11:33Source

Senator Joseph Victor "JV" G. Ejercito

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to all our fellow Filipinos, good morning to all of you.

00:11:38Source

Senator Joseph Victor "JV" G. Ejercito

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As we convene the Development Budget Coordination Committee, or the DBCC today,

00:11:44Source

Senator Joseph Victor "JV" G. Ejercito

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we undertake the solemn duty of deliberating the National Budget of 2027.

00:11:50Source

Senator Joseph Victor "JV" G. Ejercito

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As Chair of the Committee on Finance,

00:11:52Source

Senator Joseph Victor "JV" G. Ejercito

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I reaffirm our steadfast commitment to deliver a budget that serves as a reflection of the genuine needs of our people,

00:12:00Source

Senator Joseph Victor "JV" G. Ejercito

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especially those in need.

00:12:02Source

Senator Joseph Victor "JV" G. Ejercito

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Today, we go back to the basics.

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Senator Joseph Victor "JV" G. Ejercito

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Let's go back to the basic needs of our fellow citizens.

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Senator Joseph Victor "JV" G. Ejercito

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Health, education, food, livelihood, security, and proper infrastructure.

00:12:13Source

Senator Joseph Victor "JV" G. Ejercito

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And so that our projects will not be divided into pieces,

00:12:16Source

Senator Joseph Victor "JV" G. Ejercito

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we need a long-term, comprehensive infrastructure master plan

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Senator Joseph Victor "JV" G. Ejercito

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that connects our roads, railways, airports, seaports, and communities,

00:12:26Source

Senator Joseph Victor "JV" G. Ejercito

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and supports the country's development for generations to come.

00:12:30Source

Senator Joseph Victor "JV" G. Ejercito

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These should remain at the heart of our priorities.

00:12:34Source

Senator Joseph Victor "JV" G. Ejercito

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Yes, the budget process can be complex, filled with accounting terms and figures,

00:12:39Source

Senator Joseph Victor "JV" G. Ejercito

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but we must not lose sight of what those numbers are meant to accomplish.

00:12:43Source

Senator Joseph Victor "JV" G. Ejercito

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Beyond economic buzzwords and elaborate theories,

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Senator Joseph Victor "JV" G. Ejercito

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what our people need now is action on the part of their government,

00:12:50Source

Senator Joseph Victor "JV" G. Ejercito

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as the people we serve are not mere statistics on a piece of paper in a stack of reports.

00:12:57Source

Senator Joseph Victor "JV" G. Ejercito

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They are families, breadwinners, farmers, students, and citizens counting on their government to deliver.

00:13:04Source

Senator Joseph Victor "JV" G. Ejercito

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That is why we are helping.

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Senator Joseph Victor "JV" G. Ejercito

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The 2027 budget is a budget that will address the primary needs or basic needs of our citizens.

00:13:14Source

Senator Joseph Victor "JV" G. Ejercito

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A people's budget.

00:13:16Source

Senator Joseph Victor "JV" G. Ejercito

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This is where we fully agree with the budget message of President Bongbong Marcos,

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Senator Joseph Victor "JV" G. Ejercito

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for when we invest in our people, we invest in the future of our nation.

00:13:25Source

Senator Joseph Victor "JV" G. Ejercito

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We have witnessed the problems faced by our country,

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Senator Joseph Victor "JV" G. Ejercito

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especially when it comes to corruption and the wrong use of the country's budget.

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Senator Joseph Victor "JV" G. Ejercito

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We hear your concerns and understand your feelings and calls for transparency and trust in the government.

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Senator Joseph Victor "JV" G. Ejercito

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As the Chairman of the Senate Committee on Finance,

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Senator Joseph Victor "JV" G. Ejercito

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we will not allow the country's budget to go to waste,

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Senator Joseph Victor "JV" G. Ejercito

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to go to waste, and to go to the wrong hands.

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Senator Joseph Victor "JV" G. Ejercito

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Every penny, every cent should only go to the programs and projects

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Senator Joseph Victor "JV" G. Ejercito

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that are included in the budget proposal and the agenda discussed in the plenary.

00:14:10Source

Senator Joseph Victor "JV" G. Ejercito

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And the plan will serve the right purpose and the well-being of your citizens.

00:14:16Source

Senator Joseph Victor "JV" G. Ejercito

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As we formally begin these deliberations,

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Senator Joseph Victor "JV" G. Ejercito

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I want to underscore and emphasize our clear intention to go back to basics in crafting this budget.

00:14:26Source

Senator Joseph Victor "JV" G. Ejercito

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In going back to basics, we mean accountability.

00:14:29Source

Senator Joseph Victor "JV" G. Ejercito

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For every peso, we appropriate that is focused and clear-eyed

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Senator Joseph Victor "JV" G. Ejercito

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about the basic needs of the people such as health, education, infrastructure

00:14:39Source

Senator Joseph Victor "JV" G. Ejercito

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that will generate quality jobs for the people and to put the food on the table.

00:14:46Source

Senator Joseph Victor "JV" G. Ejercito

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So in terms of accountability,

00:14:48Source

Senator Joseph Victor "JV" G. Ejercito

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Noong nakaraang taon, pinamunuan ni Senate President Win Gatchalian ang Senate

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Senator Joseph Victor "JV" G. Ejercito

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deliberations sa

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Senator Joseph Victor "JV" G. Ejercito

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2026 budget, sinimulan niya ang mahalagang

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Senator Joseph Victor "JV" G. Ejercito

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reforma para gawing transparent

00:14:59Source

Senator Joseph Victor "JV" G. Ejercito

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at mas accessible sa nakakarami ang budget process.

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Senator Joseph Victor "JV" G. Ejercito

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Ngayong taon, ipagpatuloy at paiigtingin pa natin ang mga nasimulan niyang reforma.

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Senator Joseph Victor "JV" G. Ejercito

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Kasama ng ating vice chairpersons at mga kasamahan sa Senado,

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Senator Joseph Victor "JV" G. Ejercito

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iwawak si natin ang pagwawaldas, susuriin ang bawat programa,

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Senator Joseph Victor "JV" G. Ejercito

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at sisiyasatin ang bawat ahensya.

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Senator Joseph Victor "JV" G. Ejercito

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Dahil back to basics, dapat may pananagutan sa bawat piso

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Senator Joseph Victor "JV" G. Ejercito

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at bawat sentimo ang ginagastos ng gobyerno.

00:15:32Source

Senator Joseph Victor "JV" G. Ejercito

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Sa lahat ng mga naging kontrobersya, lalo na sa mga kwestyonabling flood control projects,

00:15:37Source

Senator Joseph Victor "JV" G. Ejercito

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hindi pwedeng maging business as usual na lamang ang ating budget process.

00:15:41Source

Senator Joseph Victor "JV" G. Ejercito

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We must learn from our mistakes.

00:15:44Source

Senator Joseph Victor "JV" G. Ejercito

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We must earn back the public's trust.

00:15:46Source

Senator Joseph Victor "JV" G. Ejercito

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And we must restore the integrity of this sacred mandate.

00:15:51Source

Senator Joseph Victor "JV" G. Ejercito

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Here's how we can make this happen.

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Senator Joseph Victor "JV" G. Ejercito

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Any individual amendments should be made on the floor.

00:15:57Source

Senator Joseph Victor "JV" G. Ejercito

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During budget deliberations and debates.

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Senator Joseph Victor "JV" G. Ejercito

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Full stop.

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Senator Joseph Victor "JV" G. Ejercito

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Pabantayan at ipagbabawal na natin ang anumang last-minute insertions sa Bicameral Conference Committee.

00:16:10Source

Senator Joseph Victor "JV" G. Ejercito

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We will continue live-streaming the Bicameral Conference Committee

00:16:14Source

Senator Joseph Victor "JV" G. Ejercito

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and maintaining the Senate Budget Transparency Portal

00:16:17Source

Senator Joseph Victor "JV" G. Ejercito

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for the public to see and appreciate how the budget evolves

00:16:21Source

Senator Joseph Victor "JV" G. Ejercito

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from proposal to budget enactment.

00:16:26Source

Senator Joseph Victor "JV" G. Ejercito

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Sa pagpapatuloy ng anti-evolvement,

00:16:27Source

Senator Joseph Victor "JV" G. Ejercito

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ipagpal-provision,

00:16:28Source

Senator Joseph Victor "JV" G. Ejercito

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titiyakin natin na ang ipamamahagi ay walang political branding o pakikialam.

00:16:34Source

Senator Joseph Victor "JV" G. Ejercito

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We will also continue to work with civil society organizations and other stakeholders,

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Senator Joseph Victor "JV" G. Ejercito

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the academe,

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Senator Joseph Victor "JV" G. Ejercito

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in monitoring the process,

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Senator Joseph Victor "JV" G. Ejercito

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patuloy natin pakikinggan ang kanilang mga pananaw at rekomendasyon

00:16:47Source

Senator Joseph Victor "JV" G. Ejercito

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habang sinusuri natin ang mga programa at pondong hinihingi ng bawat ahensya.

00:16:53Source

Senator Joseph Victor "JV" G. Ejercito

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At the same time,

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Senator Joseph Victor "JV" G. Ejercito

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transparency and accountability must lead.

00:16:57Source

Senator Joseph Victor "JV" G. Ejercito

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To better public service, not paralysis.

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Senator Joseph Victor "JV" G. Ejercito

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We must address irregularities and strengthen safeguards against abuse

00:17:06Source

Senator Joseph Victor "JV" G. Ejercito

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while ensuring that legitimate infrastructure projects continue without the necessary delay.

00:17:14Source

Senator Joseph Victor "JV" G. Ejercito

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Ang dapat natin pigilan ay korupsyon at anomalya, hindi ang pag-unlad.

00:17:20Source

Senator Joseph Victor "JV" G. Ejercito

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Muli ang unang hakbang sa ating back-to-basics ay accountability.

00:17:24Source

Senator Joseph Victor "JV" G. Ejercito

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Sunod naman ang pagtiyak na tama at napakalimutan.

00:17:27Source

Senator Joseph Victor "JV" G. Ejercito

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Napapanuhon ang mga preridad na ating pagkakagastusan.

00:17:32Source

Senator Joseph Victor "JV" G. Ejercito

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Sa bawat ahensya ng gobyerno,

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Senator Joseph Victor "JV" G. Ejercito

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nahaharap sa atin,

00:17:36Source

Senator Joseph Victor "JV" G. Ejercito

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simple ngunit mahalagang tanong.

00:17:38Source

Senator Joseph Victor "JV" G. Ejercito

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Ang nais nating masagot,

00:17:40Source

Senator Joseph Victor "JV" G. Ejercito

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kailangan ba talaga ang pondong ito?

00:17:45Source

Senator Joseph Victor "JV" G. Ejercito

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Makatuwiran ba ang halaga?

00:17:48Source

Senator Joseph Victor "JV" G. Ejercito

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Handa na ba ang proyekto?

00:17:50Source

Senator Joseph Victor "JV" G. Ejercito

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Kailan ba ito matatapos?

00:17:52Source

Senator Joseph Victor "JV" G. Ejercito

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At sino ang mananagot kung hindi ito maipapatupad?

00:17:55Source

Senator Joseph Victor "JV" G. Ejercito

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Lagi't lagi nating i-considera ang necessity at feasibility sa pagtalakay ng budget.

00:18:03Source

Senator Joseph Victor "JV" G. Ejercito

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Hindi po ito para lamang pahirapan ang mga ahensya.

00:18:09Source

Senator Joseph Victor "JV" G. Ejercito

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Sa usaping health care.

00:18:12Source

Senator Joseph Victor "JV" G. Ejercito

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Unahin na po natin,

00:18:14Source

Senator Joseph Victor "JV" G. Ejercito

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Dahil siguro alam naman po [unclear], ito po ang isa sa ating pangunahing legislative agenda.

00:18:20Source

Senator Joseph Victor "JV" G. Ejercito

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Being the principal sponsor and author of the universal healthcare law,

00:18:24Source

Senator Joseph Victor "JV" G. Ejercito

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I would say that

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Senator Joseph Victor "JV" G. Ejercito

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definitely we will give priority

00:18:30Source

Senator Joseph Victor "JV" G. Ejercito

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to healthcare implementation this time.

00:18:34Source

Senator Joseph Victor "JV" G. Ejercito

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At the very outset of the Senate budget deliberation, I want to make our positions clear as Chairman of the Committee of Finance.

00:18:41Source

Senator Joseph Victor "JV" G. Ejercito

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Again, reiterate that healthcare will be among our highest priorities.

00:18:46Source

Senator Joseph Victor "JV" G. Ejercito

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As the principal sponsor of this measure, I remain committed to seeing this promise to be fully realized.

00:18:53Source

Senator Joseph Victor "JV" G. Ejercito

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With the new leadership of the Department of Health and PhilHealth, we have a great opportunity to continue building a healthcare system that is truly accessible, affordable, and responsive.

00:19:05Source

Senator Joseph Victor "JV" G. Ejercito

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We will scrutinize the proposed budget for the Health Facilities Enhancement Program to ensure that it strengthens local government hospitals like the provincial hospitals while expanding and improving primary care services across the country.

00:19:21Source

Senator Joseph Victor "JV" G. Ejercito

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Hindi maaaring gusali lang.

00:19:23Source

Senator Joseph Victor "JV" G. Ejercito

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Ang makikita ng taong bayan.

00:19:25Source

Senator Joseph Victor "JV" G. Ejercito

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Dapat may doktor, nars, gamot, kagamitan, at serbisyong tunay na nila mapapakinabangan.

00:19:33Source

Senator Joseph Victor "JV" G. Ejercito

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For PhilHealth, every peso entrusted to them must result in stronger financial protection for its members.

00:19:41Source

Senator Joseph Victor "JV" G. Ejercito

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We must also ensure that revenues earmarked by law for universal healthcare are fully allocated and released only for their intended purposes.

00:19:52Source

Senator Joseph Victor "JV" G. Ejercito

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One thing more.

00:19:53Source

Senator Joseph Victor "JV" G. Ejercito

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We must be clear.

00:19:54Source

Senator Joseph Victor "JV" G. Ejercito

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More than a corporation, PhilHealth is an essential piece that forms part of our national healthcare system.

00:20:02Source

Senator Joseph Victor "JV" G. Ejercito

asr-000187

It serves as a vessel for UHC to be felt by our people.

00:20:07Source

Senator Joseph Victor "JV" G. Ejercito

asr-000188

Makikipagtulungan po tayo sa bagong pamunan ng DOH at PhilHealth upang mapalawak pa ang zero-balance billing at matiyak ang mga kwalipikadong pasyente ay makatatanggap ng hospital services na walang iniintinding babaya rin.

00:20:22Source

Senator Joseph Victor "JV" G. Ejercito

asr-000189

Hindi tayo titigil sa pagsulong at patuloy na pagpapalawig ng mas komprehensibong benefit packages, hindi lamang para sa higit ng mga nangangailangan, kundi pati na rin sa mga mga gawa at middle-class families na regular na naguhulog, ngunit maaari pa rin mabaon sa gastusin kapag tinamaan ng malubhang karamdaman.

00:20:47Source

Senator Joseph Victor "JV" G. Ejercito

asr-000190

The recent habagat rains have once again shown us hindi uuwi.

00:20:52Source

Senator Joseph Victor "JV" G. Ejercito

asr-000191

We need infrastructure projects that complement each other, are technically sound, ready for implementation, and capable of delivering lasting benefits.

00:21:07Source

Senator Joseph Victor "JV" G. Ejercito

asr-000192

The government's identification of 39 potential sites for rainwater catchment facilities in Metro Manila is a step in this right direction.

00:21:17Source

Senator Joseph Victor "JV" G. Ejercito

asr-000193

Similar science-based solutions must be pursued across the country.

00:21:22Source

Senator Joseph Victor "JV" G. Ejercito

asr-000194

This is why, precisely why we need a comprehensive and long-term infrastructure master plan or the Master Plan for Infrastructure and National Development or the MIND Act, which we have filed under Senate Bill No. 2 under the 20th Congress.

00:21:39Source

Senator Joseph Victor "JV" G. Ejercito

asr-000195

This is what we also emphasized in our privileged speech yesterday on the eve of the DBCC, for the reason that we seek to earn the support of our experts and that is everyone in this room.

00:21:52Source

Senator Joseph Victor "JV" G. Ejercito

asr-000196

To reiterate that what we mentioned yesterday, we must continue investing in good infrastructure that creates lasting opportunities long after the construction equipment has left.

00:22:04Source

Senator Joseph Victor "JV" G. Ejercito

asr-000197

The true measure of a road is not the number of kilometers paved, it is the number of people connected to their employment and livelihood.

00:22:14Source

Senator Joseph Victor "JV" G. Ejercito

asr-000198

The true measure of a master plan is not the number of projects listed on paper, it is the number of lives changed for development.

00:22:23Source

Senator Joseph Victor "JV" G. Ejercito

asr-000199

Hindi pwedeng kanya-kanyang proyekto

00:22:25Source

Senator Joseph Victor "JV" G. Ejercito

asr-000200

ang bawat ahensya at bawat lugar.

00:22:28Source

Senator Joseph Victor "JV" G. Ejercito

asr-000201

Roads, bridges, flood control, irrigation, railways, ports, and other infrastructure must form part of one coherent plan based on the actual needs and long-term development of the country.

00:22:39Source

Senator Joseph Victor "JV" G. Ejercito

asr-000202

At the same time, agriculture and food security must be forgotten.

00:22:46Source

Senator Joseph Victor "JV" G. Ejercito

asr-000203

security. Kailangan natin

00:22:48Source

Senator Joseph Victor "JV" G. Ejercito

asr-000204

supportahan ang ating mga magsasaka

00:22:50Source

Senator Joseph Victor "JV" G. Ejercito

asr-000205

at mangingisda.

00:22:51Source

Senator Joseph Victor "JV" G. Ejercito

asr-000206

Palakasin

00:22:52Source

Senator Joseph Victor "JV" G. Ejercito

asr-000208

ang produksyon at bawasan

00:22:54Source

Senator Joseph Victor "JV" G. Ejercito

asr-000209

ng ating dependence sa importation

00:22:55Source

Senator Joseph Victor "JV" G. Ejercito

asr-000210

kung kaya naman

00:22:57Source

Senator Joseph Victor "JV" G. Ejercito

asr-000211

natin magproduce dito sa sariling

00:23:00Source

Senator Joseph Victor "JV" G. Ejercito

asr-000212

bansa. Infrastructure

00:23:02Source

Senator Joseph Victor "JV" G. Ejercito

asr-000213

and agriculture are distinct but

00:23:04Source

Senator Joseph Victor "JV" G. Ejercito

asr-000214

they cannot be planned separately.

00:23:06Source

Senator Joseph Victor "JV" G. Ejercito

asr-000215

We must invest in infrastructure

00:23:08Source

Senator Joseph Victor "JV" G. Ejercito

asr-000216

that will unlock the economic potential

00:23:10Source

Senator Joseph Victor "JV" G. Ejercito

asr-000217

of the countryside,

00:23:12Source

Senator Joseph Victor "JV" G. Ejercito

asr-000218

especially through agriculture.

00:23:14Source

Senator Joseph Victor "JV" G. Ejercito

asr-000219

We do not want farm-to-market roads

00:23:16Source

Senator Joseph Victor "JV" G. Ejercito

asr-000220

where there are no farms.

00:23:18Source

Senator Joseph Victor "JV" G. Ejercito

asr-000221

Arbitrary and self-serving

00:23:20Source

Senator Joseph Victor "JV" G. Ejercito

asr-000222

flood control projects have

00:23:22Source

Senator Joseph Victor "JV" G. Ejercito

asr-000223

no place in our budget.

00:23:24Source

Senator Joseph Victor "JV" G. Ejercito

asr-000224

Ang gusto natin,

00:23:26Source

Senator Joseph Victor "JV" G. Ejercito

asr-000225

hindi na bahayin ang mapalayan

00:23:28Source

Senator Joseph Victor "JV" G. Ejercito

asr-000226

kapag malakas ang ulan,

00:23:30Source

Senator Joseph Victor "JV" G. Ejercito

asr-000227

pero may sapat na tubig naman

00:23:31Source

Senator Joseph Victor "JV" G. Ejercito

asr-000228

kapag panahon ang taniman.

00:23:34Source

Senator Joseph Victor "JV" G. Ejercito

asr-000229

Roads should connect farms

00:23:35Source

Senator Joseph Victor "JV" G. Ejercito

asr-000230

to markets. Irrigation should

00:23:38Source

Senator Joseph Victor "JV" G. Ejercito

asr-000231

bring water where and when it is

00:23:40Source

Senator Joseph Victor "JV" G. Ejercito

asr-000232

needed. Flood control

00:23:42Source

Senator Joseph Victor "JV" G. Ejercito

asr-000233

should protect communities

00:23:43Source

Senator Joseph Victor "JV" G. Ejercito

asr-000234

and productive land.

00:23:46Source

Senator Joseph Victor "JV" G. Ejercito

asr-000235

Ito ang ibig sabihin ng

00:23:47Source

Senator Joseph Victor "JV" G. Ejercito

asr-000236

Comprehensive Infrastructure Master Plan

00:23:49Source

Senator Joseph Victor "JV" G. Ejercito

asr-000237

hindi pira-piraso, hindi barabara

00:23:52Source

Senator Joseph Victor "JV" G. Ejercito

asr-000238

at hindi para sa iilan.

00:23:54Source

Senator Joseph Victor "JV" G. Ejercito

asr-000239

Infrastruktura na may silbi

00:23:56Source

Senator Joseph Victor "JV" G. Ejercito

asr-000240

at infrastruktura na tunay

00:23:58Source

Senator Joseph Victor "JV" G. Ejercito

asr-000241

na nagsisilbi.

00:24:00Source

Senator Joseph Victor "JV" G. Ejercito

asr-000242

We must also continue investing

00:24:01Source

Senator Joseph Victor "JV" G. Ejercito

asr-000243

in the security and long-term resilience

00:24:03Source

Senator Joseph Victor "JV" G. Ejercito

asr-000244

and development of our nation.

00:24:06Source

Senator Joseph Victor "JV" G. Ejercito

asr-000245

Proposed budget for the defense

00:24:08Source

Senator Joseph Victor "JV" G. Ejercito

asr-000246

sector must help build

00:24:09Source

Senator Joseph Victor "JV" G. Ejercito

asr-000247

a minimum credible defense posture

00:24:12Source

Senator Joseph Victor "JV" G. Ejercito

asr-000248

through

00:24:13Source

Senator Joseph Victor "JV" G. Ejercito

asr-000249

greater readiness, modern equipment

00:24:16Source

Senator Joseph Victor "JV" G. Ejercito

asr-000250

and a stronger capacity

00:24:17Source

Senator Joseph Victor "JV" G. Ejercito

asr-000251

to protect our people, our

00:24:19Source

Senator Joseph Victor "JV" G. Ejercito

asr-000252

territory and our sovereignty.

00:24:22Source

Senator Joseph Victor "JV" G. Ejercito

asr-000253

As Chair of the Committee on Finance,

00:24:23Source

Senator Joseph Victor "JV" G. Ejercito

asr-000254

we will continue supporting the

00:24:25Source

Senator Joseph Victor "JV" G. Ejercito

asr-000255

operational and modernization requirements

00:24:27Source

Senator Joseph Victor "JV" G. Ejercito

asr-000256

of the Armed Forces of the Philippines

00:24:29Source

Senator Joseph Victor "JV" G. Ejercito

asr-000257

while working responsibly toward

00:24:31Source

Senator Joseph Victor "JV" G. Ejercito

asr-000258

our long-term objective of

00:24:33Source

Senator Joseph Victor "JV" G. Ejercito

asr-000259

raising defense spending to 2%

00:24:35Source

Senator Joseph Victor "JV" G. Ejercito

asr-000260

of the GDP.

00:24:37Source

Senator Joseph Victor "JV" G. Ejercito

asr-000261

For education, we will work to

00:24:39Source

Senator Joseph Victor "JV" G. Ejercito

asr-000262

strengthen investments in our schools, teachers

00:24:41Source

Senator Joseph Victor "JV" G. Ejercito

asr-000263

and learners so that they result

00:24:43Source

Senator Joseph Victor "JV" G. Ejercito

asr-000264

in better classrooms,

00:24:45Source

Senator Joseph Victor "JV" G. Ejercito

asr-000265

stronger support for teachers and greater

00:24:47Source

Senator Joseph Victor "JV" G. Ejercito

asr-000266

opportunities for every

00:24:49Source

Senator Joseph Victor "JV" G. Ejercito

asr-000267

Filipino learner.

00:24:51Source

Senator Joseph Victor "JV" G. Ejercito

asr-000268

Sa ating pagtutulungan,

00:24:52Source

Senator Joseph Victor "JV" G. Ejercito

asr-000269

ang 2020 budget ay magsisibing

00:24:55Source

Senator Joseph Victor "JV" G. Ejercito

asr-000270

panimulang hakbang upang

00:24:57Source

Senator Joseph Victor "JV" G. Ejercito

asr-000271

patuloy na makahabol

00:24:59Source

Senator Joseph Victor "JV" G. Ejercito

asr-000272

ang ating bansa sa asean

00:25:01Source

Senator Joseph Victor "JV" G. Ejercito

asr-000273

pagdating sa kalidad ng edukasyon.

00:25:05Source

Senator Joseph Victor "JV" G. Ejercito

asr-000274

At isa pa ang hindi natin

00:25:07Source

Senator Joseph Victor "JV" G. Ejercito

asr-000275

dapat kalimutan, ang wastong paggamit

00:25:09Source

Senator Joseph Victor "JV" G. Ejercito

asr-000276

ng budget

00:25:10Source

Senator Joseph Victor "JV" G. Ejercito

asr-000277

bilang instrument ng economic growth

00:25:13Source

Senator Joseph Victor "JV" G. Ejercito

asr-000278

na ramdam ng bawat Pilipino.

00:25:16Source

Senator Joseph Victor "JV" G. Ejercito

asr-000279

We must recognize that

00:25:17Source

Senator Joseph Victor "JV" G. Ejercito

asr-000280

our economy has lost momentum,

00:25:19Source

Senator Joseph Victor "JV" G. Ejercito

asr-000281

growth has slowed down

00:25:21Source

Senator Joseph Victor "JV" G. Ejercito

asr-000282

considerably, underscoring the need

00:25:23Source

Senator Joseph Victor "JV" G. Ejercito

asr-000283

for decisive and well-targeted

00:25:25Source

Senator Joseph Victor "JV" G. Ejercito

asr-000284

action. We need to

00:25:27Source

Senator Joseph Victor "JV" G. Ejercito

asr-000285

accelerate government spending to stimulate

00:25:29Source

Senator Joseph Victor "JV" G. Ejercito

asr-000286

economy and sustain growth.

00:25:32Source

Senator Joseph Victor "JV" G. Ejercito

asr-000287

But faster spending

00:25:33Source

Senator Joseph Victor "JV" G. Ejercito

asr-000288

cannot come at the expense of

00:25:35Source

Senator Joseph Victor "JV" G. Ejercito

asr-000289

accountability. With limited

00:25:37Source

Senator Joseph Victor "JV" G. Ejercito

asr-000290

fiscal space, we must strike the

00:25:39Source

Senator Joseph Victor "JV" G. Ejercito

asr-000291

balance. Spend

00:25:41Source

Senator Joseph Victor "JV" G. Ejercito

asr-000292

faster where it is needed

00:25:43Source

Senator Joseph Victor "JV" G. Ejercito

asr-000293

while ensuring that every

00:25:45Source

Senator Joseph Victor "JV" G. Ejercito

asr-000294

peso is properly targeted,

00:25:47Source

Senator Joseph Victor "JV" G. Ejercito

asr-000295

transparent, and put into

00:25:49Source

Senator Joseph Victor "JV" G. Ejercito

asr-000296

good use. Again, I would

00:25:51Source

Senator Joseph Victor "JV" G. Ejercito

asr-000297

like to emphasize the need for a comprehensive

00:25:53Source

Senator Joseph Victor "JV" G. Ejercito

asr-000298

and long-term infrastructure master plan.

00:25:56Source

Senator Joseph Victor "JV" G. Ejercito

asr-000299

Government spending must not

00:25:57Source

Senator Joseph Victor "JV" G. Ejercito

asr-000300

simply fund scattered projects

00:25:59Source

Senator Joseph Victor "JV" G. Ejercito

asr-000301

year after year.

00:26:01Source

Senator Joseph Victor "JV" G. Ejercito

asr-000302

Dapat malinaw kung paano

00:26:03Source

Senator Joseph Victor "JV" G. Ejercito

asr-000303

nagkakaugnay ang mga proyekto,

00:26:05Source

Senator Joseph Victor "JV" G. Ejercito

asr-000304

kung paano ito nililika

00:26:07Source

Senator Joseph Victor "JV" G. Ejercito

asr-000305

ng trabaho at negosyo,

00:26:09Source

Senator Joseph Victor "JV" G. Ejercito

asr-000306

at kung paano nito palalakasin

00:26:11Source

Senator Joseph Victor "JV" G. Ejercito

asr-000307

ang ekonomiya hindi lamang ngayon,

00:26:13Source

Senator Joseph Victor "JV" G. Ejercito

asr-000308

kundi sa susunod na taon.

00:26:15Source

Senator Joseph Victor "JV" G. Ejercito

asr-000309

After all, every peso that we

00:26:17Source

Senator Joseph Victor "JV" G. Ejercito

asr-000310

appropriately represent is a choice.

00:26:19Source

Senator Joseph Victor "JV" G. Ejercito

asr-000311

Kaya ang hamon

00:26:21Source

Senator Joseph Victor "JV" G. Ejercito

asr-000312

sa atin ay hindi lamang kung magkano

00:26:23Source

Senator Joseph Victor "JV" G. Ejercito

asr-000313

ang ating gagasusin

00:26:24Source

Senator Joseph Victor "JV" G. Ejercito

asr-000314

kung hindi

00:26:27Source

Senator Joseph Victor "JV" G. Ejercito

asr-000315

saan natin iilalaan

00:26:29Source

Senator Joseph Victor "JV" G. Ejercito

asr-000316

ang bawat piso upang magkaroon

00:26:31Source

Senator Joseph Victor "JV" G. Ejercito

asr-000317

ito ng pinakamalaking epekto

00:26:33Source

Senator Joseph Victor "JV" G. Ejercito

asr-000318

sa ekonomiya at

00:26:35Source

Senator Joseph Victor "JV" G. Ejercito

asr-000319

sa pangangailangan ng ating makababayan.

00:26:38Source

Senator Joseph Victor "JV" G. Ejercito

asr-000320

In closing,

00:26:39Source

Senator Joseph Victor "JV" G. Ejercito

asr-000321

dear friends and colleagues, our mandate

00:26:41Source

Senator Joseph Victor "JV" G. Ejercito

asr-000322

for next year's budget is clear.

00:26:44Source

Senator Joseph Victor "JV" G. Ejercito

asr-000323

To restore the people's

00:26:45Source

Senator Joseph Victor "JV" G. Ejercito

asr-000324

trust in the budget process

00:26:47Source

Senator Joseph Victor "JV" G. Ejercito

asr-000325

and ultimately to restore

00:26:49Source

Senator Joseph Victor "JV" G. Ejercito

asr-000326

their trust in government.

00:26:52Source

Senator Joseph Victor "JV" G. Ejercito

asr-000327

Because in the end,

00:26:53Source

Senator Joseph Victor "JV" G. Ejercito

asr-000328

this budget will be judged

00:26:55Source

Senator Joseph Victor "JV" G. Ejercito

asr-000329

not by its amount,

00:26:57Source

Senator Joseph Victor "JV" G. Ejercito

asr-000330

but by the results it delivers.

00:27:00Source

Senator Joseph Victor "JV" G. Ejercito

asr-000331

Healthier families,

00:27:02Source

Senator Joseph Victor "JV" G. Ejercito

asr-000332

safer communities,

00:27:03Source

Senator Joseph Victor "JV" G. Ejercito

asr-000333

better public services,

00:27:05Source

Senator Joseph Victor "JV" G. Ejercito

asr-000334

more opportunities, and infrastructure

00:27:07Source

Senator Joseph Victor "JV" G. Ejercito

asr-000335

guided by a comprehensive and long-term

00:27:09Source

Senator Joseph Victor "JV" G. Ejercito

asr-000336

master plan.

00:27:11Source

Senator Joseph Victor "JV" G. Ejercito

asr-000337

Hindi pira-pirasong proyekto,

00:27:13Source

Senator Joseph Victor "JV" G. Ejercito

asr-000338

kundi malinaw na direksyon

00:27:14Source

Senator Joseph Victor "JV" G. Ejercito

asr-000339

para sa pangmatagalang pagunlad

00:27:16Source

Senator Joseph Victor "JV" G. Ejercito

asr-000340

ng ating bansa.

00:27:19Source

Senator Joseph Victor "JV" G. Ejercito

asr-000341

Tagumpay sa batayang serbisyo

00:27:21Source

Senator Joseph Victor "JV" G. Ejercito

asr-000342

ang batayan natin

00:27:22Source

Senator Joseph Victor "JV" G. Ejercito

asr-000343

ng tagumpay. Kung kaya

00:27:25Source

Senator Joseph Victor "JV" G. Ejercito

asr-000344

ito ang budget

00:27:27Source

Senator Joseph Victor "JV" G. Ejercito

asr-000345

na ating isusulong.

00:27:29Source

Senator Joseph Victor "JV" G. Ejercito

asr-000346

Tumutugon sa pangangailangan

00:27:31Source

Senator Joseph Victor "JV" G. Ejercito

asr-000347

may pananagutan

00:27:32Source

Senator Joseph Victor "JV" G. Ejercito

asr-000348

sa bawat pisong inilaan

00:27:34Source

Senator Joseph Victor "JV" G. Ejercito

asr-000349

nakabatay sa isang malinaw

00:27:37Source

Senator Joseph Victor "JV" G. Ejercito

asr-000350

at pangmatagalang plano at

00:27:38Source

Senator Joseph Victor "JV" G. Ejercito

asr-000351

maghahatid ng tunay na kaunaran

00:27:40Source

Senator Joseph Victor "JV" G. Ejercito

asr-000352

sa bayan.

00:27:42Source

Senator Joseph Victor "JV" G. Ejercito

asr-000353

Ang 2027 budget proceedings

00:27:45Source

Senator Joseph Victor "JV" G. Ejercito

asr-000354

ay magkakataon upang maibalik

00:27:47Source

Senator Joseph Victor "JV" G. Ejercito

asr-000355

ang tiwala ng mamamayan

00:27:49Source

Senator Joseph Victor "JV" G. Ejercito

asr-000356

sa pamalaan.

00:27:50Source

Senator Joseph Victor "JV" G. Ejercito

asr-000357

Pagkakataon na tulad

00:27:52Source

Senator Joseph Victor "JV" G. Ejercito

asr-000358

ng salapinang bayan ay hindi

00:27:54Source

Senator Joseph Victor "JV" G. Ejercito

asr-000359

dapat masayang. Maraming salamat po.

00:27:59Source

Senator Joseph Victor "JV" G. Ejercito

asr-000360

At this point,

00:28:00Source

Senator Joseph Victor "JV" G. Ejercito

asr-000361

the Chair would like to ask

00:28:03Source

Senator Joseph Victor "JV" G. Ejercito

asr-000362

our colleagues to have their opening

00:28:05Source

Senator Joseph Victor "JV" G. Ejercito

asr-000363

statements or manifestations

00:28:06Source

Senator Joseph Victor "JV" G. Ejercito

asr-000364

that they would like to make.

00:28:09Source

Senator Joseph Victor "JV" G. Ejercito

asr-000365

Of course, our Senate President

00:28:11Source

Senator Joseph Victor "JV" G. Ejercito

asr-000366

Pro Tempore.

00:28:12Source

Senator Vicente C. Sotto III

asr-000367

Thank you, Mr. Chairman.

00:28:14Source

Senator Vicente C. Sotto III

asr-000368

I'm here to listen.

00:28:16Source

Senator Vicente C. Sotto III

asr-000369

Thank you.

00:28:18Source

Senator Joseph Victor "JV" G. Ejercito

asr-000370

Thank you.

00:28:19Source

Senator Joseph Victor "JV" G. Ejercito

asr-000371

In order of arrival,

00:28:21Source

Senator Joseph Victor "JV" G. Ejercito

asr-000372

next is Senator Arwin Tulfo.

00:28:23Source

Senator Joseph Victor "JV" G. Ejercito

asr-000373

Sir, you have the floor.

00:28:25Source

Senator Erwin Tulfo

asr-000374

I don't have any opening statement

00:28:27Source

Senator Erwin Tulfo

asr-000375

at this point, Mr. Chair.

00:28:30Source

Senator Joseph Victor "JV" G. Ejercito

asr-000376

Senator Lacson?

00:28:32Source

Senator Panfilo Lacson

asr-000377

Nothing from this representation,

00:28:34Source

Senator Panfilo Lacson

asr-000378

Mr. Chairman.

00:28:35Source

Senator Joseph Victor "JV" G. Ejercito

asr-000379

Our Chairman of the Committee on Agriculture,

00:28:38Source

Senator Joseph Victor "JV" G. Ejercito

asr-000380

Senator Pangilinan?

00:28:40Source

Senator Francis Kiko Pangilinan

asr-000381

We are here to listen

00:28:41Source

Senator Francis Kiko Pangilinan

asr-000382

likewise, Mr. Chairman.

00:28:43Source

Senator Joseph Victor "JV" G. Ejercito

asr-000383

Thank you, Senator Villar.

00:28:46Source

Senator Camille Villar

asr-000384

Looking forward

00:28:47Source

Senator Camille Villar

asr-000385

to seeing their presentation,

00:28:49Source

Senator Camille Villar

asr-000386

so also here

00:28:50Source

Senator Camille Villar

asr-000387

to listen, Mr. Chair.

00:28:52Source

Senator Joseph Victor "JV" G. Ejercito

asr-000388

And lastly, Senator Tiberas?

00:28:55Source

Senator Risa Hontiveros

asr-000389

Also here to listen, Mr. Chair.

00:28:57Source

Senator Risa Hontiveros

asr-000390

Salamat po.

00:28:57Source

Senator Joseph Victor "JV" G. Ejercito

asr-000391

Okay, if there are none,

00:28:59Source

Senator Joseph Victor "JV" G. Ejercito

asr-000392

before...

00:29:00Source

Senator Joseph Victor "JV" G. Ejercito

asr-000393

Ah, Senator Bamakina, sorry.

00:29:03Source

Senator Joseph Victor "JV" G. Ejercito

asr-000394

If there are none,

00:29:05Source

Senator Joseph Victor "JV" G. Ejercito

asr-000395

before I request the Development Budget

00:29:07Source

Senator Joseph Victor "JV" G. Ejercito

asr-000396

Coordination Committee

00:29:09Source

Senator Joseph Victor "JV" G. Ejercito

asr-000397

or the DBCC to brief us

00:29:10Source

Senator Joseph Victor "JV" G. Ejercito

asr-000398

on the proposed fiscal year

00:29:12Source

Senator Joseph Victor "JV" G. Ejercito

asr-000399

to the National Expenditure Program,

00:29:14Source

Senator Joseph Victor "JV" G. Ejercito

asr-000400

I ask the indulgence of our colleagues

00:29:17Source

Senator Joseph Victor "JV" G. Ejercito

asr-000401

to allow our resource persons present

00:29:19Source

Senator Joseph Victor "JV" G. Ejercito

asr-000402

to complete their...

00:29:20Source

Senator Joseph Victor "JV" G. Ejercito

asr-000403

their presentations thereafter.

00:29:23Source

Senator Joseph Victor "JV" G. Ejercito

asr-000404

We shall open the floor for questions.

00:29:26Source

Senator Joseph Victor "JV" G. Ejercito

asr-000405

Each senator will be allotted

00:29:27Source

Senator Joseph Victor "JV" G. Ejercito

asr-000406

10 minutes for questions.

00:29:29Source

Senator Joseph Victor "JV" G. Ejercito

asr-000407

In keeping with tradition,

00:29:30Source

Senator Joseph Victor "JV" G. Ejercito

asr-000408

priority will be...

00:29:31Source

Senator Joseph Victor "JV" G. Ejercito

asr-000409

first be given to the officials

00:29:33Source

Senator Joseph Victor "JV" G. Ejercito

asr-000410

of the Senate,

00:29:34Source

Senator Joseph Victor "JV" G. Ejercito

asr-000411

followed by the other senators

00:29:36Source

Senator Joseph Victor "JV" G. Ejercito

asr-000412

according to the order of their arrival.

00:29:39Source

Senator Joseph Victor "JV" G. Ejercito

asr-000413

The agencies that will make

00:29:40Source

Senator Joseph Victor "JV" G. Ejercito

asr-000414

their presentations for today

00:29:42Source

Senator Joseph Victor "JV" G. Ejercito

asr-000415

in the following order,

00:29:44Source

Senator Joseph Victor "JV" G. Ejercito

asr-000416

the Banco Central na Pilipinas,

00:29:46Source

Senator Joseph Victor "JV" G. Ejercito

asr-000417

Department of Economy Planning and Development,

00:29:49Source

Senator Joseph Victor "JV" G. Ejercito

asr-000418

Department of Finance,

00:29:50Source

Senator Joseph Victor "JV" G. Ejercito

asr-000419

and the Department of Budget and Management.

00:29:53Source

Senator Joseph Victor "JV" G. Ejercito

asr-000420

We will have two days allotted

00:29:55Source

Senator Joseph Victor "JV" G. Ejercito

asr-000421

for the DBCC,

00:29:56Source

Senator Joseph Victor "JV" G. Ejercito

asr-000422

but if you can finish everything today,

00:29:59Source

Senator Joseph Victor "JV" G. Ejercito

asr-000423

so much the better.

00:30:00Source

Senator Joseph Victor "JV" G. Ejercito

asr-000424

As I understand, of course, Secretary Deco will be available only today.

00:30:06Source

Senator Joseph Victor "JV" G. Ejercito

asr-000425

So we will prioritize the Department of Finance concerns for today,

00:30:10Source

Senator Joseph Victor "JV" G. Ejercito

asr-000426

as well as Governor Eli Remolona.

00:30:14Source

Senator Joseph Victor "JV" G. Ejercito

asr-000427

So now, may we now call on Governor Remolona to deliver his opening statement

00:30:19Source

Senator Joseph Victor "JV" G. Ejercito

asr-000428

on behalf of the Banco Central ng Pilipinas.

00:30:23Source

Senator Joseph Victor "JV" G. Ejercito

asr-000429

You have the floor, sir.

00:30:25Source

BSP Governor Eli M. Remolona Jr.

asr-000430

Committee on Finance Chair J.V. Ejercito.

00:30:30Source

BSP Governor Eli M. Remolona Jr.

asr-000431

Distinguished Senators, colleagues in government, ladies and gentlemen.

00:30:37Source

BSP Governor Eli M. Remolona Jr.

asr-000432

Magandang umaga po.

00:30:39Source

Senator Joseph Victor "JV" G. Ejercito

asr-000433

Thank you.

00:30:40Source

Senator Joseph Victor "JV" G. Ejercito

asr-000434

So to interrupt you, I'd just like to recognize the presence of our Senate President,

00:30:45Source

Senator Joseph Victor "JV" G. Ejercito

asr-000435

Win Gatchalian, our former Finance Chair.

00:30:49Source

Senator Joseph Victor "JV" G. Ejercito

asr-000436

Thank you, sir.

00:30:50Source

Senator Joseph Victor "JV" G. Ejercito

asr-000437

Governor Remolona, you may proceed.

00:30:53Source

BSP Governor Eli M. Remolona Jr.

asr-000438

Honorable Senate President Win Gatchalian,

00:30:56Source

BSP Governor Eli M. Remolona Jr.

asr-000439

thank you for this opportunity to brief you,

00:31:00Source

BSP Governor Eli M. Remolona Jr.

asr-000440

on the macroeconomic outlook to provide context for the Fiscal Year 2027 budget.

00:31:08Source

BSP Governor Eli M. Remolona Jr.

asr-000441

As the country's central bank, our primary mandate is to safeguard price stability.

00:31:15Source

BSP Governor Eli M. Remolona Jr.

asr-000442

This mandate recognizes the fact that low inflation provides a sound foundation

00:31:23Source

BSP Governor Eli M. Remolona Jr.

asr-000443

for sustained economic growth and job creation.

00:31:28Source

BSP Governor Eli M. Remolona Jr.

asr-000444

At the DBCC, we have a number of issues.

00:31:29Source

BSP Governor Eli M. Remolona Jr.

asr-000445

In the DBCC briefing in Congress last week, I said that we worry a lot about inflation.

00:31:37Source

BSP Governor Eli M. Remolona Jr.

asr-000446

We know how inflation affects the purchasing power of Filipino families.

00:31:43Source

BSP Governor Eli M. Remolona Jr.

asr-000447

Indeed, surveys say that in people's minds,

00:31:47Source

BSP Governor Eli M. Remolona Jr.

asr-000448

inflation is the leading indicator of their well-being.

00:31:53Source

BSP Governor Eli M. Remolona Jr.

asr-000449

The main challenge we now face with regard to inflation is global supply shocks.

00:32:01Source

BSP Governor Eli M. Remolona Jr.

asr-000451

Since the start of the war in Iran, oil prices have risen sharply.

00:32:06Source

BSP Governor Eli M. Remolona Jr.

asr-000452

As a consequence, our energy prices and our food prices went through the roof.

00:32:14Source

BSP Governor Eli M. Remolona Jr.

asr-000453

There is little the BSP can do about the price of oil itself, because our tools are limited

00:32:23Source

BSP Governor Eli M. Remolona Jr.

asr-000454

to those coming from the supply side.

00:32:26Source

BSP Governor Eli M. Remolona Jr.

asr-000455

With that limitation, we must focus on the second round effects of global supply shocks.

00:32:31Source

BSP Governor Eli M. Remolona Jr.

asr-000456

To address inflation pressures, the BSP has already tightened monetary policy twice this year.

00:32:42Source

BSP Governor Eli M. Remolona Jr.

asr-000457

These actions were carefully calibrated to help push inflation back towards our target

00:32:49Source

BSP Governor Eli M. Remolona Jr.

asr-000458

and to keep inflation expectations well anchored,

00:32:53Source

BSP Governor Eli M. Remolona Jr.

asr-000459

while at the same time recognizing the current weakness in economic activity.

00:33:01Source

BSP Governor Eli M. Remolona Jr.

asr-000460

While at the same time recognizing the current weakness in economic activity, recent data on inflation is much more punctual than any other recent videos.

00:33:02Source

BSP Governor Eli M. Remolona Jr.

asr-000462

have been somewhat encouraging. Inflation has moderated in recent months, although it remains

00:33:09Source

BSP Governor Eli M. Remolona Jr.

asr-000463

well above our target of 3%. Looking ahead, we expect inflation to gradually move closer

00:33:18Source

BSP Governor Eli M. Remolona Jr.

asr-000464

to our target over the medium term. At the same time, we remain vigilant about the continued risks

00:33:26Source

BSP Governor Eli M. Remolona Jr.

asr-000465

to the inflation outlook. The Monetary Board stands ready to take the necessary measures

00:33:33Source

BSP Governor Eli M. Remolona Jr.

asr-000466

to fulfill our mandate. We also have a mandate for financial stability.

00:33:41Source

BSP Governor Eli M. Remolona Jr.

asr-000467

In this regard, I am pleased to inform that the Philippine banking system remains strong

00:33:48Source

BSP Governor Eli M. Remolona Jr.

asr-000468

and resilient. Banks continue to be well capitalized, adequately provisioned,

00:33:55Source

BSP Governor Eli M. Remolona Jr.

asr-000469

and supported by ample liquidity. Together with the country's solid external position,

00:34:03Source

BSP Governor Eli M. Remolona Jr.

asr-000470

these strengths will continue to improve.

00:34:03Source

BSP Governor Eli M. Remolona Jr.

asr-000471

These strengths provide important buffers against global challenges and uncertainties.

00:34:11Source

BSP Governor Eli M. Remolona Jr.

asr-000472

Overall, these developments support the macroeconomic assumptions

00:34:14Source

BSP Governor Eli M. Remolona Jr.

asr-000473

that underpin the proposed fiscal year 2027 national budget.

00:34:22Source

BSP Governor Eli M. Remolona Jr.

asr-000474

With that, let me turn the floor over to Deputy Governor Zeno Abenoa,

00:34:27Source

BSP Governor Eli M. Remolona Jr.

asr-000475

who will present a more detailed discussion of recent economic developments and macroeconomic

00:34:33Source

BSP Governor Eli M. Remolona Jr.

asr-000476

assumptions. Maraming salamat po.

00:34:33Source

Senator Joseph Victor "JV" G. Ejercito

asr-000477

Thank you, Governor Remolona. Next, we'd like to call our Secretary.

00:34:45Source

Senator Vicente C. Sotto III

asr-000477-split-2

Mr. Chairman. Yeah, Mr. Chairman.

00:34:51Source

Senator Joseph Victor "JV" G. Ejercito

asr-000477-split-2-split-2

Yes, Senate President...

00:34:54Source

Senator Vicente C. Sotto III

asr-000477-split-2-split-2-split-2

I think the BSP wants to continue with the presentation.

00:34:57Source

Senator Joseph Victor "JV" G. Ejercito

asr-000478

Who will make the presentation?

00:35:00Source

Senator Joseph Victor "JV" G. Ejercito

asr-000479

Dep Gov Abenoja.

00:35:01Source

Senator Joseph Victor "JV" G. Ejercito

asr-000480

Okay

00:35:01Source

Senator Joseph Victor "JV" G. Ejercito

asr-000481

please proceed.

00:35:03Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000482

Thank you, Mr. Chair.

00:35:05Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000483

I join the Governor in thanking and greeting good morning to our Senate President,

00:35:12Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000484

Win Gatchalian, our Chair of the Committee on Finance, Senator J.V. Ejercito,

00:35:20Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000485

our Honorable Vice Chairpersons, and Senators.

00:35:26Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000486

For the next few minutes, I will be providing a background, particularly our recent assessment

00:35:32Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000487

on the monetary, financial,

00:35:35Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000491

and external sector performance of the country.

00:35:38Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000492

And this will provide some background to the macroeconomic assumptions that have been reflected

00:35:44Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000493

when the 2027 budget has been formulated.

00:35:49Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000494

So let me start with inflation.

00:35:52Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000495

Here we show the inflation numbers.

00:35:56Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000496

The target for the inflation is an average of 3% every year.

00:36:01Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000497

And if you look back last year in 2025,

00:36:05Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000498

we see here that inflation, for the most part, has been manageable.

00:36:09Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000499

In fact, it's been below that 3% inflation target.

00:36:14Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000500

And this is due particularly to the benign food inflation and energy prices last year.

00:36:23Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000501

And this continued, these favorable inflation numbers continued during the first two months of 2026.

00:36:30Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000502

However, the conflict in the Middle East since February,

00:36:34Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000503

and February, 2026, drove global oil prices higher.

00:36:38Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000504

And this translated to significant spillover to domestic inflation.

00:36:44Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000505

As we can see, the inflation rapidly rose from 2.4% in February.

00:36:50Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000506

It went to as high as 7.2% back in April.

00:36:56Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000507

But since then, it has gradually eased to 6.2% as of July of this year.

00:37:04Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000508

However, inflation continues to be well above the target of 3%,

00:37:10Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000509

despite that moderation in the last three or four months.

00:37:15Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000510

The moderation that we have seen since the period,

00:37:18Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000511

during the period May to July months,

00:37:22Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000512

reflects, for the most part, lower global oil prices,

00:37:27Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000513

as well as some improvement in food supply.

00:37:30Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000514

Now, what was the response of the B2B?

00:37:34Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000515

What was the response of the B2B to this recent developments?

00:37:38Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000516

For the B2B, the monetary policy shifted to a tightening stance,

00:37:44Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000517

given the uptick in inflation and the increase in the inflation outlook.

00:37:51Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000518

The B2B decided to raise target policy rates from 4.25% by 25 basis points each,

00:37:59Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000519

last April and again in June 2026.

00:38:04Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000520

This brings the policy rate to 4.75%.

00:38:08Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000521

Let me just note that, as mentioned by our committee chair and the governor,

00:38:14Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000522

the BSP Monetary Board will be meeting today, again, to assess monetary policy.

00:38:23Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000523

But we are constrained to speak about the decision until the announcement at 2.30 this afternoon.

00:38:33Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000524

Now,

00:38:34Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000525

describing what we have done in the past, in the last two policy meetings,

00:38:39Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000526

we characterize this as a calibrated move by the BSP.

00:38:44Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000527

And the main purpose is really to anchor inflation expectations

00:38:49Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000528

and reduce what we call spillover or second-round effects

00:38:54Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000529

that could bring about a broader price pressure moving forward.

00:39:01Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000530

But equally important, and we highlight here,

00:39:03Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000531

Mr. Chair, is that this policy action, this measured policy action,

00:39:09Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000532

is meant also to complement fiscal measures so that it can support the steady consumption

00:39:16Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000533

and strengthening of business sentiment moving forward.

00:39:22Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000534

If you look at the policy environment right now,

00:39:25Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000535

we are indeed in a very challenging external environment.

00:39:28Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000536

And the BSP will remain data dependent.

00:39:32Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000537

The BSP will remain vigilant

00:39:34Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000542

And is prepared to take further monetary policy actions

00:39:37Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000543

to ensure that inflation returns to the 3% target over the medium term.

00:39:44Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000544

So where do we see inflation moving forward?

00:39:49Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000545

Here, Mr. Chair, we showed the forecast, the outlook for inflation,

00:39:53Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000546

that we did in the last policy meeting back in June 18 of this year.

00:39:59Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000547

And this outlook will be updated this afternoon.

00:40:02Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000548

And there will be announcements.

00:40:03Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000549

But just for recall, what we are seeing back in the last policy meeting

00:40:09Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000550

is that for 2026, inflation could average 6.4% this year.

00:40:16Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000551

Next year, 4.5%.

00:40:18Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000552

And then in 2028, 3.1%.

00:40:21Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000553

So it could take a little bit of time before we see inflation going back again

00:40:28Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000554

or averaging again close to the target of 3%.

00:40:33Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000555

At the same time, we emphasize another measure of inflation.

00:40:39Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000556

And this is what we call the core inflation.

00:40:42Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000557

Core inflation is a measure of the underlying price pressure.

00:40:49Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000558

And it is something that is more lasting, more stable

00:40:53Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000559

in affecting the price dynamics in the economy.

00:40:58Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000560

And this is something that we also closely monitor.

00:41:02Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000561

What are some of the upside risks that we are looking at?

00:41:07Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000562

There are several risks, and they could emanate from the higher

00:41:11Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000563

or elevated global oil prices, this anchoring of inflation expectations,

00:41:18Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000564

as well as some impact, especially in the near term,

00:41:22Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000565

coming from weather disturbances.

00:41:25Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000566

Now, if you look at the private sector surveys on their inflation forecast,

00:41:31Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000567

they also point.

00:41:32Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000568

to higher inflation over the near term.

00:41:35Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000569

But their expectation is that inflation could indeed come back

00:41:40Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000570

to close to the target by 2028.

00:41:44Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000571

Now, going to the banking system, how is the banking system performing?

00:41:49Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000572

The Philippine banking system remains healthy and supported by strong fundamentals.

00:41:56Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000573

In our oversight in supervising the banking sector,

00:42:00Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000574

the BSP,

00:42:02Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000575

we emphasize risk-based, forward-looking, and systemic risk-focused bank supervision.

00:42:10Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000576

This is important so that we can help ensure that banks sustain their growth in assets

00:42:16Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000577

and deposits, as well as continued profitability.

00:42:21Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000578

Looking across different metrics, for example, those on capital adequacy, on liquidity,

00:42:27Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000579

they all remain well above international norms.

00:42:32Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000580

If you look at non-performing loans, they also continue to be manageable,

00:42:37Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000581

and the banks are well provisioned against this non-performing portion of their loan book.

00:42:43Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000582

Looking ahead, we think that the banking system is well positioned to support economic activity

00:42:51Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000583

and financial stability.

00:42:54Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000584

An important element of the financial system is to provide efficient services

00:43:00Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000585

to our banks.

00:43:02Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000586

And from an economic perspective, we want to ensure we can support the değilism of both

00:43:07Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000587

households and businesses.

00:43:10Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000588

And here we show some of the developments in terms of access to financial services.

00:43:16Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000589

The chart on the left shows the digital payments reach almost 65% of retail transactions

00:43:24Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000590

by volume last year.

00:43:28Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000591

This surpasses the targets of 50% up to 54%

00:43:32Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000592

What this highlights is that there's a continued momentum in the adoption of electronic payment channels in the country.

00:43:42Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000593

But again, there's also an important element into this growing digital payment system in our economy.

00:43:49Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000594

And this refers to what are called network externalities.

00:43:54Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000595

This means that the value and convenience of our domestic payment system, our domestic electronic payment channels, increases as more consumers, more merchants, and more financial institutions participate in this financial ecosystem.

00:44:13Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000596

And this is something that the BSP has been promoting.

00:44:17Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000597

On the right side, we show the increasing number of bank deposit accounts.

00:44:21Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000598

It has reached over 28 million.

00:44:24Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000599

It has reached over 28 million accounts as of March 2026, with more than 170 banks offering basic deposit accounts.

00:44:34Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000600

These are no-frills deposit accounts, and it would help financial inclusion in our country.

00:44:43Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000601

This is an important priority of the BSP.

00:44:46Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000602

We also welcome the recent announcements of several banks to reduce or waive interbank digital transaction fees.

00:44:55Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000604

This makes it more affordable and accessible for Filipino households.

00:44:59Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000605

as

00:45:00Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000606

well as small businesses to access convenience of electronic fund

00:45:05Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000607

transfers. We also thank our legislators for the passage of an important law and

00:45:12Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000608

we refer here to the anti-financial account scamming up. This is indeed a

00:45:19Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000609

vital legislation to continue to improve consumer protection to do stronger

00:45:25Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000610

safeguards for fraud and faster complaint resolution. This is important

00:45:31Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000611

support as we try to grow, expand our financial system, not only to the

00:45:37Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000612

traditional banks, but also through banks via the digital economy. Now moving to

00:45:45Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000613

the external sector, we see that the external sector continue to provide some

00:45:50Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000614

protection from the effects of volatile external environment.

00:45:55Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000615

you

00:45:55Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000616

you

00:45:55Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000617

Our balance of payments, this is the total transactions of the Philippines

00:46:00Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000618

with the rest of the world, is in a deficit.

00:46:04Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000619

And an important component of that total balance of payments

00:46:08Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000620

is what we call the current account.

00:46:10Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000621

The current account captures the trade in goods as well as the trade in services.

00:46:18Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000622

That is also in deficit, but it has narrowed last year.

00:46:22Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000623

Now, for this year and 2027, next year,

00:46:26Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000624

the current account deficit is projected to slightly widen.

00:46:31Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000625

And this is something that we are monitoring.

00:46:34Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000626

But at the same time, we have observed that emerging markets

00:46:37Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000627

that continue to push for investment-led growth

00:46:40Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000628

usually experience such a deficit in their current account.

00:46:45Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000629

Now, how is this deficit being supported right now?

00:46:48Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000630

And here we point to very important structural flows,

00:46:51Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000631

the OFW remittances, the receipts from our BPO industry,

00:46:58Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000632

to some extent, tourism receipts, as well as foreign direct investments.

00:47:04Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000633

So these important inflows are vital to make sure that our external position

00:47:10Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000634

remains manageable and sustainable over time.

00:47:15Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000635

We also highlight that we maintain some buffers regarding our external,

00:47:21Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000636

and this is in terms of international reserves.

00:47:26Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000637

We show in the slide, Mr. Chair,

00:47:29Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000638

the recent number for our international reserves

00:47:32Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000639

is about $103 billion as of last month.

00:47:37Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000640

And is that adequate?

00:47:39Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000641

The answer is yes.

00:47:41Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000642

If you compare it, it can pay 6.7 months' worth of imports of goods and services.

00:47:48Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000643

It is also equivalent to 3.7.

00:47:51Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000644

7 times our short-term obligations,

00:47:57Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000645

our obligations for the next 12 months.

00:48:01Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000646

So overall, that is the general macroeconomic landscape

00:48:05Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000647

that we are working with at this time.

00:48:08Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000648

The key assumptions behind the proposed national budget

00:48:11Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000649

for fiscal year 2027 are shown, Mr. Chair, in this slide.

00:48:16Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000650

In terms of inflation, our forecast points to still elevated inflation,

00:48:21Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000651

in 2026, before easing in 2027,

00:48:27Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000652

but still above the inflation target of 3%.

00:48:30Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000653

In terms of oil prices, in recent months,

00:48:35Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000654

they continue to remain volatile and uncertain.

00:48:38Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000655

And we think that moving forward,

00:48:40Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000656

oil prices will reflect geopolitical developments,

00:48:44Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000657

including those happening in the Middle East.

00:48:47Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000658

In terms of exchange rate, they will be capturing,

00:48:50Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000659

in the near future,

00:48:51Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000660

different external developments,

00:48:54Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000661

but at the same time also reflecting possible domestic headwinds

00:48:59Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000662

or some improvements in domestic performance.

00:49:02Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000663

On domestic interest rates,

00:49:05Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000664

this will be reflecting the country's fiscal balance,

00:49:10Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000665

as well as the policy of continued consolidation

00:49:14Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000666

in our fiscal finances.

00:49:16Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000667

In terms of the international interest rates,

00:49:19Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000668

it will capture the expectations,

00:49:21Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000669

that the U.S. Fed may maintain a relatively cautious policy stance moving forward

00:49:28Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000670

for the rest of the year and into the next year.

00:49:31Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000671

Finally, our exports of goods will grow, but at a modest rate.

00:49:36Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000672

It will be supported by firm global demand,

00:49:39Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000673

particularly for electronics and manufacturers.

00:49:43Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000674

But there could be some challenges,

00:49:45Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000675

especially in the increased global trade uncertainty.

00:49:50Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000676

Now, let me end, Mr. Chair, with some questions.

00:49:51Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000677

First, in terms of inflation outlook,

00:49:56Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000678

we think that inflation could remain elevated over the near term,

00:50:00Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000679

and this will require measured action to anchor inflation expectations

00:50:05Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000680

and containing broadening price pressures.

00:50:09Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000681

We have adequate external buffers.

00:50:12Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000682

We also have a resilient banking system,

00:50:15Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000683

and these factors will be important in supporting domestic economy.

00:50:21Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000684

Moving forward, the BSP is prepared to take further monetary policy actions,

00:50:27Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000685

if needed, to help achieve price stability,

00:50:30Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000686

our main mandate of the BSP.

00:50:33Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000687

Price stability is our main contribution to promoting sustainable and durable growth.

00:50:41Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000688

I end here, Mr. Chair.

00:50:43Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000689

Thank you.

00:50:44Source

Senator Joseph Victor "JV" G. Ejercito

asr-000690

Thank you.

00:50:45Source

Senator Joseph Victor "JV" G. Ejercito

asr-000691

Since Governor Remolona has to be excused because of the Monetary Board meeting,

00:50:52Source

Senator Joseph Victor "JV" G. Ejercito

asr-000692

Will any of the deputy governors

00:50:54Source

Senator Joseph Victor "JV" G. Ejercito

asr-000693

remain?

00:50:56Source

Senator Joseph Victor "JV" G. Ejercito

asr-000694

They can answer?

00:50:57Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000699

Yeah, Mr. Chair.

00:50:58Source

Senator Joseph Victor "JV" G. Ejercito

asr-000700

For BSP?

00:50:59Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000701

Yes.

00:51:00Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-000702

Mr. Chair, thank you.

00:51:02Source

Senator Joseph Victor "JV" G. Ejercito

asr-000703

Okay.

00:51:03Source

Senator Joseph Victor "JV" G. Ejercito

asr-000704

If there are senators, do we have any for Governor Remolona?

00:51:06Source

Senator Joseph Victor "JV" G. Ejercito

asr-000705

Yes, Senator Tulfo.

00:51:08Source

Senator Erwin Tulfo

asr-000706

Thank you.

00:51:09Source

Senator Erwin Tulfo

asr-000707

Good morning, Governor Rebolona.

00:51:11Source

Senator Erwin Tulfo

asr-000708

Sir.

00:51:12Source

Senator Erwin Tulfo

asr-000709

I have a couple of quick questions, probably three the most.

00:51:16Source

Senator Erwin Tulfo

asr-000710

My first question, sir, is, we may have

00:51:21Source

Senator Erwin Tulfo

asr-000711

overlooked that one of the causes of inflation is the peso-dollar exchange rate.

00:51:28Source

Senator Erwin Tulfo

asr-000712

My question is, are we going to experience again the exchange rate below 60 pesos to

00:51:37Source

Senator Erwin Tulfo

asr-000713

a dollar or ever, or it will continue to go up?

00:51:42Source

Senator Erwin Tulfo

asr-000714

Because right now it's 61 plus, 61.72, the exchange rate today.

00:51:47Source

Senator Erwin Tulfo

asr-000715

Because I was looking at my records, sir.

00:51:51Source

Senator Erwin Tulfo

asr-000716

It says like, causes of inflation, because the rising cost of important goods, oil, food,

00:52:02Source

Senator Erwin Tulfo

asr-000717

raw materials, food, particularly fertilizers that we import, we depend so much on imported

00:52:09Source

Senator Erwin Tulfo

asr-000718

fertilizers.

00:52:10Source

Senator Erwin Tulfo

asr-000719

So, will this go down?

00:52:12Source

BSP Governor Eli M. Remolona Jr.

asr-000720

That's a good question.

00:52:18Source

BSP Governor Eli M. Remolona Jr.

asr-000721

We've been taught.

00:52:19Source

BSP Governor Eli M. Remolona Jr.

asr-000722

That's a good question.

00:52:21Source

BSP Governor Eli M. Remolona Jr.

asr-000723

It's true that when the goods are imported, when the peso goes down, the price of those

00:52:29Source

BSP Governor Eli M. Remolona Jr.

asr-000724

imports will go up.

00:52:32Source

BSP Governor Eli M. Remolona Jr.

asr-000725

What we're doing, because we've learned that, if the peso weakens very sharply, the impact

00:52:42Source

BSP Governor Eli M. Remolona Jr.

asr-000726

of the exchange rate on inflation will be higher.

00:52:46Source

BSP Governor Eli M. Remolona Jr.

asr-000727

Pero kung mabagal ang galaw, hindi masyadong tinatamaan yung inflation.

00:52:49Source

BSP Governor Eli M. Remolona Jr.

asr-000728

So, what we do is to manage the sharp movements in the exchange rate.

00:52:59Source

BSP Governor Eli M. Remolona Jr.

asr-000729

The exchange rate itself is something very hard to fix for a country like the Philippines.

00:53:06Source

BSP Governor Eli M. Remolona Jr.

asr-000730

As you know, Senator, we've had a trade deficit that's about 13% of our GDP.

00:53:15Source

BSP Governor Eli M. Remolona Jr.

asr-000731

Masyadong mahal ang exports natin.

00:53:19Source

BSP Governor Eli M. Remolona Jr.

asr-000732

Kulang na kulang ang exports natin.

00:53:21Source

BSP Governor Eli M. Remolona Jr.

asr-000733

So mahirap yatang pigilin yung pagbaba ng peso.

00:53:26Source

BSP Governor Eli M. Remolona Jr.

asr-000734

Pwedeng pigilin para bumagal pero hindi kayang pigilin, hindi kayang i-fix, hindi kayang 60 pesos. Ganun lang.

00:53:34Source

BSP Governor Eli M. Remolona Jr.

asr-000735

Hindi kaya yun eh.

00:53:35Source

BSP Governor Eli M. Remolona Jr.

asr-000736

Maubusan tayong reserves.

00:53:37Source

BSP Governor Eli M. Remolona Jr.

asr-000737

Maubusan tayong dollars.

00:53:39Source

BSP Governor Eli M. Remolona Jr.

asr-000738

Pero kung mabagal, hindi naman masyadong inflationary.

00:53:42Source

BSP Governor Eli M. Remolona Jr.

asr-000739

But hopefully, our exports will grow.

00:53:46Source

BSP Governor Eli M. Remolona Jr.

asr-000740

Our exports are too low.

00:53:48Source

BSP Governor Eli M. Remolona Jr.

asr-000741

Our exports.

00:53:49Source

BSP Governor Eli M. Remolona Jr.

asr-000742

That's the...

00:53:49Source

BSP Governor Eli M. Remolona Jr.

asr-000743

That's our challenge here in the exchange rate.

00:53:56Source

Senator Erwin Tulfo

asr-000744

I just have one follow-up question on that.

00:53:59Source

Senator Erwin Tulfo

asr-000745

So, what are you studying?

00:54:02Source

Senator Erwin Tulfo

asr-000746

How do we go around this?

00:54:04Source

Senator Erwin Tulfo

asr-000747

How can we improve this?

00:54:06Source

Senator Erwin Tulfo

asr-000748

If we can't do anything about the exchange rate, because we depend so much right now

00:54:14Source

Senator Erwin Tulfo

asr-000749

on the remittances of our OFWs, and we thank God that they are there.

00:54:19Source

Senator Erwin Tulfo

asr-000750

Otherwise, wala na talaga.

00:54:19Source

Senator Erwin Tulfo

asr-000751

Bagsak na itong ekonomiya natin.

00:54:22Source

Senator Erwin Tulfo

asr-000752

So, other than remittances, sabi niyo, hindi rin po puwede yung exports dahil napakabagal.

00:54:29Source

Senator Erwin Tulfo

asr-000753

Isa sa mga sakit ng ulo ng Bureau of Customs right now, ang daming pumapasok po na container imports.

00:54:35Source

Senator Erwin Tulfo

asr-000754

Pero pag-export, natatambak ngayon diyan sa pier, sa mga kung saan-saan, masakit na po ang ulo ng commissioner natin.

00:54:42Source

Senator Erwin Tulfo

asr-000755

how to dispose those empty containers.

00:54:46Source

Senator Erwin Tulfo

asr-000756

So, anong nakikita ninyo in your studies?

00:54:49Source

BSP Governor Eli M. Remolona Jr.

asr-000757

Now, we can do something about it.

00:54:51Source

BSP Governor Eli M. Remolona Jr.

asr-000758

Gumawa tayong paraan na palakasin ang exports.

00:54:59Source

BSP Governor Eli M. Remolona Jr.

asr-000759

So, for example, Pax Silica, it could help with exports.

00:55:05Source

BSP Governor Eli M. Remolona Jr.

asr-000760

And Luzon Economic Corridor, it could help with exports.

00:55:10Source

BSP Governor Eli M. Remolona Jr.

asr-000761

But it may take some time before we can do it.

00:55:18Source

BSP Governor Eli M. Remolona Jr.

asr-000762

Ang isa pang consideration dyan, Senator, yung savings rate natin.

00:55:25Source

BSP Governor Eli M. Remolona Jr.

asr-000766

Kasi pag binilang mo yung remittances at saka yung BPO, ang diperensya ng pumapasok na pera at saka lumalabas, ang tawag dun current account.

00:55:37Source

BSP Governor Eli M. Remolona Jr.

asr-000767

Negative din

00:55:39Source

BSP Governor Eli M. Remolona Jr.

asr-000768

ang current account natin, matagal nang negative.

00:55:44Source

BSP Governor Eli M. Remolona Jr.

asr-000769

As much as possible, I hope our savings will increase.

00:55:47Source

BSP Governor Eli M. Remolona Jr.

asr-000770

That's the long-term solution.

00:55:50Source

BSP Governor Eli M. Remolona Jr.

asr-000771

It's a bit difficult to say this, Senator.

00:55:53Source

BSP Governor Eli M. Remolona Jr.

asr-000772

But it's a bold decision.

00:55:54Source

Senator Erwin Tulfo

asr-000773

I agree with you, sir.

00:56:01Source

Senator Erwin Tulfo

asr-000774

Because we spend so much higher than what we make.

00:56:06Source

Senator Erwin Tulfo

asr-000775

You know, you only spend how much you make.

00:56:12Source

Senator Erwin Tulfo

asr-000776

But we spend more than what we make.

00:56:15Source

Senator Erwin Tulfo

asr-000777

It's like a family.

00:56:17Source

Senator Erwin Tulfo

asr-000778

The father and the mother have a salary of 50,000.

00:56:20Source

Senator Erwin Tulfo

asr-000779

The expenses are 80,000.

00:56:23Source

Senator Erwin Tulfo

asr-000780

How can you save?

00:56:24Source

Senator Erwin Tulfo

asr-000781

That's the problem.

00:56:25Source

BSP Governor Eli M. Remolona Jr.

asr-000782

That's the debt.

00:56:26Source

BSP Governor Eli M. Remolona Jr.

asr-000783

And for the country as a whole, to finance it, it's a bigger investment than savings.

00:56:32Source

BSP Governor Eli M. Remolona Jr.

asr-000784

So to finance it, we'll borrow from abroad.

00:56:36Source

Senator Erwin Tulfo

asr-000785

Thank you.

00:56:37Source

Senator Erwin Tulfo

asr-000786

That's all for me, Mr. Chair.

00:56:39Source

Senator Joseph Victor "JV" G. Ejercito

asr-000787

Yes, next is Senator Lacson, then Senator Hontiveros.

00:56:41Source

Senator Panfilo Lacson

asr-000788

Thank you, Mr. Chairman.

00:56:42Source

Senator Panfilo Lacson

asr-000789

Magandang umaga po, Governor Remolona.

00:56:45Source

Senator Panfilo Lacson

asr-000790

Last time we met, last year, di ba?

00:56:49Source

BSP Governor Eli M. Remolona Jr.

asr-000791

Yes.

00:56:49Source

Senator Panfilo Lacson

asr-000792

So once a year lang tayo nakikita, samantalahin ko na lang tanungin.

00:56:52Source

BSP Governor Eli M. Remolona Jr.

asr-000793

Go ahead.

00:56:52Source

Senator Panfilo Lacson

asr-000794

Tama po ba yung aking understanding na ang easing ng inflation ay nakabasis sa assumption na bumaba ba yung prices ng oil at saka sundan ko yung kay Senator Tulfo, yung stable yung exchange rate natin.

00:57:11Source

Senator Panfilo Lacson

asr-000795

Tama po ba yun?

00:57:12Source

BSP Governor Eli M. Remolona Jr.

asr-000796

Tama po yun.

00:57:13Source

Senator Panfilo Lacson

asr-000797

So ang tanong ko po, dahil nagbukas yung, kasi nakita ko yung graph ng inflation sa presentation,

00:57:22Source

Senator Panfilo Lacson

asr-000798

Nagbukas po yung Strait of Hormus June this year.

00:57:33Source

Senator Panfilo Lacson

asr-000799

Kasi nga nagkaroon ng memorandum of understanding between the US and Iran na buksan. Pero temporary lang dahil August, hindi naman fully open, hindi naman fully closed pero nagsara uli.

00:57:41Source

Senator Panfilo Lacson

asr-000800

So ang tanong ko po, paano natin matatarget yung inflation, yung movement kung beyond the government control,

00:57:52Source

Senator Panfilo Lacson

asr-000801

Yung mga factors o yung drivers like yung oil prices, exchange rate, ano po yung ating gagawing measures kasi hindi natin abot yun eh. Wala tayong kontrol eh.

00:58:04Source

Senator Panfilo Lacson

asr-000802

So, at our end, ano po yung pwede lang natin gawin para masustain natin yung inflation rate?

00:58:10Source

BSP Governor Eli M. Remolona Jr.

asr-000803

Tama po kayo, Sen.

00:58:12Source

BSP Governor Eli M. Remolona Jr.

asr-000804

Talagang wala tayong magagawa sa price of oil.

00:58:15Source

BSP Governor Eli M. Remolona Jr.

asr-000805

Global yan.

00:58:16Source

BSP Governor Eli M. Remolona Jr.

asr-000806

At saka yung share natin sa demand for oil, 4% lang.

00:58:22Source

BSP Governor Eli M. Remolona Jr.

asr-000807

So, kahit anong gawin natin, hindi natin mababago yun.

00:58:26Source

BSP Governor Eli M. Remolona Jr.

asr-000808

Yung price of oil, tinatamaan naman yung fertilizer.

00:58:29Source

BSP Governor Eli M. Remolona Jr.

asr-000809

Dahil yung fertilizer natin galing din sa oil.

00:58:32Source

BSP Governor Eli M. Remolona Jr.

asr-000810

So tatamaan yung presyo ng pagkain, presyo ng bigas.

00:58:37Source

BSP Governor Eli M. Remolona Jr.

asr-000811

So ang tinitira namin yung second round effects.

00:58:41Source

BSP Governor Eli M. Remolona Jr.

asr-000812

Kasi yung second round effects kaya nating—

00:58:44Source

BSP Governor Eli M. Remolona Jr.

asr-000813

Demand side yung second round effects.

00:58:46Source

BSP Governor Eli M. Remolona Jr.

asr-000814

So may magagawa tayo.

00:58:47Source

BSP Governor Eli M. Remolona Jr.

asr-000815

Kaya lang mabagal.

00:58:49Source

Senator Panfilo Lacson

asr-000816

Like what po?

00:58:51Source

BSP Governor Eli M. Remolona Jr.

asr-000818

Yung ibang mga services.

00:58:52Source

BSP Governor Eli M. Remolona Jr.

asr-000819

Halimbawa, yung presyo ng services, restaurants, yung mga ganoon.

00:58:58Source

BSP Governor Eli M. Remolona Jr.

asr-000820

Kaya nating pahinayin yung inflation doon.

00:59:03Source

BSP Governor Eli M. Remolona Jr.

asr-000821

Pero over time, mapapababa naman natin.

00:59:07Source

BSP Governor Eli M. Remolona Jr.

asr-000822

Matagal lang.

00:59:09Source

Senator Panfilo Lacson

asr-000822-split-2

For my education lang po, can we be more specific kung ano yung mga measures?

00:59:11Source

BSP Governor Eli M. Remolona Jr.

asr-000823

So, ang strategy namin dahil ang number one tool na namin, yung interest rate.

00:59:22Source

BSP Governor Eli M. Remolona Jr.

asr-000824

So, pag tumaas ang interest rate, mapapababa natin yung demand ng mga services,

00:59:30Source

BSP Governor Eli M. Remolona Jr.

asr-000825

o yung mga tinatawag natin na second round effects ng mga items.

00:59:38Source

BSP Governor Eli M. Remolona Jr.

asr-000826

So yun na muna.

00:59:39Source

Senator Panfilo Lacson

asr-000827

How much po ang influence nung ating kayang gawin?

00:59:43Source

BSP Governor Eli M. Remolona Jr.

asr-000828

Inaabot tayo ng two years bago natin mabalik sa 3%.

00:59:47Source

Senator Panfilo Lacson

asr-000829

Anyway, thank you, Mr. Chairman.

00:59:50Source

Senator Panfilo Lacson

asr-000830

Thank you, Governor.

00:59:51Source

BSP Governor Eli M. Remolona Jr.

asr-000831

Salamat po.

00:59:52Source

Senator Joseph Victor "JV" G. Ejercito

asr-000832

Thank you, Senator Lacson, Senator Hontiveros.

00:59:56Source

Senator Risa Hontiveros

asr-000833

Salamat, Mr. Chair.

00:59:57Source

Senator Risa Hontiveros

asr-000834

At magandang umaga po muli, Gov.

01:00:00Source

Senator Risa Hontiveros

asr-000835

Hindi lang naman po yung Pilipinas pero yung buong mundo ay naapektohan ng mga global headwinds. Pero bakit ang taas ng inflation figures natin kumpara sa mga kapitbahay natin, sa atin 6.2%, samantala ang Vietnam 4.4%, ang Thailand 1.95% at ang Malaysia 1.8%.

01:00:25Source

Senator Risa Hontiveros

asr-000836

So ano po yung nag-a-account para sa diferensyang iyon na ang samanong epekto po sa atin?

01:00:36Source

BSP Governor Eli M. Remolona Jr.

asr-000837

Tayo yung napuruhan ng oil prices eh. Yung gaya ng Indonesia, merong oil sila although nag-iimport pa rin pero meron silang oil.

01:00:44Source

BSP Governor Eli M. Remolona Jr.

asr-000838

Malaysia, ganun din, may oil sila pero nag-iimport sila ng konti. So tayo, wala tayong oil talaga eh. So malakas ang tama talaga sa atin.

01:00:53Source

BSP Governor Eli M. Remolona Jr.

asr-000839

Tapos, just to oversimplify, Senator, pwede mong hatiin yung mga economists,

01:00:58Source

BSP Governor Eli M. Remolona Jr.

asr-000840

Yung may oil at saka yung walang oil. Wala tayong oil. Pwede nyo rin hatiin yung mga economists. Yung may AI at saka walang AI.

01:01:08Source

BSP Governor Eli M. Remolona Jr.

asr-000841

Tayo, wala tayong AI eh. Na totoong AI. So yung merong AI na mga economists, nakakompensate yung kanilang AI sector sa pagkakulangan ng oil.

01:01:22Source

BSP Governor Eli M. Remolona Jr.

asr-000842

So tayo, talo talaga tayo dun sa ganun mga aspects.

01:01:27Source

BSP Governor Eli M. Remolona Jr.

asr-000843

Although this is two oversimplified things.

01:01:31Source

Senator Risa Hontiveros

asr-000844

Kahit sabi nyo po gov oversimplification, so dalawang factors, the haves and the have-nots, langis at saka AI, could you possibly give a third para may indication din po kami,

01:01:43Source

Senator Risa Hontiveros

asr-000845

kahit sa pag-examine ng anong dapat na budget para sa 2027 na adjustan po namin para masuportahan din yung mga measures na ginagawa nyo sa Banko Sentral

01:01:55Source

Senator Risa Hontiveros

asr-000846

na i-tame at i-control ang inflation at ibalik siya.

01:01:58Source

Senator Risa Hontiveros

asr-000847

So talaga dun sa trajectory papunta sa inflation target kahit by year 2028 pa.

01:02:06Source

BSP Governor Eli M. Remolona Jr.

asr-000848

Kung meron man sir.

01:02:09Source

BSP Governor Eli M. Remolona Jr.

asr-000849

Walang masyadong obvious eh pero.

01:02:20Source

Senator Risa Hontiveros

asr-000850

So itong dalawa po ang dalawang pinaka-obvious na may posibleng positive effect sa pag-tame ng inflation.

01:02:23Source

BSP Governor Eli M. Remolona Jr.

asr-000850-split-2

Dalawang pinaka-obvious po.

01:02:32Source

Senator Risa Hontiveros

asr-000851

Alright, well noted po.

01:02:33Source

Senator Risa Hontiveros

asr-000852

Salamat po, Governor. Salamat po, Mr. Chair.

01:02:36Source

Senator Joseph Victor "JV" G. Ejercito

asr-000853

Thank you, Senator Ontiberos. Next is Senator Pangilinan.

01:02:40Source

Senator Francis Kiko Pangilinan

asr-000854

Thank you, Magandang Maga, Governor, Deputy Governor.

01:02:45Source

Senator Francis Kiko Pangilinan

asr-000855

Si Deputy Governor Abinoha and I sat in the NFA Council when I was Chairman and you were representing the BSP.

01:02:55Source

Senator Francis Kiko Pangilinan

asr-000856

Food inflation actually is a driver of nationwide inflation.

01:03:00Source

Senator Francis Kiko Pangilinan

asr-000857

In fact, to be specific, rice inflation.

01:03:03Source

Senator Francis Kiko Pangilinan

asr-000858

Rice inflation is a big driver, either driving it up or driving it down.

01:03:11Source

Senator Francis Kiko Pangilinan

asr-000859

Would you consider that, Governor, one of the interventions that needs immediate addressing so that we can bring down nationwide inflation?

01:03:22Source

Senator Francis Kiko Pangilinan

asr-000860

I say this because, and I think Deputy Governor Abinoha will remember or perhaps you will recall,

01:03:31Source

Senator Francis Kiko Pangilinan

asr-000861

during our watch with the NFA having the...

01:03:33Source

Senator Francis Kiko Pangilinan

asr-000862

powers that it used to have,

01:03:36Source

Senator Francis Kiko Pangilinan

asr-000863

we were able to flood NCR with up to 75% additional rice at that height when rice inflation was 15%

01:03:50Source

Senator Francis Kiko Pangilinan

asr-000864

in June of 2014 when I first stepped in as Food Security Secretary.

01:03:57Source

Senator Francis Kiko Pangilinan

asr-000865

So much so that within one year,

01:04:01Source

Senator Francis Kiko Pangilinan

asr-000866

rice inflation dropped from 15%.

01:04:03Source

Senator Francis Kiko Pangilinan

asr-000867

to 0.8%

01:04:05Source

Senator Francis Kiko Pangilinan

asr-000868

in June of 2015.

01:04:08Source

Senator Francis Kiko Pangilinan

asr-000869

And by September of 2015,

01:04:13Source

Senator Francis Kiko Pangilinan

asr-000870

we registered the lowest inflation

01:04:15Source

Senator Francis Kiko Pangilinan

asr-000871

in 20 years

01:04:17Source

Senator Francis Kiko Pangilinan

asr-000872

from 1995 to 2015.

01:04:22Source

Senator Francis Kiko Pangilinan

asr-000873

You will recall that,

01:04:24Source

Senator Francis Kiko Pangilinan

asr-000874

DepGov Abinoha.

01:04:26Source

Senator Francis Kiko Pangilinan

asr-000875

So,

01:04:28Source

Senator Francis Kiko Pangilinan

asr-000876

should not that be one major consideration for our

01:04:31Source

Senator Francis Kiko Pangilinan

asr-000877

Executive Department?

01:04:33Source

Senator Francis Kiko Pangilinan

asr-000878

How do we manage, bring down, food inflation, particularly rice inflation?

01:04:38Source

BSP Governor Eli M. Remolona Jr.

asr-000879

Tama kayo, Senator.

01:04:43Source

BSP Governor Eli M. Remolona Jr.

asr-000880

Food is 37% of our index.

01:04:48Source

BSP Governor Eli M. Remolona Jr.

asr-000881

So, malaking share ng index.

01:04:51Source

BSP Governor Eli M. Remolona Jr.

asr-000882

For the lower 30% of our household, food is 50% of their basket.

01:04:59Source

BSP Governor Eli M. Remolona Jr.

asr-000883

Now, rice is very special.

01:05:02Source

BSP Governor Eli M. Remolona Jr.

asr-000884

Ang rice kasi, ang tawag namin din, salient price.

01:05:05Source

BSP Governor Eli M. Remolona Jr.

asr-000885

Napapansin

01:05:06Source

BSP Governor Eli M. Remolona Jr.

asr-000886

ng mga tao, yung presyo ng bigas,

01:05:08Source

BSP Governor Eli M. Remolona Jr.

asr-000887

na-affect yung expectations nila.

01:05:11Source

BSP Governor Eli M. Remolona Jr.

asr-000888

Pag tumaas yung presyo ng bigas, may effects sa expectations.

01:05:14Source

BSP Governor Eli M. Remolona Jr.

asr-000889

Yung expectations, ano yan eh, part of the mechanism for inflation.

01:05:20Source

BSP Governor Eli M. Remolona Jr.

asr-000890

So, maganda kung hindi tumaas masyado yung presyo ng bigas.

01:05:26Source

BSP Governor Eli M. Remolona Jr.

asr-000891

Ang makakabuti, hindi po yung lalagyan natin ng cap, hindi masyado nakakatulong yung cap.

01:05:35Source

BSP Governor Eli M. Remolona Jr.

asr-000892

Ang mas mabuti, hindi po yung lalagyan natin ng cap, hindi masyado nakakatulong yung cap.

01:05:36Source

BSP Governor Eli M. Remolona Jr.

asr-000893

Ang mas mabuti, mataas natin, itaas natin yung productivity ng ating agriculture para mas malaki ang production natin ng rice.

01:05:45Source

Senator Francis Kiko Pangilinan

asr-000894

Unfortunately, in terms of agri-exports, we continue to be a net importer instead of a net exporter.

01:05:57Source

Senator Francis Kiko Pangilinan

asr-000895

And we're doing very, not naman negligible, but nakakalungkot kung inkumpara yung ating agri-export.

01:06:07Source

Senator Francis Kiko Pangilinan

asr-000896

We're doing agri-exports sa Thailand, Indonesia.

01:06:11Source

Senator Francis Kiko Pangilinan

asr-000897

They're doing almost 60 plus billion dollars worth of agri-exports while we're doing about nine.

01:06:18Source

Senator Francis Kiko Pangilinan

asr-000898

So clearly, something is not right with precisely why food inflation,

01:06:26Source

Senator Francis Kiko Pangilinan

asr-000899

why nationwide inflation is high because food inflation is high.

01:06:30Source

Senator Francis Kiko Pangilinan

asr-000900

Food inflation is high because productivity is low, supply is low.

01:06:36Source

Senator Francis Kiko Pangilinan

asr-000901

And therefore, when demand is high and supply is low, then prices will obviously go up.

01:06:44Source

Senator Francis Kiko Pangilinan

asr-000902

So it's actually a very basic, simple problem.

01:06:52Source

Senator Francis Kiko Pangilinan

asr-000903

I mean, simply defined, articulated problem.

01:06:56Source

Senator Francis Kiko Pangilinan

asr-000904

Now, the challenge is how do you bring down food prices?

01:06:59Source

Senator Francis Kiko Pangilinan

asr-000905

How do you increase productivity?

01:07:01Source

Senator Francis Kiko Pangilinan

asr-000906

I mean, that's really now up to the executive department through the DA.

01:07:05Source

Senator Francis Kiko Pangilinan

asr-000907

And the DepDev

01:07:07Source

Senator Francis Kiko Pangilinan

asr-000908

But you will agree that if we address food inflation by providing the right supply,

01:07:21Source

Senator Francis Kiko Pangilinan

asr-000909

we will bring down nationwide inflation.

01:07:24Source

BSP Governor Eli M. Remolona Jr.

asr-000910

Absolutely. Absolutely, Senator.

01:07:26Source

Senator Francis Kiko Pangilinan

asr-000911

Thank you. Thank you.

01:07:28Source

Senator Joseph Victor "JV" G. Ejercito

asr-000912

Thank you, Senator Pangilinan.

01:07:30Source

Senator Joseph Victor "JV" G. Ejercito

asr-000913

Next to ask question is, before we continue,

01:07:34Source

Senator Joseph Victor "JV" G. Ejercito

asr-000914

I'd like to, the chair would like to acknowledge the presence of Senator Robin Hood-Badilla.

01:07:39Source

Senator Joseph Victor "JV" G. Ejercito

asr-000915

Senator, a follow-up question.

01:07:42Source

Senator Francis Kiko Pangilinan

asr-000916

Yes, just one quick question, Mr. Chair.

01:07:47Source

Senator Francis Kiko Pangilinan

asr-000917

In 2025, Governor Mo Lona, the president's budget inflation in the medium term

01:07:55Source

Senator Francis Kiko Pangilinan

asr-000918

is supposed to stabilize at 2.2 to 4 percent from 2025 to 2028 with monetary policy.

01:08:03Source

Senator Francis Kiko Pangilinan

asr-000919

And government interventions.

01:08:05Source

Senator Francis Kiko Pangilinan

asr-000920

Is that correct?

01:08:06Source

BSP Governor Eli M. Remolona Jr.

asr-000921

That's what was our advisors, the economic advisors were telling.

01:08:10Source

BSP Governor Eli M. Remolona Jr.

asr-000922

This year, however, we adjusted the inflation assumption to 4 percent to 5 percent.

01:08:16Source

Senator Francis Kiko Pangilinan

asr-000923

Well, whatever happened, what we're saying, stabilize at 2 to 4 percent,

01:08:21Source

Senator Francis Kiko Pangilinan

asr-000924

there are monetary policy and government interventions.

01:08:25Source

Senator Francis Kiko Pangilinan

asr-000925

It did not work.

01:08:26Source

Senator Francis Kiko Pangilinan

asr-000926

So, our solution is to go up.

01:08:29Source

Senator Francis Kiko Pangilinan

asr-000927

We'll bring up our inflation to another 4 to 5 percent.

01:08:32Source

Senator Francis Kiko Pangilinan

asr-000928

To resolve that issue.

01:08:34Source

BSP Governor Eli M. Remolona Jr.

asr-000929

As you know, Senator, the world has changed.

01:08:38Source

BSP Governor Eli M. Remolona Jr.

asr-000930

In April, suddenly, there was a war.

01:08:42Source

BSP Governor Eli M. Remolona Jr.

asr-000931

The oil prices went up more than ever before.

01:08:47Source

BSP Governor Eli M. Remolona Jr.

asr-000932

More than during the start of the Ukraine invasion.

01:08:52Source

BSP Governor Eli M. Remolona Jr.

asr-000933

So, if the situation has changed, the assumptions must be adjusted

01:09:00Source

BSP Governor Eli M. Remolona Jr.

asr-000934

to reflect the new situation.

01:09:03Source

BSP Governor Eli M. Remolona Jr.

asr-000935

The situation that we face.

01:09:05Source

Senator Francis Kiko Pangilinan

asr-000936

But my question, sir, is, do we have any measures?

01:09:10Source

Senator Francis Kiko Pangilinan

asr-000937

Like, don't we expect shocks like this?

01:09:13Source

Senator Francis Kiko Pangilinan

asr-000938

You guys do not anticipate?

01:09:15Source

Senator Francis Kiko Pangilinan

asr-000939

Whatever happened, if there's this, if there's a catastrophe,

01:09:19Source

Senator Francis Kiko Pangilinan

asr-000940

the supply like this, we should have learned our lesson from last year

01:09:23Source

Senator Francis Kiko Pangilinan

asr-000941

because of the Iran-US war.

01:09:25Source

Senator Francis Kiko Pangilinan

asr-000942

What if there's a severe drought that we'll experience or we cannot import

01:09:32Source

Senator Francis Kiko Pangilinan

asr-000943

anymore from other countries because there's war?

01:09:35Source

Senator Francis Kiko Pangilinan

asr-000944

Is this not factored in when you guys talk about inflation?

01:09:40Source

Senator Francis Kiko Pangilinan

asr-000945

What do we do if this will happen?

01:09:42Source

Senator Francis Kiko Pangilinan

asr-000946

Do we have any measures, counter measures to avoid this?

01:09:46Source

Senator Francis Kiko Pangilinan

asr-000947

To prepare our government, to prepare our people just in case we have Plan A,

01:09:50Source

Senator Francis Kiko Pangilinan

asr-000948

then we go to Plan B if this Plan A won't work.

01:09:53Source

BSP Governor Eli M. Remolona Jr.

asr-000949

What we've done on our side, which is what we can do,

01:10:00Source

BSP Governor Eli M. Remolona Jr.

asr-000950

is to change the way we analyze inflation.

01:10:03Source

BSP Governor Eli M. Remolona Jr.

asr-000951

Now, we have scenarios.

01:10:06Source

BSP Governor Eli M. Remolona Jr.

asr-000952

If this happens, what is inflation?

01:10:09Source

BSP Governor Eli M. Remolona Jr.

asr-000953

If this happens, what is inflation?

01:10:12Source

BSP Governor Eli M. Remolona Jr.

asr-000954

So, our scenario analysis is more serious now.

01:10:16Source

BSP Governor Eli M. Remolona Jr.

asr-000955

This is after what happened here in Iran-US war.

01:10:21Source

Senator Francis Kiko Pangilinan

asr-000956

Because before, you don't have alternatives if situations arises

01:10:29Source

Senator Francis Kiko Pangilinan

asr-000957

like what happened in the war in Iran.

01:10:32Source

Senator Francis Kiko Pangilinan

asr-000958

In Iran, Governor Eli.

01:10:35Source

BSP Governor Eli M. Remolona Jr.

asr-000959

Right. That's right.

01:10:38Source

Senator Francis Kiko Pangilinan

asr-000960

Thank you, Mr. Chair.

01:10:40Source

Senator Joseph Victor "JV" G. Ejercito

asr-000961

Thank you.

01:10:41Source

Senator Joseph Victor "JV" G. Ejercito

asr-000962

Senator Pangilinan.

01:10:43Source

Senator Francis Kiko Pangilinan

asr-000963

I just recall this.

01:10:46Source

Senator Francis Kiko Pangilinan

asr-000964

I just recall the question that I'd like to get from the point of view of the BSP.

01:10:51Source

Senator Francis Kiko Pangilinan

asr-000965

You know, the rice tarification measure when it was passed

01:10:54Source

Senator Francis Kiko Pangilinan

asr-000966

was supposed to bring down rice prices.

01:10:59Source

Senator Francis Kiko Pangilinan

asr-000967

And our rice imports,

01:11:02Source

Senator Francis Kiko Pangilinan

asr-000968

jumped from about 2 million metric tons a year,

01:11:08Source

Senator Francis Kiko Pangilinan

asr-000969

2.5 to 3,

01:11:10Source

Senator Francis Kiko Pangilinan

asr-000970

it's now about 5 million metric tons a year.

01:11:14Source

Senator Francis Kiko Pangilinan

asr-000971

And yet, the dent in rice prices is negligible.

01:11:19Source

Senator Francis Kiko Pangilinan

asr-000972

From the point of view of the monetary and economic sector officials of the BSP,

01:11:28Source

Senator Francis Kiko Pangilinan

asr-000973

how do you explain that?

01:11:31Source

Senator Francis Kiko Pangilinan

asr-000974

As malaki ang in-import natin,

01:11:34Source

Senator Francis Kiko Pangilinan

asr-000975

pero expecting na babagsak ang presyo,

01:11:38Source

Senator Francis Kiko Pangilinan

asr-000976

pero hindi naman bumagsak, tumaas pa.

01:11:41Source

Senator Francis Kiko Pangilinan

asr-000977

Of course, there are other factors like Ukraine,

01:11:44Source

Senator Francis Kiko Pangilinan

asr-000978

malaking bagay din yun.

01:11:46Source

Senator Francis Kiko Pangilinan

asr-000979

But still, if you've almost doubled your rice imports,

01:11:50Source

Senator Francis Kiko Pangilinan

asr-000980

shouldn't rice prices somehow, if not be maintained at its levels, would go down?

01:12:02Source

BSP Governor Eli M. Remolona Jr.

asr-000981

I think, Senator, tarification measures worked for a while.

01:12:08Source

BSP Governor Eli M. Remolona Jr.

asr-000982

And then something else intervened.

01:12:12Source

BSP Governor Eli M. Remolona Jr.

asr-000983

So, something else is going on.

01:12:15Source

BSP Governor Eli M. Remolona Jr.

asr-000984

I think the best person to explain that would be Secretary R.C. Balisacan.

01:12:22Source

Senator Francis Kiko Pangilinan

asr-000985

We'll go to him later.

01:12:23Source

Senator Francis Kiko Pangilinan

asr-000986

I'll have that question then raised later.

01:12:26Source

Senator Francis Kiko Pangilinan

asr-000987

But thank you, thank you.

01:12:29Source

Senator Francis Kiko Pangilinan

asr-000988

That's very interesting.

01:12:30Source

Senator Francis Kiko Pangilinan

asr-000989

Something is going on.

01:12:31Source

Senator Francis Kiko Pangilinan

asr-000990

Something intervened.

01:12:34Source

Senator Francis Kiko Pangilinan

asr-000991

Something intervened and is going on.

01:12:37Source

Senator Francis Kiko Pangilinan

asr-000992

Now, what is that something that is going on that we have to address?

01:12:44Source

Senator Francis Kiko Pangilinan

asr-000993

Thank you, thank you, Governor.

01:12:46Source

Senator Joseph Victor "JV" G. Ejercito

asr-000994

Yes, next.

01:12:48Source

Senator Joseph Victor "JV" G. Ejercito

asr-000995

Sen. Camille.

01:12:50Source

Senator Joseph Victor "JV" G. Ejercito

asr-000996

Sen. Camille Villar.

01:12:52Source

Senator Joseph Victor "JV" G. Ejercito

asr-000997

And then the last will be Senate President Gatchi.

01:12:55Source

Senator Joseph Victor "JV" G. Ejercito

asr-000998

Likewise, before we continue, the Chair would like to acknowledge the presence

01:12:58Source

Senator Joseph Victor "JV" G. Ejercito

asr-000999

of Senator Imee Marcos.

01:13:01Source

Senator Joseph Victor "JV" G. Ejercito

asr-001000

Yes, you may proceed.

01:13:03Source

Senator Camille Villar

asr-001001

Good morning, Mr. Governor.

01:13:07Source

Senator Camille Villar

asr-001002

I'll just make this brief because I realize you have to leave.

01:13:10Source

Senator Camille Villar

asr-001003

I just wanted to ask.

01:13:12Source

Senator Camille Villar

asr-001004

I noted that I think in the last quarter,

01:13:16Source

Senator Camille Villar

asr-001005

our GDP rate has gone, is it 2.3% na lang?

01:13:24Source

Senator Camille Villar

asr-001006

And in the first quarter, we were at 2.8 for the,

01:13:30Source

Senator Camille Villar

asr-001007

this downward trend.

01:13:33Source

Senator Camille Villar

asr-001008

Are you expecting that to continue throughout the year?

01:13:36Source

Senator Camille Villar

asr-001009

And are there any efforts?

01:13:39Source

Senator Camille Villar

asr-001010

Do we have any efforts or are we going to be doing something

01:13:44Source

Senator Camille Villar

asr-001011

in order to try to increase our GDP till the year and following that?

01:13:54Source

BSP Governor Eli M. Remolona Jr.

asr-001012

So GDP growth did fall to 2.3%.

01:14:01Source

BSP Governor Eli M. Remolona Jr.

asr-001013

It did fall to 2.3% in the second quarter of 2026.

01:14:07Source

BSP Governor Eli M. Remolona Jr.

asr-001014

We think it will recover by next quarter and then especially in the fourth quarter.

01:14:16Source

Senator Camille Villar

asr-001015

What are the reasons?

01:14:18Source

Senator Camille Villar

asr-001016

First, what were the reasons behind the drop in GDP growth?

01:14:23Source

Senator Camille Villar

asr-001017

And what are the factors that you foresee that will enable us or that will enable it to increase

01:14:29Source

Senator Camille Villar

asr-001018

in the next two quarters?

01:14:32Source

BSP Governor Eli M. Remolona Jr.

asr-001019

I think the main factor is obviously the collapse in government investment.

01:14:39Source

BSP Governor Eli M. Remolona Jr.

asr-001020

But this is in an effort to discipline government spending which is understandable.

01:14:47Source

BSP Governor Eli M. Remolona Jr.

asr-001021

And the government, I know, is making strenuous efforts to accelerate investments.

01:14:55Source

BSP Governor Eli M. Remolona Jr.

asr-001022

So we think that should work.

01:14:57Source

BSP Governor Eli M. Remolona Jr.

asr-001023

And so that by,

01:14:58Source

BSP Governor Eli M. Remolona Jr.

asr-001024

by,

01:15:00Source

BSP Governor Eli M. Remolona Jr.

asr-001025

By the fourth quarter, we should be back on track.

01:15:05Source

Senator Camille Villar

asr-001026

Thank you.

01:15:07Source

Senator Joseph Victor "JV" G. Ejercito

asr-001027

Thank you.

01:15:08Source

Senator Joseph Victor "JV" G. Ejercito

asr-001028

Just before our Senate President,

01:15:12Source

Senator Joseph Victor "JV" G. Ejercito

asr-001029

Senator Riza, as a follow-up.

01:15:15Source

Senator Risa Hontiveros

asr-001030

Salamat pong, Mr. Chair.

01:15:17Source

Senator Risa Hontiveros

asr-001031

Earlier, Gov, sabi niyo na

01:15:20Source

Senator Risa Hontiveros

asr-001032

we have to change the way we analyze inflation.

01:15:24Source

Senator Risa Hontiveros

asr-001033

And then, pagkatapos nun, tulad ni Senator Kiko,

01:15:27Source

Senator Risa Hontiveros

asr-001034

na-strike din ako dun sa sinabi niyo na

01:15:29Source

Senator Risa Hontiveros

asr-001035

something else is going on.

01:15:31Source

Senator Risa Hontiveros

asr-001036

And ano yung something else na yun para

01:15:33Source

Senator Risa Hontiveros

asr-001037

ma-describe natin accurately yung problema

01:15:35Source

Senator Risa Hontiveros

asr-001038

and maka-craft tayo ng effective solutions.

01:15:41Source

Senator Risa Hontiveros

asr-001039

Kanina, binanggit niyo yung oil at yung AI

01:15:45Source

Senator Risa Hontiveros

asr-001040

bilang mga kakulangan ng bansa natin

01:15:48Source

Senator Risa Hontiveros

asr-001041

para sugpuin natin yung mataas na inflation.

01:15:51Source

Senator Risa Hontiveros

asr-001042

However, kahit yung ADB sa report nila,

01:15:54Source

Senator Risa Hontiveros

asr-001043

sabi nila ang Pilipinas vulnerable tayo

01:15:58Source

Senator Risa Hontiveros

asr-001044

sa external shocks

01:15:59Source

Senator Risa Hontiveros

asr-001045

dahil sa [unclear] domestic

01:16:01Source

Senator Risa Hontiveros

asr-001046

domestic supplies like fertilizer.

01:16:05Source

Senator Risa Hontiveros

asr-001047

Ibi-bring up ko rin later dun sa ibang agency sa DBCC.

01:16:10Source

Senator Risa Hontiveros

asr-001048

So, it's not just about oil production.

01:16:13Source

Senator Risa Hontiveros

asr-001049

Malamang, it's not also about being one of the have-nots

01:16:15Source

Senator Risa Hontiveros

asr-001050

sa usapin ng AI.

01:16:19Source

Senator Risa Hontiveros

asr-001051

So, may mga absent na policy interventions talaga tayo

01:16:22Source

Senator Risa Hontiveros

asr-001052

na pwede nyo sa executive i-implement.

01:16:26Source

Senator Risa Hontiveros

asr-001053

Para nga, ang implicit, simula dun sa ADB report

01:16:29Source

Senator Risa Hontiveros

asr-001054

at yung hints nung mga sinabi nyo kanina,

01:16:31Source

Senator Risa Hontiveros

asr-001055

that there's something inherently more fragile

01:16:35Source

Senator Risa Hontiveros

asr-001056

about our economy.

01:16:37Source

Senator Risa Hontiveros

asr-001057

So, importante yung binanggit ng mga kasama kanina,

01:16:40Source

Senator Risa Hontiveros

asr-001058

dapat may contingency plan.

01:16:42Source

Senator Risa Hontiveros

asr-001059

Kahit nga po sa usapin ng El Nino,

01:16:45Source

Senator Risa Hontiveros

asr-001060

the worst in decades na hinaharap natin.

01:16:48Source

Senator Risa Hontiveros

asr-001061

Nag-hint din dun kanina si Sen Erwin,

01:16:52Source

Senator Risa Hontiveros

asr-001062

yung drought.

01:16:53Source

Senator Risa Hontiveros

asr-001063

So, importante po yung inputs nyo

01:16:57Source

Senator Risa Hontiveros

asr-001064

para ma-frame natin.

01:16:59Source

Senator Risa Hontiveros

asr-001065

What's that bigger something?

01:17:01Source

Senator Risa Hontiveros

asr-001066

What's going on?

01:17:02Source

Senator Risa Hontiveros

asr-001067

At ano yung mga solusyon na dapat i-implement?

01:17:07Source

Senator Risa Hontiveros

asr-001068

In closing dito sa mahabang tanong ko,

01:17:11Source

Senator Risa Hontiveros

asr-001069

unfortunately, parang nahayaan,

01:17:14Source

Senator Risa Hontiveros

asr-001070

even ang government economic managers,

01:17:16Source

Senator Risa Hontiveros

asr-001071

mawalang galang lang po,

01:17:18Source

Senator Risa Hontiveros

asr-001072

na mag-deteriorate yung fiscal space

01:17:20Source

Senator Risa Hontiveros

asr-001073

over the past few years.

01:17:23Source

Senator Risa Hontiveros

asr-001074

Kaya, niririp na natin ngayon yung ginawa

01:17:27Source

Senator Risa Hontiveros

asr-001075

at hindi ginawa nung nakaraang mga taon.

01:17:29Source

Senator Risa Hontiveros

asr-001076

Maybe yung tanong ko ay,

01:17:31Source

Senator Risa Hontiveros

asr-001077

the DBCC would be willing to recognize that

01:17:34Source

Senator Risa Hontiveros

asr-001078

around the table.

01:17:36Source

Senator Risa Hontiveros

asr-001079

Siguro, mula sa perspektiba ng Banko Sentral,

01:17:39Source

Senator Risa Hontiveros

asr-001080

ano yung kahit isang pinaka-importanting adjustment

01:17:41Source

Senator Risa Hontiveros

asr-001081

na dapat natin gawin mula sa Banko Sentral

01:17:45Source

Senator Risa Hontiveros

asr-001082

and mula sa DBCC

01:17:46Source

Senator Risa Hontiveros

asr-001083

to guide us naman po sa paghubog

01:17:50Source

Senator Risa Hontiveros

asr-001084

ng isang Budget 2027

01:17:53Source

Senator Risa Hontiveros

asr-001085

na mas may contingency planning

01:17:56Source

Senator Risa Hontiveros

asr-001086

at paghahanda internally

01:17:58Source

Senator Risa Hontiveros

asr-001087

para sa external shocks na alam naman natin,

01:18:01Source

Senator Risa Hontiveros

asr-001088

yung patuloy nating mararanasan.

01:18:04Source

BSP Governor Eli M. Remolona Jr.

asr-001089

Maganda pong tanong yan.

01:18:07Source

BSP Governor Eli M. Remolona Jr.

asr-001090

Kaya, nang sabi ko,

01:18:09Source

BSP Governor Eli M. Remolona Jr.

asr-001091

nagse-scenario na kami ngayon.

01:18:12Source

BSP Governor Eli M. Remolona Jr.

asr-001092

Merong sinaryo na masama,

01:18:13Source

BSP Governor Eli M. Remolona Jr.

asr-001093

may sinaryo na maganda,

01:18:15Source

BSP Governor Eli M. Remolona Jr.

asr-001094

pero yung mga sinaryo na yun,

01:18:18Source

BSP Governor Eli M. Remolona Jr.

asr-001095

yung masama halimbawa,

01:18:19Source

BSP Governor Eli M. Remolona Jr.

asr-001096

you have to prepare for the worst.

01:18:22Source

BSP Governor Eli M. Remolona Jr.

asr-001097

Hindi pwede yung dating

01:18:23Source

BSP Governor Eli M. Remolona Jr.

asr-001098

kung ano lang yung expected.

01:18:27Source

BSP Governor Eli M. Remolona Jr.

asr-001099

Yun ang ginagawa namin sa BSP.

01:18:31Source

BSP Governor Eli M. Remolona Jr.

asr-001100

Although, I'm sure,

01:18:32Source

BSP Governor Eli M. Remolona Jr.

asr-001101

the government has other contingency measures

01:18:38Source

BSP Governor Eli M. Remolona Jr.

asr-001102

as you suggested.

01:18:41Source

Senator Risa Hontiveros

asr-001103

Salamat, Gov.

01:18:42Source

Senator Risa Hontiveros

asr-001104

Tatanong ko na lang sa ibang agencies mamaya

01:18:43Source

Senator Risa Hontiveros

asr-001105

yung contingency measures na yun.

01:18:45Source

Senator Risa Hontiveros

asr-001106

Salamat, Mr. Chair.

01:18:47Source

Senator Joseph Victor "JV" G. Ejercito

asr-001107

Yes, next is our Senate President,

01:18:49Source

Senator Joseph Victor "JV" G. Ejercito

asr-001108

Win Gatchalian.

01:18:50Source

Senator Sherwin "Win" T. Gatchalian

asr-001109

Thank you.

01:18:52Source

Senator Sherwin "Win" T. Gatchalian

asr-001110

I'll take advantage of the presence ni Governor.

01:18:56Source

Senator Sherwin "Win" T. Gatchalian

asr-001111

I think we all agree na this year,

01:18:59Source

Senator Sherwin "Win" T. Gatchalian

asr-001112

we can describe

01:19:01Source

Senator Sherwin "Win" T. Gatchalian

asr-001113

yung ating

01:19:02Source

Senator Sherwin "Win" T. Gatchalian

asr-001114

economy in two letters, two letter C's. Number one, conflict. The U.S.-Iran conflict. Tama ho kayo, Governor, very limited yung control natin dito sa U.S.-Iran conflict because external ito. Number two is corruption. Because of the flood control issue, bumagal ang government spending, particularly construction. Now, ang BSP plays

01:19:32Source

Senator Sherwin "Win" T. Gatchalian

asr-001115

a role in this fight against corruption, particularly through AMLAC.

01:19:38Source

Senator Sherwin "Win" T. Gatchalian

asr-001116

And through the investigations ng Senate, particularly spearheaded by Senator Lacson,

01:19:45Source

Senator Sherwin "Win" T. Gatchalian

asr-001117

nakita ho namin na napakadaming transaction na pumapasok sa bangko,

01:19:49Source

Senator Sherwin "Win" T. Gatchalian

asr-001118

lumalabas sa bangko, na hindi na didetect ng AMLAC.

01:19:54Source

Senator Sherwin "Win" T. Gatchalian

asr-001119

In fact, na-detect na yan, sumabog na yung corruption sa mukha natin.

01:19:59Source

Senator Sherwin "Win" T. Gatchalian

asr-001120

One case in point, yung binuksan ni Senator Kiko Pangilinan, yung land bank,

01:20:04Source

Senator Sherwin "Win" T. Gatchalian

asr-001121

na naka-withdraw ng cash, 500 million, not only once, but multiple times.

01:20:13Source

Senator Sherwin "Win" T. Gatchalian

asr-001122

So because of that, during last year, through the efforts of Senator Lacson,

01:20:19Source

Senator Sherwin "Win" T. Gatchalian

asr-001123

nagdagdag ng 162 million to AMLAC to fully computerize its processes.

01:20:25Source

Senator Sherwin "Win" T. Gatchalian

asr-001124

Kasi ang sagot sa amin, hindi ho namin na-detect,

01:20:28Source

Senator Sherwin "Win" T. Gatchalian

asr-001125

dahil libo-libo yung pumapasok na covered transaction,

01:20:31Source

Senator Sherwin "Win" T. Gatchalian

asr-001126

libo-libo yung pumapasok na suspicious transaction, walang analytical capabilities.

01:20:38Source

Senator Sherwin "Win" T. Gatchalian

asr-001127

But yan ang precisely kung bakit tayo merong Anti-Money Laundering Council,

01:20:44Source

Senator Sherwin "Win" T. Gatchalian

asr-001128

is to detect this type of fraud activity so that hindi na ho siya lumala.

01:20:50Source

Senator Sherwin "Win" T. Gatchalian

asr-001129

Dahil yung paglalaan nito, it affects our economy as well.

01:20:54Source

Senator Sherwin "Win" T. Gatchalian

asr-001130

Ang knee-jerk sa action natin, government, hindi gagastos.

01:20:57Source

Senator Sherwin "Win" T. Gatchalian

asr-001131

At lahat ho tayo.

01:20:58Source

Senator Sherwin "Win" T. Gatchalian

asr-001132

Apektado dito.

01:20:59Source

Senator Sherwin "Win" T. Gatchalian

asr-001133

Now my question, Governor, being the chairperson or the chairman of AMLAC,

01:21:04Source

Senator Sherwin "Win" T. Gatchalian

asr-001134

ano ba ang mga reformang ginawa ng BSP to AMLAC

01:21:09Source

Senator Sherwin "Win" T. Gatchalian

asr-001135

in order to prevent this type of mega-corruption from happening again?

01:21:16Source

Senator Sherwin "Win" T. Gatchalian

asr-001136

Kasi nakaka-apekto ho yan sa atin.

01:21:18Source

Senator Sherwin "Win" T. Gatchalian

asr-001137

And ito is something that we can control.

01:21:20Source

Senator Sherwin "Win" T. Gatchalian

asr-001138

Tama ho kayo. Yung price of oil, hindi ho natin makakontrol yan.

01:21:24Source

Senator Sherwin "Win" T. Gatchalian

asr-001139

Pero corruption, we can control that. Eliminate or mitigate.

01:21:28Source

Senator Sherwin "Win" T. Gatchalian

asr-001140

And AMLAC is one of the key actors to mitigate or even eliminate corruption.

01:21:36Source

Senator Sherwin "Win" T. Gatchalian

asr-001141

So we want to know, what are the efforts of AMLAC through the BSP,

01:21:41Source

Senator Sherwin "Win" T. Gatchalian

asr-001142

because kayo po ang chairperson, para po hindi na maulit

01:21:44Source

Senator Sherwin "Win" T. Gatchalian

asr-001143

yung ganitong mga transactions pumapasok at labas na hindi ho natin na-detect.

01:21:49Source

BSP Governor Eli M. Remolona Jr.

asr-001144

I think, Senator, you put your finger on the problem.

01:21:55Source

BSP Governor Eli M. Remolona Jr.

asr-001145

Tama po kayo na nahihirapan kami nung...

01:22:00Source

BSP Governor Eli M. Remolona Jr.

asr-001146

sa trabaho namin.

01:22:02Source

BSP Governor Eli M. Remolona Jr.

asr-001147

Although, nakalabas naman tayo sa grade list last year.

01:22:07Source

BSP Governor Eli M. Remolona Jr.

asr-001148

Pero kulang pa rin yun.

01:22:10Source

BSP Governor Eli M. Remolona Jr.

asr-001149

Ang nakikita lang po namin, yung tinatawag na CTR,

01:22:15Source

BSP Governor Eli M. Remolona Jr.

asr-001150

Covered Transactions Report, anything that's over 500,000 pesos

01:22:18Source

BSP Governor Eli M. Remolona Jr.

asr-001151

na pumapasok sa banko, nakikita namin yun.

01:22:21Source

BSP Governor Eli M. Remolona Jr.

asr-001152

Tapos merong STR, yung Suspicious Transactions Report,

01:22:25Source

BSP Governor Eli M. Remolona Jr.

asr-001153

na finafile ng mga banko kung suspicious sila dun sa transaction.

01:22:30Source

BSP Governor Eli M. Remolona Jr.

asr-001154

Million-million po yan eh.

01:22:32Source

BSP Governor Eli M. Remolona Jr.

asr-001155

Ang dumating sa amin na STR, million-million sa dami.

01:22:36Source

BSP Governor Eli M. Remolona Jr.

asr-001156

Araw-araw marami eh.

01:22:37Source

BSP Governor Eli M. Remolona Jr.

asr-001157

So ngayon, meron na kaming kinukuhang AI

01:22:40Source

BSP Governor Eli M. Remolona Jr.

asr-001158

na nakakatulong sa pag-analyze,

01:22:45Source

BSP Governor Eli M. Remolona Jr.

asr-001159

nakakahanap ng mga red flags dun sa mga STRs at saka mga CTR.

01:22:51Source

BSP Governor Eli M. Remolona Jr.

asr-001160

Ngayon, kung meron kaming makitang medyo suspicious,

01:22:56Source

BSP Governor Eli M. Remolona Jr.

asr-001161

kailangan namin mag-file sa Court of Appeals

01:23:00Source

BSP Governor Eli M. Remolona Jr.

asr-001162

ng petition for a freeze.

01:23:06Source

BSP Governor Eli M. Remolona Jr.

asr-001163

Pero kailangan mabusisi yung, kailangan may predicate crime eh.

01:23:14Source

BSP Governor Eli M. Remolona Jr.

asr-001164

Wala kaming power dahil sa bank secrecy na silipin yung mga bank accounts mismo.

01:23:23Source

BSP Governor Eli M. Remolona Jr.

asr-001165

Hanggang STR lang kami at saka CTR.

01:23:27Source

BSP Governor Eli M. Remolona Jr.

asr-001166

Tapos, pagdating sa Court of Appeals,

01:23:30Source

BSP Governor Eli M. Remolona Jr.

asr-001167

pwede silang pumayag na i-freeze.

01:23:32Source

BSP Governor Eli M. Remolona Jr.

asr-001168

Pwede rin hindi sila pumayag na i-freeze.

01:23:35Source

BSP Governor Eli M. Remolona Jr.

asr-001169

Kailangan kasi ng probable cause.

01:23:37Source

BSP Governor Eli M. Remolona Jr.

asr-001170

Kailangan ng predicate crime at saka probable cause.

01:23:42Source

BSP Governor Eli M. Remolona Jr.

asr-001171

So medyo nakatali yung mga kamay namin dyan.

01:23:47Source

Senator Panfilo Lacson

asr-001172

Thank you.

01:23:48Source

Senator Panfilo Lacson

asr-001173

Permission to interject very quickly.

01:23:50Source

Senator Panfilo Lacson

asr-001174

Yes, yes.

01:23:50Source

Senator Panfilo Lacson

asr-001175

Gusto ko lang i-follow up kasi nabanggit ni Senate President Sherwin

01:23:54Source

Senator Panfilo Lacson

asr-001176

yung integration through his and my initiative.

01:23:59Source

Senator Panfilo Lacson

asr-001177

Nagdagdag kami ng 160.

01:24:00Source

Senator Panfilo Lacson

asr-001178

162 million pesos dahil yun ang problema ng AMLAC.

01:24:05Source

Senator Panfilo Lacson

asr-001179

Gusto ko lang malaman,

01:24:07Source

Senator Panfilo Lacson

asr-001180

paano nakatulong sa exercise nalang ng oversight namin?

01:24:11Source

Senator Panfilo Lacson

asr-001181

Nasaan na tayo ngayon doon sa naitulong namin konting halaga na 162 million?

01:24:16Source

Senator Panfilo Lacson

asr-001182

Nag-improve po ba yung kapasidad ng AMLAC?

01:24:21Source

Senator Panfilo Lacson

asr-001183

Salamat po.

01:24:22Source

BSP Governor Eli M. Remolona Jr.

asr-001184

Tama po. Binigyan lang ako ng kodigo dito.

01:24:25Source

BSP Governor Eli M. Remolona Jr.

asr-001185

Yung 125 million,

01:24:28Source

BSP Governor Eli M. Remolona Jr.

asr-001186

napunta yun sa AI.

01:24:30Source

BSP Governor Eli M. Remolona Jr.

asr-001187

Tapos yung capacity building,

01:24:32Source

BSP Governor Eli M. Remolona Jr.

asr-001188

kailangan din ng mga experts sa paggamit ng AI.

01:24:36Source

BSP Governor Eli M. Remolona Jr.

asr-001189

So gamit na gamit po yung budget na yun.

01:24:40Source

Senator Panfilo Lacson

asr-001190

So nakatulong po sa madalit-salita?

01:24:42Source

Senator Panfilo Lacson

asr-001191

Absolutely.

01:24:43Source

Senator Panfilo Lacson

asr-001192

Hindi lang reconciled yung record natin.

01:24:45Source

Senator Panfilo Lacson

asr-001193

Sa record ng aming Senate President, 162.

01:24:48Source

Senator Panfilo Lacson

asr-001194

Sa inyo, 125.

01:24:49Source

Senator Panfilo Lacson

asr-001195

Saan napunta yung butal?

01:24:51Source

Senator Panfilo Lacson

asr-001196

O na po later release.

01:24:54Source

BSP Governor Eli M. Remolona Jr.

asr-001197

Meron pang iba.

01:24:56Source

Senator Panfilo Lacson

asr-001198

Thank you po, President.

01:24:59Source

Senator Panfilo Lacson

asr-001199

Thank you.

01:25:00Source

Senator Joseph Victor "JV" G. Ejercito

asr-001200

Yes, Senator Pangilinan.

01:25:01Source

Senator Francis Kiko Pangilinan

asr-001201

Yes, on the point earlier raised by Senate President Win.

01:25:06Source

Senator Francis Kiko Pangilinan

asr-001202

It's correct.

01:25:07Source

Senator Francis Kiko Pangilinan

asr-001203

I was the one who raised these questions with the land bank during the flood control hearings.

01:25:12Source

Senator Francis Kiko Pangilinan

asr-001204

The release of 520 plus million.

01:25:17Source

Senator Francis Kiko Pangilinan

asr-001205

543 million cash.

01:25:22Source

Senator Francis Kiko Pangilinan

asr-001206

The question there is,

01:25:24Source

Senator Francis Kiko Pangilinan

asr-001207

does AMLA have the mechanism to be able to zero in, for example,

01:25:29Source

Senator Francis Kiko Pangilinan

asr-001208

on our government banks?

01:25:33Source

Senator Francis Kiko Pangilinan

asr-001209

And the government depository banks are under the AMLA.

01:25:39Source

Senator Francis Kiko Pangilinan

asr-001210

All funds, public funds, are placed in the depository banks.

01:25:46Source

Senator Francis Kiko Pangilinan

asr-001211

So there should be a mechanism to segregate, perhaps.

01:25:51Source

Senator Francis Kiko Pangilinan

asr-001212

It is correct.

01:25:52Source

Senator Francis Kiko Pangilinan

asr-001213

Ang nangyari doon, because of the suspicious transaction report,

01:25:56Source

Senator Francis Kiko Pangilinan

asr-001214

daily covered transaction report,

01:25:58Source

Senator Francis Kiko Pangilinan

asr-001215

ang ginawa, you created a haystack.

01:26:02Source

Senator Francis Kiko Pangilinan

asr-001216

And now you're looking for the needle.

01:26:04Source

Senator Francis Kiko Pangilinan

asr-001217

Hindi ba?

01:26:05Source

Senator Francis Kiko Pangilinan

asr-001218

So AI will help.

01:26:07Source

Senator Francis Kiko Pangilinan

asr-001219

That's right.

01:26:08Source

Senator Francis Kiko Pangilinan

asr-001220

But perhaps there should be some restructuring of the reporting system

01:26:13Source

Senator Francis Kiko Pangilinan

asr-001221

so that merong separate, basta depository bank ng gobyerno at accounts ng gobyerno,

01:26:21Source

Senator Francis Kiko Pangilinan

asr-001222

eh dapat merong stricter scrutiny.

01:26:24Source

Senator Francis Kiko Pangilinan

asr-001223

Hindi kaya?

01:26:25Source

Senator Francis Kiko Pangilinan

asr-001224

Hindi ba dapat?

01:26:26Source

Senator Francis Kiko Pangilinan

asr-001225

And I think that is with the government.

01:26:27Source

Senator Francis Kiko Pangilinan

asr-001226

And I think that is within your mandate and your powers.

01:26:32Source

Senator Francis Kiko Pangilinan

asr-001227

And you have the authority to create such rules, di ba?

01:26:37Source

Senator Francis Kiko Pangilinan

asr-001228

To make that happen.

01:26:41Source

BSP Governor Eli M. Remolona Jr.

asr-001229

In specific case ng land bank po, ang kinurit namin sila,

01:26:48Source

BSP Governor Eli M. Remolona Jr.

asr-001230

ang sabi po sa amin ni Lynette, pag galing sa gobyerno ng impera,

01:26:55Source

BSP Governor Eli M. Remolona Jr.

asr-001231

may presumption of regularity.

01:26:57Source

BSP Governor Eli M. Remolona Jr.

asr-001232

So hindi nila, hindi nila pinipigil.

01:27:00Source

BSP Governor Eli M. Remolona Jr.

asr-001233

So ngayon, alam na nila na hindi pala ganun.

01:27:05Source

BSP Governor Eli M. Remolona Jr.

asr-001234

Si ano po, si...

01:27:08Source

Senator Francis Kiko Pangilinan

asr-001235

And if I may add, we were still doing the hearings,

01:27:13Source

Senator Francis Kiko Pangilinan

asr-001236

and they already declared everything was above board.

01:27:16Source

Senator Francis Kiko Pangilinan

asr-001237

Hindi pa tapos yung hearing namin sa Blue Ribbon, sinabi ng land bank,

01:27:21Source

Senator Francis Kiko Pangilinan

asr-001238

everything was above board.

01:27:23Source

Senator Francis Kiko Pangilinan

asr-001239

So parang...

01:27:25Source

Senator Francis Kiko Pangilinan

asr-001240

So ibig sabihin, pwedeng mag-withdraw ng 520 million cash every two weeks,

01:27:32Source

Senator Francis Kiko Pangilinan

asr-001241

and it's still above board, di ba?

01:27:35Source

Senator Francis Kiko Pangilinan

asr-001242

At kontraktor yung, di ba, know your...

01:27:37Source

Senator Francis Kiko Pangilinan

asr-001243

Isn't that part of know your customer rule?

01:27:40Source

Senator Francis Kiko Pangilinan

asr-001244

Kontraktor yan, cash ang nilalabas, di ba?

01:27:44Source

Senator Francis Kiko Pangilinan

asr-001245

Sorry if I have to pursue that, but you know, we want to address that.

01:27:48Source

Senator Francis Kiko Pangilinan

asr-001246

And AMLA, tama po si Senate President Nguyen,

01:27:51Source

Senator Francis Kiko Pangilinan

asr-001247

is front and center in this effort.

01:28:00Source

Senator Joseph Victor "JV" G. Ejercito

asr-001248

Our Senate President.

01:28:02Source

Senator Sherwin "Win" T. Gatchalian

asr-001249

Just a caveat, nabanggit niyo po kasi yung sa AMLA,

01:28:07Source

Senator Sherwin "Win" T. Gatchalian

asr-001250

kano na kayo ang head eh.

01:28:09Source

Senator Sherwin "Win" T. Gatchalian

asr-001251

Yung CTRs, Covered Transaction Report, o kaya yung predicate crimes,

01:28:14Source

Senator Sherwin "Win" T. Gatchalian

asr-001252

o red flag, yun yung kaya nakakakilos ang AMLA eh.

01:28:18Source

Senator Sherwin "Win" T. Gatchalian

asr-001253

Merong isa pa po eh, paalala ko lang.

01:28:21Source

Senator Sherwin "Win" T. Gatchalian

asr-001254

Ombudsman, di ba?

01:28:24Source

Senator Sherwin "Win" T. Gatchalian

asr-001255

Pwede kayong i-authorize ng ombudsman na buksan ang kahit sino sa amin.

01:28:30Source

Senator Sherwin "Win" T. Gatchalian

asr-001256

Kaming lahat nakapirma na sa waiver.

01:28:33Source

Senator Sherwin "Win" T. Gatchalian

asr-001257

Kokunti nakakaalam na, lalo na yung mga politiko, hindi alam na nakapirma sila rin sa waiver eh.

01:28:39Source

Senator Sherwin "Win" T. Gatchalian

asr-001258

Nasa SAL-N po yun, di ba?

01:28:41Source

Senator Sherwin "Win" T. Gatchalian

asr-001259

Yung last paragraph, last line ng SAL-N namin lahat bago kami pumirma.

01:28:47Source

Senator Sherwin "Win" T. Gatchalian

asr-001260

Ina-authorize namin, mini-waive namin actually.

01:28:51Source

Senator Sherwin "Win" T. Gatchalian

asr-001261

And the AMLA can be authorized by ombudsman.

01:28:54Source

Senator Sherwin "Win" T. Gatchalian

asr-001262

Just for the record dahil hindi ata alam ng iba.

01:28:57Source

BSP Governor Eli M. Remolona Jr.

asr-001263

Tama po, Senator. Pwede yun. Pwede.

01:29:00Source

Senator Sherwin "Win" T. Gatchalian

asr-001264

Governor, yung nangyari kasi doon sa land bank is nung pinrobe ni Center Pangilinan, I remember,

01:29:12Source

Senator Sherwin "Win" T. Gatchalian

asr-001265

the transaction might be regular, pero irregular na isang sole proprietor,

01:29:20Source

Senator Sherwin "Win" T. Gatchalian

asr-001266

ng opisina niya na, halos walang opisina yata, no?

01:29:24Source

Senator Sherwin "Win" T. Gatchalian

asr-001267

May picture ako na, yung SIMS construction, halos walang opisina.

01:29:30Source

Senator Sherwin "Win" T. Gatchalian

asr-001268

Nag-request ng withdrawal, nag-request ng payment of 500 million in cash.

01:29:37Source

Senator Sherwin "Win" T. Gatchalian

asr-001269

457 million in cash. Twice. Within one month. So a billion pesos ang request niya in cash.

01:29:49Source

Senator Sherwin "Win" T. Gatchalian

asr-001270

Kung ikaw ang legitimate na negosyo, tatanggapin mo cheque, di ba?

01:29:55Source

Senator Sherwin "Win" T. Gatchalian

asr-001271

Dahil matatakot kang manakawan o ma-hold up. Hindi kang mag-request.

01:30:00Source

Senator Sherwin "Win" T. Gatchalian

asr-001272

re-request ng isang billion na cash.

01:30:02Source

Senator Sherwin "Win" T. Gatchalian

asr-001273

Diba?

01:30:03Source

Senator Sherwin "Win" T. Gatchalian

asr-001274

Kaagad,

01:30:04Source

Senator Sherwin "Win" T. Gatchalian

asr-001275

questionable and red flag na yun.

01:30:07Source

Senator Sherwin "Win" T. Gatchalian

asr-001276

Diba?

01:30:07Source

Senator Sherwin "Win" T. Gatchalian

asr-001277

Pero,

01:30:09Source

Senator Sherwin "Win" T. Gatchalian

asr-001278

nangyari yan many times.

01:30:11Source

Senator Sherwin "Win" T. Gatchalian

asr-001279

And AMLOC never detected that.

01:30:13Source

Senator Sherwin "Win" T. Gatchalian

asr-001280

Ang sagot ho sa amin,

01:30:14Source

Senator Sherwin "Win" T. Gatchalian

asr-001281

because ang dami ho

01:30:14Source

Senator Sherwin "Win" T. Gatchalian

asr-001282

mga dokumento pumapasok,

01:30:16Source

Senator Sherwin "Win" T. Gatchalian

asr-001283

libo-libo,

01:30:17Source

Senator Sherwin "Win" T. Gatchalian

asr-001284

hindi na nila ma-analyze.

01:30:19Source

Senator Sherwin "Win" T. Gatchalian

asr-001285

But for me,

01:30:20Source

Senator Sherwin "Win" T. Gatchalian

asr-001286

that's unacceptable.

01:30:21Source

Senator Sherwin "Win" T. Gatchalian

asr-001287

Because that's precisely

01:30:22Source

Senator Sherwin "Win" T. Gatchalian

asr-001288

why AMLOC exists.

01:30:25Source

Senator Sherwin "Win" T. Gatchalian

asr-001289

To stop all of this crime

01:30:26Source

Senator Sherwin "Win" T. Gatchalian

asr-001290

from happening or

01:30:27Source

Senator Sherwin "Win" T. Gatchalian

asr-001291

blowing up at one

01:30:29Source

Senator Sherwin "Win" T. Gatchalian

asr-001292

time.

01:30:31Source

Senator Sherwin "Win" T. Gatchalian

asr-001293

So,

01:30:32Source

Senator Sherwin "Win" T. Gatchalian

asr-001294

ang initiative ng Senado,

01:30:34Source

Senator Sherwin "Win" T. Gatchalian

asr-001295

madagdagan yung pondo.

01:30:35Source

Senator Sherwin "Win" T. Gatchalian

asr-001296

So, I just want to know,

01:30:37Source

Senator Sherwin "Win" T. Gatchalian

asr-001297

ano ho ang ginawa,

01:30:41Source

Senator Sherwin "Win" T. Gatchalian

asr-001298

number one,

01:30:42Source

Senator Sherwin "Win" T. Gatchalian

asr-001299

ano ang ginawa dito sa pondo na ito?

01:30:44Source

Senator Sherwin "Win" T. Gatchalian

asr-001300

162 sa record tsunami.

01:30:46Source

Senator Sherwin "Win" T. Gatchalian

asr-001301

And then number two,

01:30:48Source

Senator Sherwin "Win" T. Gatchalian

asr-001302

can we have an assurance na

01:30:49Source

Senator Sherwin "Win" T. Gatchalian

asr-001303

ito mga covered transactions,

01:30:51Source

Senator Sherwin "Win" T. Gatchalian

asr-001304

suspicious transactions,

01:30:53Source

Senator Sherwin "Win" T. Gatchalian

asr-001305

ma-analyze ho ito

01:30:54Source

Senator Sherwin "Win" T. Gatchalian

asr-001306

through artificial intelligence,

01:30:57Source

Senator Sherwin "Win" T. Gatchalian

asr-001307

through proprietary software,

01:30:59Source

Senator Sherwin "Win" T. Gatchalian

asr-001308

para ho hindi na lumala.

01:31:01Source

Senator Sherwin "Win" T. Gatchalian

asr-001309

Because this will happen again.

01:31:03Source

Senator Sherwin "Win" T. Gatchalian

asr-001310

Papalusutan at palalusutan ho tayo.

01:31:06Source

Senator Sherwin "Win" T. Gatchalian

asr-001311

So, and kugusto ho namin

01:31:08Source

Senator Sherwin "Win" T. Gatchalian

asr-001312

na maging effective ang AMLOC

01:31:09Source

Senator Sherwin "Win" T. Gatchalian

asr-001313

dito sa paglaban sa korupsyon.

01:31:13Source

BSP Governor Eli M. Remolona Jr.

asr-001314

Ano po ito si Arnold,

01:31:15Source

BSP Governor Eli M. Remolona Jr.

asr-001315

taga-AMLOC,

01:31:17Source

BSP Governor Eli M. Remolona Jr.

asr-001316

ipapaliwanag ni Arnold.

01:31:19Source

AMLC Acting Director Arnold T. Kabanlit

asr-001317

Good morning po, sir.

01:31:21Source

AMLC Acting Director Arnold T. Kabanlit

asr-001318

Good morning, Mr. Chair.

01:31:23Source

AMLC Acting Director Arnold T. Kabanlit

asr-001319

So, sir, po,

01:31:24Source

AMLC Acting Director Arnold T. Kabanlit

asr-001320

tama po yung nabanggit niyo po

01:31:25Source

AMLC Acting Director Arnold T. Kabanlit

asr-001321

na marami po talaga kami

01:31:27Source

AMLC Acting Director Arnold T. Kabanlit

asr-001322

nare-receive ng mga

01:31:28Source

AMLC Acting Director Arnold T. Kabanlit

asr-001323

covered and suspicious transactions.

01:31:29Source

AMLC Acting Director Arnold T. Kabanlit

asr-001324

We average around

01:31:31Source

AMLC Acting Director Arnold T. Kabanlit

asr-001325

10 million per month, po.

01:31:34Source

AMLC Acting Director Arnold T. Kabanlit

asr-001326

So, we would need

01:31:36Source

AMLC Acting Director Arnold T. Kabanlit

asr-001327

really advanced analytics

01:31:37Source

AMLC Acting Director Arnold T. Kabanlit

asr-001328

to detect the patterns,

01:31:42Source

AMLC Acting Director Arnold T. Kabanlit

asr-001329

to come up with the links

01:31:43Source

AMLC Acting Director Arnold T. Kabanlit

asr-001330

of these transactions, po.

01:31:45Source

AMLC Acting Director Arnold T. Kabanlit

asr-001331

And that's why the AMLOC, po,

01:31:47Source

AMLC Acting Director Arnold T. Kabanlit

asr-001332

through the leadership

01:31:48Source

AMLC Acting Director Arnold T. Kabanlit

asr-001333

of our governor, po,

01:31:49Source

AMLC Acting Director Arnold T. Kabanlit

asr-001334

embarked on an AI project,

01:31:51Source

AMLC Acting Director Arnold T. Kabanlit

asr-001335

an advanced analytics project

01:31:52Source

AMLC Acting Director Arnold T. Kabanlit

asr-001336

starting last year, po.

01:31:54Source

AMLC Acting Director Arnold T. Kabanlit

asr-001337

We are still in the process

01:31:55Source

AMLC Acting Director Arnold T. Kabanlit

asr-001338

of developing that, sir.

01:31:57Source

AMLC Acting Director Arnold T. Kabanlit

asr-001339

But we've already had,

01:31:58Source

AMLC Acting Director Arnold T. Kabanlit

asr-001340

we have already,

01:31:59Source

AMLC Acting Director Arnold T. Kabanlit

asr-001341

we already have

01:32:00Source

AMLC Acting Director Arnold T. Kabanlit

asr-001342

some initial prototypes

01:32:02Source

AMLC Acting Director Arnold T. Kabanlit

asr-001343

that are already being

01:32:04Source

AMLC Acting Director Arnold T. Kabanlit

asr-001344

used and tested, po.

01:32:05Source

AMLC Acting Director Arnold T. Kabanlit

asr-001345

And they have already been used

01:32:07Source

AMLC Acting Director Arnold T. Kabanlit

asr-001346

for some of the,

01:32:08Source

AMLC Acting Director Arnold T. Kabanlit

asr-001347

for some of the covered

01:32:11Source

AMLC Acting Director Arnold T. Kabanlit

asr-001348

and suspicious transaction reports

01:32:13Source

AMLC Acting Director Arnold T. Kabanlit

asr-001349

that we have received, po.

01:32:15Source

AMLC Acting Director Arnold T. Kabanlit

asr-001350

We would really need the,

01:32:16Source

AMLC Acting Director Arnold T. Kabanlit

asr-001351

ano po,

01:32:17Source

AMLC Acting Director Arnold T. Kabanlit

asr-001352

the budget for

01:32:21Source

AMLC Acting Director Arnold T. Kabanlit

asr-001353

the procurement of the systems,

01:32:23Source

AMLC Acting Director Arnold T. Kabanlit

asr-001354

for the hardware and software,

01:32:25Source

AMLC Acting Director Arnold T. Kabanlit

asr-001355

as well as the training

01:32:26Source

AMLC Acting Director Arnold T. Kabanlit

asr-001356

for our staff.

01:32:29Source

AMLC Acting Director Arnold T. Kabanlit

asr-001357

As to the, ano po,

01:32:31Source

AMLC Acting Director Arnold T. Kabanlit

asr-001358

the government bank mentioned,

01:32:34Source

AMLC Acting Director Arnold T. Kabanlit

asr-001359

and the other banks

01:32:36Source

AMLC Acting Director Arnold T. Kabanlit

asr-001360

that were involved

01:32:37Source

AMLC Acting Director Arnold T. Kabanlit

asr-001361

in the flood control controversy, po,

01:32:40Source

AMLC Acting Director Arnold T. Kabanlit

asr-001362

we have opened

01:32:41Source

AMLC Acting Director Arnold T. Kabanlit

asr-001363

enforcement action proceedings

01:32:42Source

AMLC Acting Director Arnold T. Kabanlit

asr-001364

against them, sir,

01:32:43Source

AMLC Acting Director Arnold T. Kabanlit

asr-001365

and these are still ongoing

01:32:44Source

AMLC Acting Director Arnold T. Kabanlit

asr-001366

as of now, po,

01:32:45Source

AMLC Acting Director Arnold T. Kabanlit

asr-001367

to look into their,

01:32:46Source

AMLC Acting Director Arnold T. Kabanlit

asr-001368

specifically their compliance,

01:32:47Source

AMLC Acting Director Arnold T. Kabanlit

asr-001369

whether there were some lapses

01:32:48Source

AMLC Acting Director Arnold T. Kabanlit

asr-001370

in relation to their CTR

01:32:50Source

AMLC Acting Director Arnold T. Kabanlit

asr-001371

and STR reporting, po.

01:32:54Source

Senator Panfilo Lacson

asr-001372

Interjection again.

01:32:55Source

Senator Panfilo Lacson

asr-001373

How much more do you need

01:32:56Source

Senator Panfilo Lacson

asr-001374

for 2027?

01:32:58Source

AMLC Acting Director Arnold T. Kabanlit

asr-001375

Sir, we already proposed it

01:33:00Source

AMLC Acting Director Arnold T. Kabanlit

asr-001376

in our,

01:33:01Source

AMLC Acting Director Arnold T. Kabanlit

asr-001377

in our proposed budget.

01:33:02Source

Senator Panfilo Lacson

asr-001378

So, okay nyo yung nasa NEP?

01:33:03Source

Senator Panfilo Lacson

asr-001379

As of now, po, sir.

01:33:04Source

Senator Panfilo Lacson

asr-001380

Kasi last year,

01:33:05Source

Senator Panfilo Lacson

asr-001381

ito yung sinabi,

01:33:06Source

Senator Panfilo Lacson

asr-001382

kausap ko si

01:33:07Source

Senator Panfilo Lacson

asr-001383

Executive Director

01:33:09Source

Senator Panfilo Lacson

asr-001384

Matthew, no?

01:33:11Source

AMLC Acting Director Arnold T. Kabanlit

asr-001385

Ah, yes.

01:33:12Source

Senator Panfilo Lacson

asr-001386

Sabi niya,

01:33:13Source

Senator Panfilo Lacson

asr-001387

nag-propose sila sa NEP,

01:33:15Source

Senator Panfilo Lacson

asr-001388

kinulang daw,

01:33:16Source

Senator Panfilo Lacson

asr-001389

binawasan ng 162.

01:33:18Source

Senator Panfilo Lacson

asr-001390

Yes, sir.

01:33:18Source

Senator Panfilo Lacson

asr-001391

Kaya in-augment namin sa GA.

01:33:20Source

Senator Panfilo Lacson

asr-001392

Yes, po.

01:33:20Source

Senator Panfilo Lacson

asr-001393

So, ang tanong ko,

01:33:21Source

Senator Panfilo Lacson

asr-001394

okay na kayo sa

01:33:22Source

Senator Panfilo Lacson

asr-001395

yung NEP,

01:33:24Source

Senator Panfilo Lacson

asr-001396

natugunan na yung

01:33:24Source

Senator Panfilo Lacson

asr-001397

kailangan ninyo?

01:33:26Source

AMLC Acting Director Arnold T. Kabanlit

asr-001398

As of now, po, sir.

01:33:26Source

Senator Panfilo Lacson

asr-001399

Oh, thank you.

01:33:27Source

AMLC Acting Director Arnold T. Kabanlit

asr-001400

Thank you, sir.

01:33:29Source

Senator Francis Kiko Pangilinan

asr-001401

Yes, as

01:33:29Source

Senator Francis Kiko Pangilinan

asr-001402

on that matter,

01:33:30Source

Senator Francis Kiko Pangilinan

asr-001403

sir,

01:33:31Source

Senator Francis Kiko Pangilinan

asr-001404

because I recall

01:33:32Source

Senator Francis Kiko Pangilinan

asr-001405

with the permission

01:33:32Source

Senator Francis Kiko Pangilinan

asr-001406

of our Senate President,

01:33:34Source

Senator Francis Kiko Pangilinan

asr-001407

yung 500,000

01:33:35Source

Senator Francis Kiko Pangilinan

asr-001408

cash

01:33:36Source

Senator Francis Kiko Pangilinan

asr-001409

withdrawals,

01:33:38Source

Senator Francis Kiko Pangilinan

asr-001410

No, no.

01:33:41Source

Senator Francis Kiko Pangilinan

asr-001411

Ito yung,

01:33:41Source

Senator Francis Kiko Pangilinan

asr-001412

because after the,

01:33:43Source

Senator Francis Kiko Pangilinan

asr-001413

after our hearings,

01:33:45Source

Senator Francis Kiko Pangilinan

asr-001414

the,

01:33:46Source

Senator Francis Kiko Pangilinan

asr-001415

the BSP issued

01:33:49Source

Senator Francis Kiko Pangilinan

asr-001416

a circular

01:33:49Source

Senator Francis Kiko Pangilinan

asr-001417

that

01:33:50Source

Senator Francis Kiko Pangilinan

asr-001418

cash transactions

01:33:52Source

Senator Francis Kiko Pangilinan

asr-001419

will be limited

01:33:53Source

Senator Francis Kiko Pangilinan

asr-001420

to 500,000.

01:33:55Source

Senator Francis Kiko Pangilinan

asr-001421

Medyo nagreklamo

01:33:56Source

Senator Francis Kiko Pangilinan

asr-001422

yung ating

01:33:56Source

Senator Francis Kiko Pangilinan

asr-001423

ilang mga business sector

01:33:58Source

Senator Francis Kiko Pangilinan

asr-001424

dahil payroll,

01:34:00Source

Senator Francis Kiko Pangilinan

asr-001425

et cetera.

01:34:00Source

Senator Francis Kiko Pangilinan

asr-001426

Now, has that

01:34:02Source

Senator Francis Kiko Pangilinan

asr-001427

since been amended

01:34:03Source

Senator Francis Kiko Pangilinan

asr-001428

or revised

01:34:04Source

Senator Francis Kiko Pangilinan

asr-001429

or changed?

01:34:05Source

Senator Francis Kiko Pangilinan

asr-001430

Go ahead.

01:34:07Source

BSP Governor Eli M. Remolona Jr.

asr-001431

One million na po ngayon.

01:34:08Source

Senator Francis Kiko Pangilinan

asr-001432

One million cash.

01:34:10Source

Senator Francis Kiko Pangilinan

asr-001433

Okay.

01:34:11Source

Senator Francis Kiko Pangilinan

asr-001434

Tsaka, maybe you have to

01:34:12Source

Senator Francis Kiko Pangilinan

asr-001435

look into it, no?

01:34:13Source

Senator Francis Kiko Pangilinan

asr-001436

Because

01:34:13Source

Senator Francis Kiko Pangilinan

asr-001437

my thinking is

01:34:16Source

Senator Francis Kiko Pangilinan

asr-001438

kaya initially

01:34:17Source

Senator Francis Kiko Pangilinan

asr-001439

ginawang half a million pesos

01:34:18Source

Senator Francis Kiko Pangilinan

asr-001440

kasi yun yung

01:34:19Source

Senator Francis Kiko Pangilinan

asr-001441

conditional,

01:34:21Source

BSP General Counsel Roberto L. Figueroa

asr-001442

ito yung

01:34:22Source

BSP General Counsel Roberto L. Figueroa

asr-001443

CTR.

01:34:23Source

Senator Francis Kiko Pangilinan

asr-001444

Yes, di ba?

01:34:24Source

Senator Francis Kiko Pangilinan

asr-001445

Yung covered transaction.

01:34:25Source

Senator Francis Kiko Pangilinan

asr-001446

But you have to note

01:34:27Source

Senator Francis Kiko Pangilinan

asr-001447

that the covered

01:34:27Source

Senator Francis Kiko Pangilinan

asr-001448

transaction amount

01:34:29Source

Senator Francis Kiko Pangilinan

asr-001449

was

01:34:29Source

Senator Francis Kiko Pangilinan

asr-001450

by law

01:34:32Source

Senator Francis Kiko Pangilinan

asr-001451

in 2001.

01:34:33Source

Senator Francis Kiko Pangilinan

asr-001452

So, ibig sabihin

01:34:34Source

Senator Francis Kiko Pangilinan

asr-001453

that's a 25-year-old

01:34:36Source

Senator Francis Kiko Pangilinan

asr-001454

amount.

01:34:39Source

Senator Francis Kiko Pangilinan

asr-001455

So,

01:34:40Source

Senator Francis Kiko Pangilinan

asr-001456

baka,

01:34:41Source

Senator Francis Kiko Pangilinan

asr-001457

talagang kulang,

01:34:43Source

Senator Francis Kiko Pangilinan

asr-001458

di ba?

01:34:43Source

Senator Francis Kiko Pangilinan

asr-001459

Iba na ang halaga

01:34:44Source

Senator Francis Kiko Pangilinan

asr-001460

ng pera ngayon.

01:34:46Source

Senator Francis Kiko Pangilinan

asr-001461

Saya nga.

01:34:47Source

Senator Francis Kiko Pangilinan

asr-001462

Malungkot nga.

01:34:48Source

Senator Francis Kiko Pangilinan

asr-001463

Yung dating 500 pesos,

01:34:49Source

Senator Francis Kiko Pangilinan

asr-001464

maraming nang nabibili

01:34:50Source

Senator Francis Kiko Pangilinan

asr-001465

ngayon.

01:34:51Source

Senator Francis Kiko Pangilinan

asr-001466

Hindi na, di ba?

01:34:52Source

Senator Francis Kiko Pangilinan

asr-001467

Kunti na lang.

01:34:53Source

Senator Francis Kiko Pangilinan

asr-001468

So, yun na nga.

01:34:53Source

Senator Francis Kiko Pangilinan

asr-001469

Baka, yung 500,000

01:34:55Source

Senator Francis Kiko Pangilinan

asr-001470

is

01:34:56Source

Senator Francis Kiko Pangilinan

asr-001471

subject to inflation na yun.

01:34:59Source

Senator Francis Kiko Pangilinan

asr-001472

Kaya,

01:34:59Source

Senator Francis Kiko Pangilinan

asr-001473

dapat siguro,

01:35:00Source

Senator Francis Kiko Pangilinan

asr-001474

yun na nga,

01:35:01Source

Senator Francis Kiko Pangilinan

asr-001475

1 million.

01:35:01Source

Senator Francis Kiko Pangilinan

asr-001476

Thank you.

01:35:02Source

BSP General Counsel Roberto L. Figueroa

asr-001477

Actually,

01:35:02Source

BSP General Counsel Roberto L. Figueroa

asr-001478

Senator Gico,

01:35:03Source

BSP General Counsel Roberto L. Figueroa

asr-001479

just to add to what

01:35:04Source

BSP General Counsel Roberto L. Figueroa

asr-001480

our governor had said,

01:35:05Source

BSP General Counsel Roberto L. Figueroa

asr-001481

yes, we've already amended

01:35:06Source

BSP General Counsel Roberto L. Figueroa

asr-001482

the circular.

01:35:07Source

BSP General Counsel Roberto L. Figueroa

asr-001483

We've increased

01:35:07Source

BSP General Counsel Roberto L. Figueroa

asr-001484

the threshold amount

01:35:08Source

BSP General Counsel Roberto L. Figueroa

asr-001485

from 500,000 pesos

01:35:10Source

BSP General Counsel Roberto L. Figueroa

asr-001486

to, I believe,

01:35:11Source

BSP General Counsel Roberto L. Figueroa

asr-001487

it's 1 million pesos.

01:35:13Source

BSP General Counsel Roberto L. Figueroa

asr-001488

And to add to what

01:35:14Source

BSP General Counsel Roberto L. Figueroa

asr-001489

my colleague had said

01:35:15Source

BSP General Counsel Roberto L. Figueroa

asr-001490

from BSP,

01:35:16Source

BSP General Counsel Roberto L. Figueroa

asr-001491

the BSP,

01:35:17Source

BSP General Counsel Roberto L. Figueroa

asr-001492

even though it's

01:35:17Source

BSP General Counsel Roberto L. Figueroa

asr-001493

a separate entity

01:35:18Source

BSP General Counsel Roberto L. Figueroa

asr-001494

from the AMLAC,

01:35:20Source

BSP General Counsel Roberto L. Figueroa

asr-001495

we're actually

01:35:21Source

BSP General Counsel Roberto L. Figueroa

asr-001496

helping coordinating

01:35:22Source

BSP General Counsel Roberto L. Figueroa

asr-001497

with AMLAC

01:35:23Source

BSP General Counsel Roberto L. Figueroa

asr-001498

and we're learning

01:35:24Source

BSP General Counsel Roberto L. Figueroa

asr-001499

from all these things

01:35:25Source

BSP General Counsel Roberto L. Figueroa

asr-001500

that we're learning now.

01:35:26Source

BSP General Counsel Roberto L. Figueroa

asr-001501

You know?

01:35:26Source

BSP General Counsel Roberto L. Figueroa

asr-001502

So,

01:35:27Source

BSP General Counsel Roberto L. Figueroa

asr-001503

like these things

01:35:28Source

BSP General Counsel Roberto L. Figueroa

asr-001504

that happened

01:35:28Source

BSP General Counsel Roberto L. Figueroa

asr-001505

with land bank,

01:35:29Source

BSP General Counsel Roberto L. Figueroa

asr-001506

feedback that we got

01:35:30Source

BSP General Counsel Roberto L. Figueroa

asr-001507

from, you know,

01:35:32Source

BSP General Counsel Roberto L. Figueroa

asr-001508

that there's this

01:35:33Source

BSP General Counsel Roberto L. Figueroa

asr-001509

contractor,

01:35:34Source

BSP General Counsel Roberto L. Figueroa

asr-001510

all these concerns

01:35:35Source

BSP General Counsel Roberto L. Figueroa

asr-001511

you have raised,

01:35:35Source

BSP General Counsel Roberto L. Figueroa

asr-001512

Senator Gico,

01:35:36Source

BSP General Counsel Roberto L. Figueroa

asr-001513

they're very legitimate.

01:35:38Source

BSP General Counsel Roberto L. Figueroa

asr-001514

Of course,

01:35:38Source

BSP General Counsel Roberto L. Figueroa

asr-001515

all the other concerns

01:35:39Source

BSP General Counsel Roberto L. Figueroa

asr-001516

stated by the senators.

01:35:40Source

BSP General Counsel Roberto L. Figueroa

asr-001517

And the BSP

01:35:41Source

BSP General Counsel Roberto L. Figueroa

asr-001518

is learning

01:35:42Source

BSP General Counsel Roberto L. Figueroa

asr-001519

from these,

01:35:43Source

BSP General Counsel Roberto L. Figueroa

asr-001520

you know,

01:35:44Source

BSP General Counsel Roberto L. Figueroa

asr-001521

discoveries

01:35:45Source

BSP General Counsel Roberto L. Figueroa

asr-001522

or developments

01:35:46Source

BSP General Counsel Roberto L. Figueroa

asr-001523

and we're doing

01:35:47Source

BSP General Counsel Roberto L. Figueroa

asr-001524

our part to help

01:35:48Source

BSP General Counsel Roberto L. Figueroa

asr-001525

AMLAC

01:35:48Source

BSP General Counsel Roberto L. Figueroa

asr-001526

to achieve that goal.

01:35:50Source

Senator Francis Kiko Pangilinan

asr-001527

I hope you learn fast.

01:35:52Source

BSP General Counsel Roberto L. Figueroa

asr-001528

Yes,

01:35:52Source

BSP General Counsel Roberto L. Figueroa

asr-001529

we'll try our best,

01:35:54Source

Senator Sherwin "Win" T. Gatchalian

asr-001530

Senator Gico.

01:35:55Source

Senator Sherwin "Win" T. Gatchalian

asr-001531

Yung mga corrupt,

01:35:56Source

Senator Sherwin "Win" T. Gatchalian

asr-001532

mas mabilis mag-learn, eh.

01:35:58Source

Senator Sherwin "Win" T. Gatchalian

asr-001533

Kaysa sa gobyerno.

01:35:59Source

Senator Sherwin "Win" T. Gatchalian

asr-001534

So,

01:36:01Source

Senator Sherwin "Win" T. Gatchalian

asr-001535

just to,

01:36:02Source

Senator Sherwin "Win" T. Gatchalian

asr-001536

just submit to us,

01:36:03Source

Senator Sherwin "Win" T. Gatchalian

asr-001537

a report on

01:36:06Source

Senator Sherwin "Win" T. Gatchalian

asr-001538

what improvements

01:36:07Source

Senator Sherwin "Win" T. Gatchalian

asr-001539

have you done

01:36:07Source

Senator Sherwin "Win" T. Gatchalian

asr-001540

to stop all of this corruption

01:36:10Source

Senator Sherwin "Win" T. Gatchalian

asr-001541

from happening.

01:36:12Source

Senator Sherwin "Win" T. Gatchalian

asr-001542

Of course,

01:36:13Source

Senator Sherwin "Win" T. Gatchalian

asr-001543

a detailed explanation

01:36:14Source

Senator Sherwin "Win" T. Gatchalian

asr-001544

of that 162

01:36:16Source

Senator Sherwin "Win" T. Gatchalian

asr-001545

that

01:36:16Source

Senator Sherwin "Win" T. Gatchalian

asr-001546

through

01:36:17Source

Senator Sherwin "Win" T. Gatchalian

asr-001547

Center Lacson's initiative.

01:36:19Source

Senator Sherwin "Win" T. Gatchalian

asr-001548

That's for technology, eh.

01:36:21Source

Senator Sherwin "Win" T. Gatchalian

asr-001549

Ano pa,

01:36:22Source

Senator Sherwin "Win" T. Gatchalian

asr-001550

paano ba na gastos ho yun.

01:36:24Source

Senator Sherwin "Win" T. Gatchalian

asr-001551

And during the AMLAC budget hearing,

01:36:26Source

Senator Sherwin "Win" T. Gatchalian

asr-001552

we'll go deeper

01:36:27Source

Senator Sherwin "Win" T. Gatchalian

asr-001553

into this discussion.

01:36:28Source

Senator Sherwin "Win" T. Gatchalian

asr-001554

Magkakaroon naman

01:36:29Source

Senator Sherwin "Win" T. Gatchalian

asr-001555

ng ablak-ablak

01:36:29Source

Senator Sherwin "Win" T. Gatchalian

asr-001556

budgeteering

01:36:30Source

Senator Sherwin "Win" T. Gatchalian

asr-001557

and definitely

01:36:31Source

Senator Sherwin "Win" T. Gatchalian

asr-001558

we'll

01:36:32Source

Senator Sherwin "Win" T. Gatchalian

asr-001559

analyze

01:36:33Source

Senator Sherwin "Win" T. Gatchalian

asr-001560

what are the

01:36:37Source

Senator Sherwin "Win" T. Gatchalian

asr-001561

other

01:36:37Source

Senator Sherwin "Win" T. Gatchalian

asr-001562

things that

01:36:38Source

Senator Sherwin "Win" T. Gatchalian

asr-001563

AMLAC needs

01:36:39Source

Senator Sherwin "Win" T. Gatchalian

asr-001564

in order to

01:36:39Source

Senator Sherwin "Win" T. Gatchalian

asr-001565

strengthen itself.

01:36:41Source

Senator Sherwin "Win" T. Gatchalian

asr-001566

Ang direction naman

01:36:41Source

Senator Sherwin "Win" T. Gatchalian

asr-001567

is to help AMLAC.

01:36:42Source

Senator Sherwin "Win" T. Gatchalian

asr-001568

That is the direction.

01:36:43Source

Senator Sherwin "Win" T. Gatchalian

asr-001569

We want it to be stronger.

01:36:45Source

Senator Sherwin "Win" T. Gatchalian

asr-001570

But you also have to tell us

01:36:47Source

Senator Sherwin "Win" T. Gatchalian

asr-001571

ano pa yung mga kailangan

01:36:48Source

Senator Sherwin "Win" T. Gatchalian

asr-001572

para maging

01:36:49Source

Senator Sherwin "Win" T. Gatchalian

asr-001573

mas malakas pa siya.

01:36:50Source

Senator Sherwin "Win" T. Gatchalian

asr-001574

So,

01:36:51Source

Senator Sherwin "Win" T. Gatchalian

asr-001575

just submit to us the report

01:36:52Source

Senator Sherwin "Win" T. Gatchalian

asr-001576

and then

01:36:52Source

Senator Sherwin "Win" T. Gatchalian

asr-001577

pag AMLAC budget,

01:36:53Source

Senator Sherwin "Win" T. Gatchalian

asr-001578

we'll talk about this again.

01:36:56Source

Senator Sherwin "Win" T. Gatchalian

asr-001579

Yes, sir.

01:36:56Source

Senator Joseph Victor "JV" G. Ejercito

asr-001580

Thank you.

01:36:57Source

Senator Joseph Victor "JV" G. Ejercito

asr-001581

As much as

01:36:57Source

Senator Joseph Victor "JV" G. Ejercito

asr-001582

we want to

01:36:58Source

Senator Joseph Victor "JV" G. Ejercito

asr-001583

release

01:36:59Source

Senator Joseph Victor "JV" G. Ejercito

asr-001584

Governor,

01:36:59Source

Senator Joseph Victor "JV" G. Ejercito

asr-001585

Remolona already,

01:37:01Source

Senator Joseph Victor "JV" G. Ejercito

asr-001586

may one more question

01:37:01Source

Senator Joseph Victor "JV" G. Ejercito

asr-001587

from Senator Padilla.

01:37:03Source

Senator Joseph Victor "JV" G. Ejercito

asr-001588

And that chair would

01:37:04Source

Senator Joseph Victor "JV" G. Ejercito

asr-001589

just ask two concerns

01:37:05Source

Senator Joseph Victor "JV" G. Ejercito

asr-001590

and then we can release.

01:37:07Source

Senator Robinhood C. Padilla

asr-001591

Maraming salamat po

01:37:08Source

Senator Robinhood C. Padilla

asr-001592

sa ating chairperson,

01:37:10Source

Senator Robinhood C. Padilla

asr-001593

Senator J.V.

01:37:11Source

Senator Robinhood C. Padilla

asr-001594

Ejercito,

01:37:12Source

Senator Robinhood C. Padilla

asr-001595

at sa lahat po

01:37:13Source

Senator Robinhood C. Padilla

asr-001596

ng aking mga kasama,

01:37:15Source

Senator Robinhood C. Padilla

asr-001597

pagpupugay po sa inyo,

01:37:17Source

Senator Robinhood C. Padilla

asr-001598

at sa ating pong

01:37:18Source

Senator Robinhood C. Padilla

asr-001599

mga bisita.

01:37:20Source

Senator Robinhood C. Padilla

asr-001600

Meron lang po

01:37:20Source

Senator Robinhood C. Padilla

asr-001601

akong katanungan

01:37:21Source

Senator Robinhood C. Padilla

asr-001602

sa ating pong

01:37:22Source

Senator Robinhood C. Padilla

asr-001603

mahal na governor

01:37:23Source

Senator Robinhood C. Padilla

asr-001604

ng Banko Sentral.

01:37:25Source

Senator Robinhood C. Padilla

asr-001605

Governor,

01:37:26Source

Senator Robinhood C. Padilla

asr-001606

kanina po,

01:37:27Source

Senator Robinhood C. Padilla

asr-001607

pagpasok ko,

01:37:28Source

Senator Robinhood C. Padilla

asr-001608

pinag-uusapan po natin

01:37:29Source

Senator Robinhood C. Padilla

asr-001609

ang inflation,

01:37:29Source

Senator Robinhood C. Padilla

asr-001610

at nabanggit nyo po,

01:37:31Source

Senator Robinhood C. Padilla

asr-001611

napakaganda po

01:37:32Source

Senator Robinhood C. Padilla

asr-001612

nung narinig ko

01:37:33Source

Senator Robinhood C. Padilla

asr-001613

na kulang tayo

01:37:35Source

Senator Robinhood C. Padilla

asr-001614

sa AI,

01:37:36Source

Senator Robinhood C. Padilla

asr-001615

kulang tayo

01:37:36Source

Senator Robinhood C. Padilla

asr-001616

sa langis.

01:37:38Source

Senator Robinhood C. Padilla

asr-001617

Masasabi nyo po ba

01:37:39Source

Senator Robinhood C. Padilla

asr-001618

na yung patungkol?

01:37:42Source

Senator Robinhood C. Padilla

asr-001619

Kasi sinasabi po ngayon

01:37:43Source

Senator Robinhood C. Padilla

asr-001620

na yung pagpasok

01:37:44Source

Senator Robinhood C. Padilla

asr-001621

ng Pax Silica

01:37:45Source

Senator Robinhood C. Padilla

asr-001622

at yung ating pong

01:37:47Source

Senator Robinhood C. Padilla

asr-001623

matagal nang

01:37:48Source

Senator Robinhood C. Padilla

asr-001624

isinusulong,

01:37:50Source

Senator Robinhood C. Padilla

asr-001625

panahon pa po

01:37:51Source

Senator Robinhood C. Padilla

asr-001626

ng Pangulong GMA,

01:37:53Source

Senator Robinhood C. Padilla

asr-001627

Pangulong Rodrigo Duterte,

01:37:55Source

Senator Robinhood C. Padilla

asr-001628

at ngayon

01:37:55Source

Senator Robinhood C. Padilla

asr-001629

ay isinusulong po

01:37:57Source

Senator Robinhood C. Padilla

asr-001630

ng ating mahal na

01:37:58Source

Senator Robinhood C. Padilla

asr-001631

Pangulong Bongbong Marcos,

01:37:59Source

Senator Robinhood C. Padilla

asr-001632

ay yung patungkol po

01:38:00Source

Senator Robinhood C. Padilla

asr-001633

sa joint oil exploration

01:38:02Source

Senator Robinhood C. Padilla

asr-001634

natin sa China.

01:38:04Source

Senator Robinhood C. Padilla

asr-001635

Masasabi nyo po ba

01:38:05Source

Senator Robinhood C. Padilla

asr-001636

na ito ay dapat na nating

01:38:07Source

Senator Robinhood C. Padilla

asr-001637

yakapin

01:38:08Source

Senator Robinhood C. Padilla

asr-001638

at dapat na nating sunggaban

01:38:10Source

Senator Robinhood C. Padilla

asr-001639

upang matulungan

01:38:11Source

Senator Robinhood C. Padilla

asr-001640

ng ating ekonomiya?

01:38:15Source

BSP Governor Eli M. Remolona Jr.

asr-001641

Yung oil po,

01:38:16Source

BSP Governor Eli M. Remolona Jr.

asr-001642

we depend mostly

01:38:19Source

BSP Governor Eli M. Remolona Jr.

asr-001643

on just the oil

01:38:20Source

BSP Governor Eli M. Remolona Jr.

asr-001644

that goes to the

01:38:21Source

BSP Governor Eli M. Remolona Jr.

asr-001645

Strait of Hormuz.

01:38:23Source

BSP Governor Eli M. Remolona Jr.

asr-001646

So kailangan

01:38:24Source

BSP Governor Eli M. Remolona Jr.

asr-001647

ma-diversify

01:38:25Source

BSP Governor Eli M. Remolona Jr.

asr-001648

yung pinagagalingan

01:38:27Source

BSP Governor Eli M. Remolona Jr.

asr-001649

ng oil natin.

01:38:28Source

BSP Governor Eli M. Remolona Jr.

asr-001650

Meron mga

01:38:29Source

BSP Governor Eli M. Remolona Jr.

asr-001651

strategic na

01:38:30Source

BSP Governor Eli M. Remolona Jr.

asr-001652

dapat na paraan

01:38:32Source

BSP Governor Eli M. Remolona Jr.

asr-001653

para

01:38:32Source

BSP Governor Eli M. Remolona Jr.

asr-001654

para ma-diversify.

01:38:36Source

Senator Robinhood C. Padilla

asr-001655

Opo,

01:38:36Source

Senator Robinhood C. Padilla

asr-001656

ibig nyo pong sabihin

01:38:38Source

Senator Robinhood C. Padilla

asr-001657

na kasi yun pong

01:38:39Source

Senator Robinhood C. Padilla

asr-001658

sa

01:38:39Source

Senator Robinhood C. Padilla

asr-001659

Strait of Hormuz

01:38:41Source

Senator Robinhood C. Padilla

asr-001660

galing pa po

01:38:41Source

Senator Robinhood C. Padilla

asr-001661

ng dadaan ng Iran,

01:38:43Source

Senator Robinhood C. Padilla

asr-001662

medyo

01:38:43Source

Senator Robinhood C. Padilla

asr-001663

pagdating po kasi

01:38:45Source

Senator Robinhood C. Padilla

asr-001664

pag angkat

01:38:46Source

Senator Robinhood C. Padilla

asr-001665

ng langis,

01:38:47Source

Senator Robinhood C. Padilla

asr-001666

ang dami po nating

01:38:48Source

Senator Robinhood C. Padilla

asr-001667

checkpoint,

01:38:49Source

Senator Robinhood C. Padilla

asr-001668

kailangan pang may

01:38:50Source

Senator Robinhood C. Padilla

asr-001669

approval ng

01:38:50Source

Senator Robinhood C. Padilla

asr-001670

ano,

01:38:51Source

Senator Robinhood C. Padilla

asr-001671

ang dami po eh.

01:38:52Source

Senator Robinhood C. Padilla

asr-001672

Opo,

01:38:52Source

Senator Robinhood C. Padilla

asr-001673

ang ibig ko pong sabihin,

01:38:55Source

Senator Robinhood C. Padilla

asr-001674

mahal naming

01:38:56Source

Senator Robinhood C. Padilla

asr-001675

Governor,

01:38:57Source

Senator Robinhood C. Padilla

asr-001676

meron po kasing

01:38:58Source

Senator Robinhood C. Padilla

asr-001677

matagal nang

01:38:59Source

Senator Robinhood C. Padilla

asr-001678

mukahi

01:39:00Source

Senator Robinhood C. Padilla

asr-001679

na tayo

01:39:00Source

Senator Robinhood C. Padilla

asr-001680

dyan po kasi

01:39:01Source

Senator Robinhood C. Padilla

asr-001681

sa West Philippines

01:39:02Source

Senator Robinhood C. Padilla

asr-001682

napakalaki po

01:39:03Source

Senator Robinhood C. Padilla

asr-001683

ng

01:39:04Source

Senator Robinhood C. Padilla

asr-001684

reserba ng

01:39:06Source

Senator Robinhood C. Padilla

asr-001685

langis

01:39:06Source

Senator Robinhood C. Padilla

asr-001686

at gas.

01:39:09Source

Senator Robinhood C. Padilla

asr-001687

Ang sabi nga po nila

01:39:10Source

Senator Robinhood C. Padilla

asr-001688

trillion barrels

01:39:11Source

Senator Robinhood C. Padilla

asr-001689

daw po yan.

01:39:13Source

Senator Robinhood C. Padilla

asr-001690

Opo,

01:39:13Source

Senator Robinhood C. Padilla

asr-001691

ito po'y matagal

01:39:14Source

Senator Robinhood C. Padilla

asr-001692

na

01:39:14Source

Senator Robinhood C. Padilla

asr-001693

po

01:39:16Source

Senator Robinhood C. Padilla

asr-001694

itong

01:39:17Source

Senator Robinhood C. Padilla

asr-001695

itinutulak dito

01:39:18Source

Senator Robinhood C. Padilla

asr-001696

at marami na pong

01:39:20Source

Senator Robinhood C. Padilla

asr-001697

pangulo

01:39:20Source

Senator Robinhood C. Padilla

asr-001698

ang nagtutulak dito.

01:39:22Source

Senator Robinhood C. Padilla

asr-001699

Sa palagay nyo po

01:39:23Source

Senator Robinhood C. Padilla

asr-001700

pag ito po

01:39:24Source

Senator Robinhood C. Padilla

asr-001701

ay nagkatulo yan

01:39:25Source

Senator Robinhood C. Padilla

asr-001702

at

01:39:26Source

Senator Robinhood C. Padilla

asr-001703

nagtagumpay

01:39:27Source

Senator Robinhood C. Padilla

asr-001704

ang ating

01:39:28Source

Senator Robinhood C. Padilla

asr-001705

Pangulong Bongbong

01:39:28Source

Senator Robinhood C. Padilla

asr-001706

Marcos,

01:39:30Source

Senator Robinhood C. Padilla

asr-001707

ito po'y makakatulong

01:39:30Source

Senator Robinhood C. Padilla

asr-001708

ba talaga

01:39:31Source

Senator Robinhood C. Padilla

asr-001709

sa ating ekonomiya?

01:39:33Source

BSP Governor Eli M. Remolona Jr.

asr-001710

Siyempre po,

01:39:34Source

BSP Governor Eli M. Remolona Jr.

asr-001711

siyempre.

01:39:35Source

Senator Robinhood C. Padilla

asr-001712

100% po?

01:39:39Source

Senator Robinhood C. Padilla

asr-001713

Masasabi nyo pong

01:39:40Source

Senator Robinhood C. Padilla

asr-001714

100% Governor?

01:39:42Source

BSP Governor Eli M. Remolona Jr.

asr-001715

Kung talagang magagawa eh.

01:39:43Source

Senator Robinhood C. Padilla

asr-001716

Ayun,

01:39:44Source

Senator Robinhood C. Padilla

asr-001717

opo.

01:39:45Source

Senator Robinhood C. Padilla

asr-001718

Sa palagay nyo po ba

01:39:46Source

Senator Robinhood C. Padilla

asr-001719

dapat po namin

01:39:47Source

Senator Robinhood C. Padilla

asr-001720

itulak yan

01:39:48Source

Senator Robinhood C. Padilla

asr-001721

dito

01:39:49Source

Senator Robinhood C. Padilla

asr-001722

sa Kongreso

01:39:50Source

Senator Robinhood C. Padilla

asr-001723

sa mga dalawang

01:39:51Source

Senator Robinhood C. Padilla

asr-001724

pagpupulong

01:39:52Source

Senator Robinhood C. Padilla

asr-001725

sa mataas

01:39:52Source

Senator Robinhood C. Padilla

asr-001726

at sa malaking

01:39:53Source

Senator Robinhood C. Padilla

asr-001727

pagpupulong?

01:39:56Source

Senator Robinhood C. Padilla

asr-001728

Opo.

01:39:57Source

Senator Robinhood C. Padilla

asr-001729

Salamat po.

01:39:57Source

Senator Robinhood C. Padilla

asr-001730

Yung pong Pax Silica

01:39:58Source

Senator Robinhood C. Padilla

asr-001731

na sinasabing yan daw po

01:40:00Source

Senator Robinhood C. Padilla

asr-001732

ay magiging

01:40:00Source

Senator Robinhood C. Padilla

asr-001733

AI hub.

01:40:02Source

Senator Robinhood C. Padilla

asr-001734

Sa palagay nyo po ba

01:40:03Source

Senator Robinhood C. Padilla

asr-001735

yan po yung solusyon din

01:40:04Source

Senator Robinhood C. Padilla

asr-001736

sa sinabi nyo kanina

01:40:06Source

Senator Robinhood C. Padilla

asr-001737

na tayo po ay

01:40:07Source

Senator Robinhood C. Padilla

asr-001738

walang AI

01:40:08Source

Senator Robinhood C. Padilla

asr-001739

sa bansang ito?

01:40:11Source

BSP Governor Eli M. Remolona Jr.

asr-001740

Makakatulong po

01:40:12Source

BSP Governor Eli M. Remolona Jr.

asr-001741

kung matutuloy.

01:40:14Source

BSP Governor Eli M. Remolona Jr.

asr-001742

Ang ano natin ngayon

01:40:15Source

BSP Governor Eli M. Remolona Jr.

asr-001743

ang semiconductors

01:40:17Source

BSP Governor Eli M. Remolona Jr.

asr-001744

natin ngayon

01:40:18Source

BSP Governor Eli M. Remolona Jr.

asr-001745

na ginagawa natin

01:40:19Source

BSP Governor Eli M. Remolona Jr.

asr-001746

low bandwidth

01:40:21Source

BSP Governor Eli M. Remolona Jr.

asr-001747

ang tawag.

01:40:22Source

BSP Governor Eli M. Remolona Jr.

asr-001748

Hindi pwedeng

01:40:23Source

BSP Governor Eli M. Remolona Jr.

asr-001749

pang AI.

01:40:24Source

BSP Governor Eli M. Remolona Jr.

asr-001750

Kailangan natin

01:40:25Source

BSP Governor Eli M. Remolona Jr.

asr-001751

yung high bandwidth

01:40:26Source

BSP Governor Eli M. Remolona Jr.

asr-001752

na

01:40:26Source

BSP Governor Eli M. Remolona Jr.

asr-001753

Opo.

01:40:27Source

Senator Robinhood C. Padilla

asr-001754

At ang sinisigurado

01:40:29Source

Senator Robinhood C. Padilla

asr-001755

po ng

01:40:29Source

Senator Robinhood C. Padilla

asr-001756

Pax Silica

01:40:30Source

Senator Robinhood C. Padilla

asr-001757

ay tayo po

01:40:31Source

Senator Robinhood C. Padilla

asr-001758

ay magiging

01:40:32Source

Senator Robinhood C. Padilla

asr-001759

isa.

01:40:33Source

Senator Robinhood C. Padilla

asr-001760

Sa sabi nga po nila

01:40:35Source

Senator Robinhood C. Padilla

asr-001761

pwede nating

01:40:36Source

Senator Robinhood C. Padilla

asr-001762

itapat sa

01:40:37Source

Senator Robinhood C. Padilla

asr-001763

China.

01:40:38Source

Senator Robinhood C. Padilla

asr-001764

Sana.

01:40:39Source

BSP Governor Eli M. Remolona Jr.

asr-001765

Opo.

01:40:40Source

Senator Robinhood C. Padilla

asr-001766

Yun lang po.

01:40:41Source

Senator Robinhood C. Padilla

asr-001767

Maraming salamat po

01:40:42Source

Senator Robinhood C. Padilla

asr-001768

Governor

01:40:42Source

Senator Robinhood C. Padilla

asr-001769

para maliwanagan po

01:40:44Source

Senator Robinhood C. Padilla

asr-001770

ng ating taong bayan

01:40:45Source

Senator Robinhood C. Padilla

asr-001771

kung ano po yung dalawa

01:40:46Source

Senator Robinhood C. Padilla

asr-001772

na isinusulong

01:40:48Source

Senator Robinhood C. Padilla

asr-001773

ng ating

01:40:48Source

Senator Robinhood C. Padilla

asr-001774

gobyerno.

01:40:50Source

Senator Robinhood C. Padilla

asr-001775

Una,

01:40:50Source

Senator Robinhood C. Padilla

asr-001776

ang Pax Silica

01:40:51Source

Senator Robinhood C. Padilla

asr-001777

at ang pangalawa po

01:40:52Source

Senator Robinhood C. Padilla

asr-001778

ay yung oil

01:40:53Source

Senator Robinhood C. Padilla

asr-001779

joint exploration

01:40:55Source

Senator Robinhood C. Padilla

asr-001780

po

01:40:55Source

Senator Robinhood C. Padilla

asr-001781

ng Pilipinas

01:40:56Source

Senator Robinhood C. Padilla

asr-001782

at China

01:40:57Source

Senator Robinhood C. Padilla

asr-001783

sa West Philippine Sea.

01:40:58Source

Senator Robinhood C. Padilla

asr-001784

Maraming salamat po

01:40:59Source

Senator Robinhood C. Padilla

asr-001785

Governor.

01:41:00Source

BSP Governor Eli M. Remolona Jr.

asr-001786

Salamat din.

01:41:01Source

Senator Joseph Victor "JV" G. Ejercito

asr-001787

Thank you.

01:41:02Source

Senator Joseph Victor "JV" G. Ejercito

asr-001788

We can already

01:41:03Source

Senator Joseph Victor "JV" G. Ejercito

asr-001789

let you go.

01:41:03Source

Senator Joseph Victor "JV" G. Ejercito

asr-001790

Just two questions

01:41:05Source

Senator Joseph Victor "JV" G. Ejercito

asr-001791

sa Gov

01:41:05Source

Senator Joseph Victor "JV" G. Ejercito

asr-001792

with your indulgence

01:41:07Source

Senator Joseph Victor "JV" G. Ejercito

asr-001793

from the Chair.

01:41:09Source

Senator Joseph Victor "JV" G. Ejercito

asr-001794

First of all,

01:41:10Source

Senator Joseph Victor "JV" G. Ejercito

asr-001795

we commend

01:41:10Source

Senator Joseph Victor "JV" G. Ejercito

asr-001796

AMLC

01:41:11Source

Senator Joseph Victor "JV" G. Ejercito

asr-001797

for taking decisive action

01:41:12Source

Senator Joseph Victor "JV" G. Ejercito

asr-001798

to the assets

01:41:14Source

Senator Joseph Victor "JV" G. Ejercito

asr-001799

of the individuals

01:41:15Source

Senator Joseph Victor "JV" G. Ejercito

asr-001800

and entities

01:41:16Source

Senator Joseph Victor "JV" G. Ejercito

asr-001801

that were involved

01:41:17Source

Senator Joseph Victor "JV" G. Ejercito

asr-001802

in the corruption.

01:41:17Source

Senator Joseph Victor "JV" G. Ejercito

asr-001803

The biggest

01:41:18Source

Senator Joseph Victor "JV" G. Ejercito

asr-001804

corruption

01:41:19Source

Senator Joseph Victor "JV" G. Ejercito

asr-001805

in the history

01:41:20Source

Senator Joseph Victor "JV" G. Ejercito

asr-001806

of our country.

01:41:21Source

Senator Joseph Victor "JV" G. Ejercito

asr-001807

So marami po

01:41:22Source

Senator Joseph Victor "JV" G. Ejercito

asr-001808

ang na-freeze

01:41:23Source

Senator Joseph Victor "JV" G. Ejercito

asr-001809

lalo lalo pa

01:41:24Source

Senator Joseph Victor "JV" G. Ejercito

asr-001810

yung mga sangkot.

01:41:25Source

Senator Joseph Victor "JV" G. Ejercito

asr-001811

And we support you

01:41:26Source

Senator Joseph Victor "JV" G. Ejercito

asr-001812

for that.

01:41:27Source

Senator Joseph Victor "JV" G. Ejercito

asr-001813

Dapat yung accountability

01:41:27Source

Senator Joseph Victor "JV" G. Ejercito

asr-001814

should always be given

01:41:29Source

Senator Joseph Victor "JV" G. Ejercito

asr-001815

at most importance

01:41:31Source

Senator Joseph Victor "JV" G. Ejercito

asr-001816

para nga yung

01:41:31Source

Senator Joseph Victor "JV" G. Ejercito

asr-001817

certainty of punishment

01:41:33Source

Senator Joseph Victor "JV" G. Ejercito

asr-001818

hindi na mauna

01:41:33Source

Senator Joseph Victor "JV" G. Ejercito

asr-001819

ulit ito.

01:41:34Source

Senator Joseph Victor "JV" G. Ejercito

asr-001820

However,

01:41:36Source

Senator Joseph Victor "JV" G. Ejercito

asr-001821

there were businesses

01:41:37Source

Senator Joseph Victor "JV" G. Ejercito

asr-001822

that were subsequently

01:41:38Source

Senator Joseph Victor "JV" G. Ejercito

asr-001823

cleared

01:41:39Source

Senator Joseph Victor "JV" G. Ejercito

asr-001824

yung mga

01:41:40Source

Senator Joseph Victor "JV" G. Ejercito

asr-001825

sinabing cleared na

01:41:41Source

Senator Joseph Victor "JV" G. Ejercito

asr-001826

but continue to face

01:41:42Source

Senator Joseph Victor "JV" G. Ejercito

asr-001827

difficulties

01:41:43Source

Senator Joseph Victor "JV" G. Ejercito

asr-001828

in normalizing

01:41:44Source

Senator Joseph Victor "JV" G. Ejercito

asr-001829

their operations.

01:41:45Source

Senator Joseph Victor "JV" G. Ejercito

asr-001830

May mga instances

01:41:46Source

Senator Joseph Victor "JV" G. Ejercito

asr-001831

daw na nabayaran

01:41:47Source

Senator Joseph Victor "JV" G. Ejercito

asr-001832

sa limbawa ng

01:41:48Source

Senator Joseph Victor "JV" G. Ejercito

asr-001833

government agencies

01:41:49Source

Senator Joseph Victor "JV" G. Ejercito

asr-001834

like DPWH

01:41:50Source

Senator Joseph Victor "JV" G. Ejercito

asr-001835

DepEd

01:41:51Source

Senator Joseph Victor "JV" G. Ejercito

asr-001836

and yet

01:41:53Source

Senator Joseph Victor "JV" G. Ejercito

asr-001837

banks

01:41:54Source

Senator Joseph Victor "JV" G. Ejercito

asr-001838

refuse to accept

01:41:55Source

Senator Joseph Victor "JV" G. Ejercito

asr-001839

their checks

01:41:55Source

Senator Joseph Victor "JV" G. Ejercito

asr-001840

kaya hindi nila

01:41:56Source

Senator Joseph Victor "JV" G. Ejercito

asr-001841

mabayaran

01:41:57Source

Senator Joseph Victor "JV" G. Ejercito

asr-001842

yung mga laborers nila

01:41:58Source

Senator Joseph Victor "JV" G. Ejercito

asr-001843

construction workers

01:42:00Source

Senator Joseph Victor "JV" G. Ejercito

asr-001844

suppliers

01:42:00Source

Senator Joseph Victor "JV" G. Ejercito

asr-001845

and ang concern ko po

01:42:03Source

Senator Joseph Victor "JV" G. Ejercito

asr-001846

ah

01:42:03Source

Senator Joseph Victor "JV" G. Ejercito

asr-001847

mga ganyong

01:42:05Source

Senator Joseph Victor "JV" G. Ejercito

asr-001848

government spending natin

01:42:06Source

Senator Joseph Victor "JV" G. Ejercito

asr-001849

no

01:42:07Source

Senator Joseph Victor "JV" G. Ejercito

asr-001850

which affected

01:42:09Source

Senator Joseph Victor "JV" G. Ejercito

asr-001851

definitely our economy

01:42:10Source

Senator Joseph Victor "JV" G. Ejercito

asr-001852

and we have to accelerate

01:42:12Source

Senator Joseph Victor "JV" G. Ejercito

asr-001853

kailangan natin bumawi

01:42:13Source

Senator Joseph Victor "JV" G. Ejercito

asr-001854

so

01:42:13Source

Senator Joseph Victor "JV" G. Ejercito

asr-001855

how can we

01:42:15Source

Senator Joseph Victor "JV" G. Ejercito

asr-001856

how can

01:42:16Source

Senator Joseph Victor "JV" G. Ejercito

asr-001857

unlock

01:42:16Source

Senator Joseph Victor "JV" G. Ejercito

asr-001858

ano no

01:42:17Source

Senator Joseph Victor "JV" G. Ejercito

asr-001859

remedy this

01:42:20Source

Senator Joseph Victor "JV" G. Ejercito

asr-001860

para naman makatulong

01:42:21Source

Senator Joseph Victor "JV" G. Ejercito

asr-001861

na makabalik

01:42:21Source

Senator Joseph Victor "JV" G. Ejercito

asr-001862

maka ano

01:42:22Source

Senator Joseph Victor "JV" G. Ejercito

asr-001863

yung sa ating

01:42:23Source

Senator Joseph Victor "JV" G. Ejercito

asr-001864

acceleration of our

01:42:25Source

Senator Joseph Victor "JV" G. Ejercito

asr-001865

infrastructure spending

01:42:26Source

Senator Joseph Victor "JV" G. Ejercito

asr-001866

para

01:42:26Source

Senator Joseph Victor "JV" G. Ejercito

asr-001867

to improve our economy

01:42:28Source

Senator Joseph Victor "JV" G. Ejercito

asr-001868

Si Atty. Cabanlit

01:42:31Source

Senator Joseph Victor "JV" G. Ejercito

asr-001869

will answer

01:42:31Source

AMLC Acting Director Arnold T. Kabanlit

asr-001870

Good morning Mr. Chair

01:42:33Source

AMLC Acting Director Arnold T. Kabanlit

asr-001871

Sir for those

01:42:35Source

AMLC Acting Director Arnold T. Kabanlit

asr-001872

concerns po sir

01:42:37Source

AMLC Acting Director Arnold T. Kabanlit

asr-001873

when the

01:42:39Source

AMLC Acting Director Arnold T. Kabanlit

asr-001874

when the AMLC filed

01:42:41Source

AMLC Acting Director Arnold T. Kabanlit

asr-001875

petitions with the

01:42:43Source

AMLC Acting Director Arnold T. Kabanlit

asr-001876

Court of Appeals

01:42:44Source

AMLC Acting Director Arnold T. Kabanlit

asr-001877

for issuance of the

01:42:45Source

AMLC Acting Director Arnold T. Kabanlit

asr-001878

freeze order sir

01:42:45Source

AMLC Acting Director Arnold T. Kabanlit

asr-001879

some of those

01:42:48Source

AMLC Acting Director Arnold T. Kabanlit

asr-001880

that were covered

01:42:48Source

AMLC Acting Director Arnold T. Kabanlit

asr-001881

by the freeze orders

01:42:49Source

AMLC Acting Director Arnold T. Kabanlit

asr-001882

included

01:42:50Source

AMLC Acting Director Arnold T. Kabanlit

asr-001883

legitimate

01:42:51Source

AMLC Acting Director Arnold T. Kabanlit

asr-001884

legitimate accounts

01:42:54Source

AMLC Acting Director Arnold T. Kabanlit

asr-001885

legitimate transactions

01:42:55Source

AMLC Acting Director Arnold T. Kabanlit

asr-001886

so

01:42:56Source

AMLC Acting Director Arnold T. Kabanlit

asr-001887

in the course of our

01:42:58Source

AMLC Acting Director Arnold T. Kabanlit

asr-001888

investigation po sir

01:42:59Source

AMLC Acting Director Arnold T. Kabanlit

asr-001889

for those

01:43:01Source

AMLC Acting Director Arnold T. Kabanlit

asr-001890

where we filed

01:43:02Source

AMLC Acting Director Arnold T. Kabanlit

asr-001891

the cases for

01:43:03Source

AMLC Acting Director Arnold T. Kabanlit

asr-001892

civil forfeiture

01:43:04Source

AMLC Acting Director Arnold T. Kabanlit

asr-001893

we did not include those

01:43:06Source

AMLC Acting Director Arnold T. Kabanlit

asr-001894

those accounts

01:43:08Source

AMLC Acting Director Arnold T. Kabanlit

asr-001895

which did not have

01:43:12Source

AMLC Acting Director Arnold T. Kabanlit

asr-001896

transactions with

01:43:13Source

AMLC Acting Director Arnold T. Kabanlit

asr-001897

those that were involved

01:43:15Source

AMLC Acting Director Arnold T. Kabanlit

asr-001898

in this flood control

01:43:16Source

AMLC Acting Director Arnold T. Kabanlit

asr-001899

controversy po

01:43:17Source

AMLC Acting Director Arnold T. Kabanlit

asr-001900

so

01:43:17Source

AMLC Acting Director Arnold T. Kabanlit

asr-001901

the freeze order

01:43:19Source

AMLC Acting Director Arnold T. Kabanlit

asr-001902

is only good for

01:43:20Source

AMLC Acting Director Arnold T. Kabanlit

asr-001903

six months po sir

01:43:21Source

AMLC Acting Director Arnold T. Kabanlit

asr-001904

so that affords us

01:43:22Source

AMLC Acting Director Arnold T. Kabanlit

asr-001905

a limited time

01:43:23Source

AMLC Acting Director Arnold T. Kabanlit

asr-001906

to investigate

01:43:24Source

AMLC Acting Director Arnold T. Kabanlit

asr-001907

but for those

01:43:25Source

AMLC Acting Director Arnold T. Kabanlit

asr-001908

which we found

01:43:26Source

AMLC Acting Director Arnold T. Kabanlit

asr-001909

to have no

01:43:27Source

AMLC Acting Director Arnold T. Kabanlit

asr-001910

links to the flood control

01:43:29Source

AMLC Acting Director Arnold T. Kabanlit

asr-001911

we did not

01:43:30Source

AMLC Acting Director Arnold T. Kabanlit

asr-001912

file the corresponding

01:43:31Source

AMLC Acting Director Arnold T. Kabanlit

asr-001913

civil forfeiture cases

01:43:32Source

AMLC Acting Director Arnold T. Kabanlit

asr-001914

for those

01:43:33Source

AMLC Acting Director Arnold T. Kabanlit

asr-001915

for those accounts po

01:43:35Source

Senator Joseph Victor "JV" G. Ejercito

asr-001916

but the

01:43:37Source

Senator Joseph Victor "JV" G. Ejercito

asr-001917

the problem

01:43:37Source

Senator Joseph Victor "JV" G. Ejercito

asr-001918

attorney is that

01:43:38Source

Senator Joseph Victor "JV" G. Ejercito

asr-001919

those who

01:43:39Source

Senator Joseph Victor "JV" G. Ejercito

asr-001920

that were

01:43:39Source

Senator Joseph Victor "JV" G. Ejercito

asr-001921

subsequently cleared

01:43:40Source

Senator Joseph Victor "JV" G. Ejercito

asr-001922

but yet

01:43:41Source

Senator Joseph Victor "JV" G. Ejercito

asr-001923

nahihirapan sila

01:43:42Source

Senator Joseph Victor "JV" G. Ejercito

asr-001924

even banks

01:43:43Source

Senator Joseph Victor "JV" G. Ejercito

asr-001925

don't accept

01:43:43Source

Senator Joseph Victor "JV" G. Ejercito

asr-001926

so I'm hoping

01:43:45Source

Senator Joseph Victor "JV" G. Ejercito

asr-001927

that you can

01:43:45Source

Senator Joseph Victor "JV" G. Ejercito

asr-001928

find a mechanism

01:43:46Source

Senator Joseph Victor "JV" G. Ejercito

asr-001929

and

01:43:47Source

Senator Joseph Victor "JV" G. Ejercito

asr-001930

look into this

01:43:49Source

Senator Joseph Victor "JV" G. Ejercito

asr-001931

situation

01:43:50Source

Senator Joseph Victor "JV" G. Ejercito

asr-001932

kasi nga po

01:43:51Source

Senator Joseph Victor "JV" G. Ejercito

asr-001933

it's affecting

01:43:52Source

Senator Joseph Victor "JV" G. Ejercito

asr-001934

our

01:43:52Source

Senator Joseph Victor "JV" G. Ejercito

asr-001935

like

01:43:53Source

Senator Joseph Victor "JV" G. Ejercito

asr-001936

Governor Remolona said

01:43:55Source

Senator Joseph Victor "JV" G. Ejercito

asr-001937

ang

01:43:55Source

Senator Joseph Victor "JV" G. Ejercito

asr-001938

projection pa

01:43:57Source

Senator Joseph Victor "JV" G. Ejercito

asr-001939

ng pagbawi

01:43:58Source

Senator Joseph Victor "JV" G. Ejercito

asr-001940

ng ekonomiya

01:43:59Source

Senator Joseph Victor "JV" G. Ejercito

asr-001941

because of

01:44:00Source

Senator Joseph Victor "JV" G. Ejercito

asr-001942

affected

01:44:00Source

Senator Joseph Victor "JV" G. Ejercito

asr-001943

affected because of

01:44:01Source

Senator Joseph Victor "JV" G. Ejercito

asr-001944

this flood control

01:44:02Source

Senator Joseph Victor "JV" G. Ejercito

asr-001945

controversy

01:44:03Source

Senator Joseph Victor "JV" G. Ejercito

asr-001946

fourth quarter pa

01:44:04Source

Senator Joseph Victor "JV" G. Ejercito

asr-001947

if I remember it right

01:44:06Source

Senator Joseph Victor "JV" G. Ejercito

asr-001948

so

01:44:07Source

Senator Joseph Victor "JV" G. Ejercito

asr-001949

I think this will

01:44:09Source

Senator Joseph Victor "JV" G. Ejercito

asr-001950

also help

01:44:10Source

Senator Joseph Victor "JV" G. Ejercito

asr-001951

help

01:44:11Source

Senator Joseph Victor "JV" G. Ejercito

asr-001952

in at least

01:44:13Source

Senator Joseph Victor "JV" G. Ejercito

asr-001953

yung pong mga

01:44:14Source

Senator Joseph Victor "JV" G. Ejercito

asr-001954

those

01:44:15Source

Senator Joseph Victor "JV" G. Ejercito

asr-001955

that are involved

01:44:16Source

Senator Joseph Victor "JV" G. Ejercito

asr-001956

in government agencies

01:44:18Source

Senator Joseph Victor "JV" G. Ejercito

asr-001957

na

01:44:18Source

Senator Joseph Victor "JV" G. Ejercito

asr-001958

cleared

01:44:19Source

Senator Joseph Victor "JV" G. Ejercito

asr-001959

sana mapabilis na

01:44:21Source

Senator Joseph Victor "JV" G. Ejercito

asr-001960

maklear na rin sila

01:44:22Source

Senator Joseph Victor "JV" G. Ejercito

asr-001961

ng AMLC

01:44:22Source

Senator Joseph Victor "JV" G. Ejercito

asr-001962

so that they can go back

01:44:23Source

Senator Joseph Victor "JV" G. Ejercito

asr-001963

to normal operations

01:44:25Source

Senator Joseph Victor "JV" G. Ejercito

asr-001964

it can help

01:44:26Source

Senator Joseph Victor "JV" G. Ejercito

asr-001965

our economy

01:44:27Source

Senator Joseph Victor "JV" G. Ejercito

asr-001966

kasi natatakot

01:44:28Source

Senator Joseph Victor "JV" G. Ejercito

asr-001967

na iba magbid

01:44:29Source

Senator Joseph Victor "JV" G. Ejercito

asr-001968

yung iba

01:44:30Source

Senator Joseph Victor "JV" G. Ejercito

asr-001969

nabayaran na

01:44:31Source

Senator Joseph Victor "JV" G. Ejercito

asr-001970

hindi naman makapagtansak

01:44:32Source

Senator Joseph Victor "JV" G. Ejercito

asr-001971

or maka-operate

01:44:33Source

Senator Joseph Victor "JV" G. Ejercito

asr-001972

so I hope that

01:44:35Source

Senator Joseph Victor "JV" G. Ejercito

asr-001973

Atty. Cabanlit

01:44:36Source

Senator Joseph Victor "JV" G. Ejercito

asr-001974

and AMLC

01:44:37Source

Senator Joseph Victor "JV" G. Ejercito

asr-001975

will look into this

01:44:38Source

AMLC Acting Director Arnold T. Kabanlit

asr-001976

yes sir

01:44:39Source

AMLC Acting Director Arnold T. Kabanlit

asr-001977

we'll discuss this

01:44:40Source

AMLC Acting Director Arnold T. Kabanlit

asr-001978

with the banks

01:44:40Source

Senator Joseph Victor "JV" G. Ejercito

asr-001979

last siguro

01:44:41Source

Senator Joseph Victor "JV" G. Ejercito

asr-001980

last na talaga to

01:44:43Source

Senator Joseph Victor "JV" G. Ejercito

asr-001981

then

01:44:43Source

Senator Joseph Victor "JV" G. Ejercito

asr-001982

Governor

01:44:44Source

Senator Joseph Victor "JV" G. Ejercito

asr-001983

Remolona

01:44:45Source

Senator Joseph Victor "JV" G. Ejercito

asr-001984

what

01:44:45Source

Senator Joseph Victor "JV" G. Ejercito

asr-001985

my concern

01:44:47Source

Senator Joseph Victor "JV" G. Ejercito

asr-001986

because as

01:44:48Source

Senator Joseph Victor "JV" G. Ejercito

asr-001987

the finance chair

01:44:49Source

Senator Joseph Victor "JV" G. Ejercito

asr-001988

yung pong sa mga

01:44:50Source

Senator Joseph Victor "JV" G. Ejercito

asr-001989

foreign assisted

01:44:51Source

Senator Joseph Victor "JV" G. Ejercito

asr-001990

probably

01:44:53Source

Senator Joseph Victor "JV" G. Ejercito

asr-001991

you know

01:44:54Source

Senator Joseph Victor "JV" G. Ejercito

asr-001992

for a fact

01:44:54Source

Senator Joseph Victor "JV" G. Ejercito

asr-001993

that na

01:44:55Source

Senator Joseph Victor "JV" G. Ejercito

asr-001994

yan po ay

01:44:55Source

Senator Joseph Victor "JV" G. Ejercito

asr-001995

naging issue po

01:44:57Source

Senator Joseph Victor "JV" G. Ejercito

asr-001996

no no

01:44:57Source

Senator Joseph Victor "JV" G. Ejercito

asr-001997

JICA

01:44:57Source

Senator Joseph Victor "JV" G. Ejercito

asr-001998

in Japan

01:44:58Source

Senator Joseph Victor "JV" G. Ejercito

asr-001999

that there were delays

01:45:00Source

Senator Joseph Victor "JV" G. Ejercito

asr-002000

in the payments

01:45:00Source

Senator Joseph Victor "JV" G. Ejercito

asr-002001

before what happened before

01:45:01Source

Senator Joseph Victor "JV" G. Ejercito

asr-002002

na napunta po ito

01:45:02Source

Senator Joseph Victor "JV" G. Ejercito

asr-002003

sa unprogrammed

01:45:03Source

Senator Joseph Victor "JV" G. Ejercito

asr-002004

which will not

01:45:04Source

Senator Joseph Victor "JV" G. Ejercito

asr-002005

we will

01:45:05Source

Senator Joseph Victor "JV" G. Ejercito

asr-002006

we reassured

01:45:06Source

Senator Joseph Victor "JV" G. Ejercito

asr-002007

that this will not

01:45:07Source

Senator Joseph Victor "JV" G. Ejercito

asr-002008

happen again.

01:45:08Source

Senator Joseph Victor "JV" G. Ejercito

asr-002009

So yung tanong ko lang

01:45:09Source

Senator Joseph Victor "JV" G. Ejercito

asr-002010

what is the fiscal impact

01:45:10Source

Senator Joseph Victor "JV" G. Ejercito

asr-002011

if the peso

01:45:11Source

Senator Joseph Victor "JV" G. Ejercito

asr-002012

averages 64

01:45:12Source

Senator Joseph Victor "JV" G. Ejercito

asr-002013

rather than the assumed

01:45:13Source

Senator Joseph Victor "JV" G. Ejercito

asr-002014

60 pesos

01:45:14Source

Senator Joseph Victor "JV" G. Ejercito

asr-002015

to 62 pesos

01:45:16Source

Senator Joseph Victor "JV" G. Ejercito

asr-002016

per dollar

01:45:16Source

Senator Joseph Victor "JV" G. Ejercito

asr-002017

ano kaya

01:45:17Source

Senator Joseph Victor "JV" G. Ejercito

asr-002018

ang impact

01:45:18Source

Senator Joseph Victor "JV" G. Ejercito

asr-002019

ito sa foreign

01:45:19Source

Senator Joseph Victor "JV" G. Ejercito

asr-002020

assisted

01:45:20Source

Senator Joseph Victor "JV" G. Ejercito

asr-002021

infra projects?

01:45:22Source

Senator Joseph Victor "JV" G. Ejercito

asr-002022

Kung nag-average

01:45:25Source

Senator Joseph Victor "JV" G. Ejercito

asr-002023

siya yung 64

01:45:26Source

Senator Joseph Victor "JV" G. Ejercito

asr-002024

diba ang ano natin

01:45:27Source

Senator Joseph Victor "JV" G. Ejercito

asr-002025

assume natin

01:45:27Source

Senator Joseph Victor "JV" G. Ejercito

asr-002026

60 to 62

01:45:28Source

Senator Joseph Victor "JV" G. Ejercito

asr-002027

definitely this will

01:45:30Source

Senator Joseph Victor "JV" G. Ejercito

asr-002028

affect our foreign

01:45:30Source

Senator Joseph Victor "JV" G. Ejercito

asr-002029

assisted projects.

01:45:33Source

BSP Governor Eli M. Remolona Jr.

asr-002030

Si DBM po

01:45:34Source

BSP Governor Eli M. Remolona Jr.

asr-002031

ang sasagot.

01:45:37Source

Senator Joseph Victor "JV" G. Ejercito

asr-002032

Ah, DBM na.

01:45:38Source

Senator Joseph Victor "JV" G. Ejercito

asr-002033

Sige, later nyo lang.

01:45:39Source

Senator Joseph Victor "JV" G. Ejercito

asr-002034

Sige, Governor

01:45:39Source

Senator Joseph Victor "JV" G. Ejercito

asr-002035

Remalona.

01:45:41Source

Senator Joseph Victor "JV" G. Ejercito

asr-002036

You are now

01:45:42Source

Senator Joseph Victor "JV" G. Ejercito

asr-002037

excused.

01:45:44Source

Senator Joseph Victor "JV" G. Ejercito

asr-002038

Thank you.

01:45:47Source

Senator Joseph Victor "JV" G. Ejercito

asr-002039

Si Acting

01:45:48Source

Senator Joseph Victor "JV" G. Ejercito

asr-002040

Secretary Kim

01:45:49Source

Senator Joseph Victor "JV" G. Ejercito

asr-002041

would you like to

01:45:50Source

Senator Joseph Victor "JV" G. Ejercito

asr-002042

answer that?

01:45:52Source

Senator Joseph Victor "JV" G. Ejercito

asr-002043

Kayo ang tinuro po

01:45:53Source

Senator Joseph Victor "JV" G. Ejercito

asr-002044

ni Governor Remalona.

01:46:00Source

Acting DBM Secretary Kim Robert C. De Leon

asr-002045

Mr. Chair,

01:46:01Source

Acting DBM Secretary Kim Robert C. De Leon

asr-002046

the necessary effect

01:46:02Source

Acting DBM Secretary Kim Robert C. De Leon

asr-002047

of

01:46:03Source

Acting DBM Secretary Kim Robert C. De Leon

asr-002048

pagtaas po

01:46:04Source

Acting DBM Secretary Kim Robert C. De Leon

asr-002049

ng

01:46:05Source

Acting DBM Secretary Kim Robert C. De Leon

asr-002050

foreign exchange

01:46:06Source

Acting DBM Secretary Kim Robert C. De Leon

asr-002051

would be

01:46:06Source

Acting DBM Secretary Kim Robert C. De Leon

asr-002052

tataas yung

01:46:07Source

Acting DBM Secretary Kim Robert C. De Leon

asr-002053

peso value

01:46:08Source

Acting DBM Secretary Kim Robert C. De Leon

asr-002054

nung ating mga binabayarang

01:46:10Source

Acting DBM Secretary Kim Robert C. De Leon

asr-002055

foreign assisted projects

01:46:12Source

Acting DBM Secretary Kim Robert C. De Leon

asr-002056

because these

01:46:12Source

Acting DBM Secretary Kim Robert C. De Leon

asr-002057

foreign assisted projects

01:46:14Source

Acting DBM Secretary Kim Robert C. De Leon

asr-002058

are foreign denominated.

01:46:15Source

Acting DBM Secretary Kim Robert C. De Leon

asr-002059

So,

01:46:16Source

Acting DBM Secretary Kim Robert C. De Leon

asr-002060

necessarily

01:46:16Source

Acting DBM Secretary Kim Robert C. De Leon

asr-002061

either interest payments

01:46:19Source

Acting DBM Secretary Kim Robert C. De Leon

asr-002062

po

01:46:19Source

Acting DBM Secretary Kim Robert C. De Leon

asr-002063

or yung ating

01:46:19Source

Acting DBM Secretary Kim Robert C. De Leon

asr-002064

actual disbursement

01:46:21Source

Acting DBM Secretary Kim Robert C. De Leon

asr-002065

ay tataas

01:46:22Source

Acting DBM Secretary Kim Robert C. De Leon

asr-002066

because

01:46:23Source

Acting DBM Secretary Kim Robert C. De Leon

asr-002067

nakaprograma na po

01:46:24Source

Acting DBM Secretary Kim Robert C. De Leon

asr-002068

itong mga

01:46:24Source

Acting DBM Secretary Kim Robert C. De Leon

asr-002069

disbursement na ito

01:46:27Source

Acting DBM Secretary Kim Robert C. De Leon

asr-002070

in

01:46:27Source

Acting DBM Secretary Kim Robert C. De Leon

asr-002071

using the

01:46:28Source

Acting DBM Secretary Kim Robert C. De Leon

asr-002072

conservative

01:46:29Source

Acting DBM Secretary Kim Robert C. De Leon

asr-002073

exchange rate.

01:46:30Source

Acting DBM Secretary Kim Robert C. De Leon

asr-002074

So, that's the

01:46:31Source

Acting DBM Secretary Kim Robert C. De Leon

asr-002075

necessary effect

01:46:32Source

Acting DBM Secretary Kim Robert C. De Leon

asr-002076

Mr. Chair.

01:46:33Source

Senator Joseph Victor "JV" G. Ejercito

asr-002077

Okay, thank you for that.

01:46:35Source

Senator Joseph Victor "JV" G. Ejercito

asr-002078

Okay.

01:46:36Source

Senator Joseph Victor "JV" G. Ejercito

asr-002079

Sir Taimi Marcos?

01:46:38Source

Senator Imee R. Marcos

asr-002080

Pwede mag-follow up

01:46:39Source

Senator Imee R. Marcos

asr-002081

palibasa na

01:46:40Source

Senator Imee R. Marcos

asr-002082

nabanggit na

01:46:41Source

Senator Imee R. Marcos

asr-002083

itong

01:46:42Source

Senator Imee R. Marcos

asr-002084

peso US dollar

01:46:43Source

Senator Imee R. Marcos

asr-002085

60 to 62

01:46:44Source

Senator Imee R. Marcos

asr-002086

yung ba yung

01:46:45Source

Senator Imee R. Marcos

asr-002087

measure

01:46:46Source

Senator Imee R. Marcos

asr-002088

ng

01:46:47Source

Senator Imee R. Marcos

asr-002089

2027 GAA?

01:46:49Source

Senator Imee R. Marcos

asr-002090

60 to 62

01:46:50Source

Senator Imee R. Marcos

asr-002091

tama ba?

01:46:51Source

Senator Imee R. Marcos

asr-002092

Yun yung computation

01:46:52Source

Senator Imee R. Marcos

asr-002093

daw nilo?

01:46:53Source

Acting DBM Secretary Kim Robert C. De Leon

asr-002094

Yes, that's the assumption

01:46:54Source

Acting DBM Secretary Kim Robert C. De Leon

asr-002095

Mr. Chair,

01:46:55Source

Acting DBM Secretary Kim Robert C. De Leon

asr-002096

your honor.

01:46:56Source

Senator Imee R. Marcos

asr-002097

So,

01:46:57Source

Senator Imee R. Marcos

asr-002098

paano yun?

01:46:57Source

Senator Imee R. Marcos

asr-002099

Yung sinasabi

01:46:58Source

Senator Imee R. Marcos

asr-002100

ng chairman namin

01:46:59Source

Senator Imee R. Marcos

asr-002101

for every one peso

01:47:00Source

Senator Imee R. Marcos

asr-002102

depreciation

01:47:01Source

Senator Imee R. Marcos

asr-002103

ng peso sa dollar

01:47:02Source

Senator Imee R. Marcos

asr-002104

bagkano yung

01:47:03Source

Senator Imee R. Marcos

asr-002105

additional expenditure?

01:47:05Source

Senator Imee R. Marcos

asr-002106

Lalong-lalo

01:47:06Source

Senator Imee R. Marcos

asr-002107

na sa utang

01:47:07Source

Senator Imee R. Marcos

asr-002108

yung foreign

01:47:08Source

Senator Imee R. Marcos

asr-002109

denominated

01:47:09Source

Senator Imee R. Marcos

asr-002110

debt

01:47:10Source

Senator Imee R. Marcos

asr-002111

maliban pa dun sa

01:47:11Source

Senator Imee R. Marcos

asr-002112

FAPS na binanggit.

01:47:14Source

DOF Secretary Frederick D. Go

asr-002113

Can I?

01:47:16Source

DOF Secretary Frederick D. Go

asr-002114

Mr. Chair?

01:47:16Source

Senator Imee R. Marcos

asr-002115

For every

01:47:17Source

Senator Imee R. Marcos

asr-002116

peso depreciation

01:47:19Source

Senator Imee R. Marcos

asr-002117

magkano yung

01:47:20Source

Senator Imee R. Marcos

asr-002118

akyak niya?

01:47:23Source

Senator Joseph Victor "JV" G. Ejercito

asr-002119

Asek Dekgo,

01:47:24Source

Senator Joseph Victor "JV" G. Ejercito

asr-002120

you want to answer?

01:47:25Source

DOF Secretary Frederick D. Go

asr-002121

Yes, yes.

01:47:26Source

DOF Secretary Frederick D. Go

asr-002122

Because borrowings

01:47:27Source

DOF Secretary Frederick D. Go

asr-002123

are under the

01:47:28Source

DOF Secretary Frederick D. Go

asr-002124

Department of Finance

01:47:29Source

DOF Secretary Frederick D. Go

asr-002125

Mr. Chair.

01:47:29Source

DOF Secretary Frederick D. Go

asr-002126

That's right.

01:47:30Source

DOF Secretary Frederick D. Go

asr-002127

So, if I can

01:47:31Source

DOF Secretary Frederick D. Go

asr-002128

explain,

01:47:32Source

DOF Secretary Frederick D. Go

asr-002129

roughly

01:47:33Source

DOF Secretary Frederick D. Go

asr-002130

our total

01:47:35Source

DOF Secretary Frederick D. Go

asr-002131

debt is about

01:47:36Source

DOF Secretary Frederick D. Go

asr-002132

19

01:47:37Source

DOF Secretary Frederick D. Go

asr-002133

trillion.

01:47:39Source

DOF Secretary Frederick D. Go

asr-002134

About

01:47:39Source

DOF Secretary Frederick D. Go

asr-002135

33

01:47:41Source

DOF Secretary Frederick D. Go

asr-002136

33 percent

01:47:44Source

DOF Secretary Frederick D. Go

asr-002137

or one-third

01:47:44Source

DOF Secretary Frederick D. Go

asr-002138

of that

01:47:45Source

DOF Secretary Frederick D. Go

asr-002139

is in the form

01:47:46Source

DOF Secretary Frederick D. Go

asr-002140

of foreign exchange.

01:47:47Source

DOF Secretary Frederick D. Go

asr-002141

Yes.

01:47:48Source

DOF Secretary Frederick D. Go

asr-002142

So, that would roughly

01:47:49Source

DOF Secretary Frederick D. Go

asr-002143

be about

01:47:50Source

DOF Secretary Frederick D. Go

asr-002144

6 trillion pesos,

01:47:51Source

DOF Secretary Frederick D. Go

asr-002145

your honor.

01:47:53Source

DOF Secretary Frederick D. Go

asr-002146

And

01:47:53Source

DOF Secretary Frederick D. Go

asr-002147

per peso po?

01:47:56Source

DOF Secretary Frederick D. Go

asr-002148

Roughly,

01:47:56Source

DOF Secretary Frederick D. Go

asr-002149

I just

01:47:57Source

DOF Secretary Frederick D. Go

asr-002150

computed

01:47:57Source

DOF Secretary Frederick D. Go

asr-002151

roughly

01:47:58Source

DOF Secretary Frederick D. Go

asr-002152

1 over 62

01:48:00Source

DOF Secretary Frederick D. Go

asr-002153

would be

01:48:00Source

DOF Secretary Frederick D. Go

asr-002154

1.6 percent.

01:48:02Source

Senator Imee R. Marcos

asr-002155

Yes, I'm getting

01:48:03Source

Senator Imee R. Marcos

asr-002156

something like that

01:48:04Source

Senator Imee R. Marcos

asr-002157

but perhaps

01:48:04Source

Senator Imee R. Marcos

asr-002158

DBM can submit

01:48:05Source

Senator Imee R. Marcos

asr-002159

something that's

01:48:06Source

Senator Imee R. Marcos

asr-002160

slightly more

01:48:07Source

Senator Imee R. Marcos

asr-002161

accurate

01:48:07Source

Senator Imee R. Marcos

asr-002162

or kahit sa DOF.

01:48:10Source

Senator Imee R. Marcos

asr-002163

At siguro,

01:48:11Source

Senator Imee R. Marcos

asr-002164

may listahan naman tayo

01:48:12Source

Senator Imee R. Marcos

asr-002165

which government

01:48:13Source

Senator Imee R. Marcos

asr-002166

agencies,

01:48:15Source

Senator Imee R. Marcos

asr-002167

programs,

01:48:15Source

Senator Imee R. Marcos

asr-002168

expenditure items

01:48:17Source

Senator Imee R. Marcos

asr-002169

will be most impacted

01:48:18Source

Senator Imee R. Marcos

asr-002170

by a weaker peso.

01:48:20Source

Senator Imee R. Marcos

asr-002171

Siguro sa DBM na yun?

01:48:26Source

Acting DBM Secretary Kim Robert C. De Leon

asr-002172

Yes, Mr. Chair,

01:48:27Source

Acting DBM Secretary Kim Robert C. De Leon

asr-002173

your honor.

01:48:27Source

Acting DBM Secretary Kim Robert C. De Leon

asr-002174

We can submit

01:48:28Source

Acting DBM Secretary Kim Robert C. De Leon

asr-002175

the foreign-assisted

01:48:29Source

Acting DBM Secretary Kim Robert C. De Leon

asr-002176

projects that may be

01:48:30Source

Acting DBM Secretary Kim Robert C. De Leon

asr-002177

exposed to

01:48:31Source

Acting DBM Secretary Kim Robert C. De Leon

asr-002178

those forex

01:48:32Source

Acting DBM Secretary Kim Robert C. De Leon

asr-002179

fluctuations.

01:48:33Source

Senator Imee R. Marcos

asr-002180

And perhaps

01:48:35Source

Senator Imee R. Marcos

asr-002181

just to finish off

01:48:36Source

Senator Imee R. Marcos

asr-002182

the issue of the debt

01:48:37Source

Senator Imee R. Marcos

asr-002183

and the forex,

01:48:38Source

Senator Imee R. Marcos

asr-002184

no?

01:48:38Source

Senator Imee R. Marcos

asr-002185

What foreign exchange

01:48:40Source

Senator Imee R. Marcos

asr-002186

and credit risk

01:48:41Source

Senator Imee R. Marcos

asr-002187

management measures

01:48:42Source

Senator Imee R. Marcos

asr-002188

are available

01:48:43Source

Senator Imee R. Marcos

asr-002189

to the government?

01:48:44Source

Senator Imee R. Marcos

asr-002190

What are we undertaking?

01:48:46Source

Senator Imee R. Marcos

asr-002191

Has the government

01:48:47Source

Senator Imee R. Marcos

asr-002192

hedged in some way

01:48:49Source

Senator Imee R. Marcos

asr-002193

or otherwise prepared

01:48:50Source

Senator Imee R. Marcos

asr-002194

for further peso

01:48:51Source

Senator Imee R. Marcos

asr-002195

depreciation

01:48:52Source

Senator Imee R. Marcos

asr-002196

which has actually

01:48:53Source

Senator Imee R. Marcos

asr-002197

been predicted?

01:48:55Source

DOF Secretary Frederick D. Go

asr-002198

Mr. Chair,

01:48:56Source

DOF Secretary Frederick D. Go

asr-002199

your honor,

01:48:57Source

DOF Secretary Frederick D. Go

asr-002200

the government

01:48:58Source

DOF Secretary Frederick D. Go

asr-002201

does not hedge

01:48:59Source

DOF Secretary Frederick D. Go

asr-002202

its foreign

01:49:00Source

DOF Secretary Frederick D. Go

asr-002203

denominated debt.

01:49:03Source

DOF Secretary Frederick D. Go

asr-002204

However,

01:49:04Source

DOF Secretary Frederick D. Go

asr-002205

one of the measures

01:49:04Source

DOF Secretary Frederick D. Go

asr-002206

that the government

01:49:05Source

DOF Secretary Frederick D. Go

asr-002207

is taking

01:49:06Source

DOF Secretary Frederick D. Go

asr-002208

is that

01:49:07Source

DOF Secretary Frederick D. Go

asr-002209

we have been

01:49:07Source

Senator Imee R. Marcos

asr-002210

Yes, okay.

01:49:07Source

Senator Imee R. Marcos

asr-002211

I accept

01:49:09Source

Senator Imee R. Marcos

asr-002212

the correction.

01:49:11Source

Senator Imee R. Marcos

asr-002213

We do not hedge.

01:49:12Source

Senator Imee R. Marcos

asr-002214

But how do we prepare

01:49:13Source

Senator Imee R. Marcos

asr-002215

therefore

01:49:13Source

Senator Imee R. Marcos

asr-002216

for further

01:49:15Source

Senator Imee R. Marcos

asr-002217

peso depreciation?

01:49:17Source

DOF Secretary Frederick D. Go

asr-002218

What the government

01:49:18Source

DOF Secretary Frederick D. Go

asr-002219

has been doing

01:49:20Source

DOF Secretary Frederick D. Go

asr-002220

is we have been

01:49:21Source

DOF Secretary Frederick D. Go

asr-002221

increasing

01:49:22Source

DOF Secretary Frederick D. Go

asr-002222

our peso

01:49:23Source

DOF Secretary Frederick D. Go

asr-002223

exposure

01:49:24Source

DOF Secretary Frederick D. Go

asr-002224

and reducing

01:49:25Source

DOF Secretary Frederick D. Go

asr-002225

our foreign exchange

01:49:26Source

DOF Secretary Frederick D. Go

asr-002226

exposure.

01:49:28Source

DOF Secretary Frederick D. Go

asr-002227

In the past,

01:49:28Source

DOF Secretary Frederick D. Go

asr-002228

we might have

01:49:29Source

DOF Secretary Frederick D. Go

asr-002229

borrowed 60%

01:49:30Source

DOF Secretary Frederick D. Go

asr-002230

in peso,

01:49:31Source

DOF Secretary Frederick D. Go

asr-002231

40%

01:49:31Source

DOF Secretary Frederick D. Go

asr-002232

in foreign exchange.

01:49:33Source

DOF Secretary Frederick D. Go

asr-002233

Today,

01:49:33Source

DOF Secretary Frederick D. Go

asr-002234

our goal is to

01:49:34Source

DOF Secretary Frederick D. Go

asr-002235

borrow more of

01:49:35Source

DOF Secretary Frederick D. Go

asr-002236

75% to 80%

01:49:37Source

DOF Secretary Frederick D. Go

asr-002237

in peso.

01:49:37Source

DOF Secretary Frederick D. Go

asr-002238

And only

01:49:38Source

DOF Secretary Frederick D. Go

asr-002239

20% to 25%

01:49:40Source

DOF Secretary Frederick D. Go

asr-002240

in foreign exchange.

01:49:41Source

Senator Imee R. Marcos

asr-002241

Yes,

01:49:42Source

Senator Imee R. Marcos

asr-002242

that's been announced

01:49:43Source

Senator Imee R. Marcos

asr-002243

that in fact

01:49:44Source

Senator Imee R. Marcos

asr-002244

the domestic borrowings

01:49:45Source

Senator Imee R. Marcos

asr-002245

have increased

01:49:45Source

Senator Imee R. Marcos

asr-002246

tremendously relative

01:49:46Source

Senator Imee R. Marcos

asr-002247

to the foreign

01:49:48Source

Senator Imee R. Marcos

asr-002248

borrowings.

01:49:49Source

Senator Imee R. Marcos

asr-002249

However,

01:49:50Source

Senator Imee R. Marcos

asr-002250

it's also been noted

01:49:51Source

Senator Imee R. Marcos

asr-002251

that our foreign

01:49:52Source

Senator Imee R. Marcos

asr-002252

reserves have

01:49:53Source

Senator Imee R. Marcos

asr-002253

gone down.

01:49:54Source

Senator Imee R. Marcos

asr-002254

Is that correct?

01:49:55Source

Senator Imee R. Marcos

asr-002255

And what impact

01:49:56Source

Senator Imee R. Marcos

asr-002256

would that have?

01:49:58Source

DOF Secretary Frederick D. Go

asr-002257

Mr. Chair,

01:49:59Source

DOF Secretary Frederick D. Go

asr-002258

your honor,

01:49:59Source

DOF Secretary Frederick D. Go

asr-002259

the BSP can answer

01:50:00Source

DOF Secretary Frederick D. Go

asr-002260

about the foreign

01:50:01Source

DOF Secretary Frederick D. Go

asr-002261

reserves.

01:50:05Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-002262

Good morning,

01:50:06Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-002263

Mr. Chair.

01:50:07Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-002264

So,

01:50:07Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-002265

right now,

01:50:08Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-002266

our reserves

01:50:09Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-002267

is 103 billion.

01:50:11Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-002268

It has gone down

01:50:13Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-002269

103 billion dollars.

01:50:17Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-002270

It has gone down

01:50:18Source

Senator Imee R. Marcos

asr-002271

from,

01:50:18Source

Senator Imee R. Marcos

asr-002272

what are the

01:50:19Source

Senator Imee R. Marcos

asr-002273

official figures?

01:50:20Source

Senator Imee R. Marcos

asr-002274

Kasi nabasa lang namin

01:50:22Source

Senator Imee R. Marcos

asr-002275

sa diaryo,

01:50:22Source

Senator Imee R. Marcos

asr-002276

medyo na-alarma

01:50:23Source

Senator Imee R. Marcos

asr-002277

yung ibang sektor.

01:50:25Source

Senator Imee R. Marcos

asr-002278

Bakit bumabagsak

01:50:26Source

Senator Imee R. Marcos

asr-002279

yung foreign reserves

01:50:27Source

Senator Imee R. Marcos

asr-002280

natin?

01:50:28Source

Senator Imee R. Marcos

asr-002281

Ngayon,

01:50:28Source

Senator Imee R. Marcos

asr-002282

yun nga,

01:50:29Source

Senator Imee R. Marcos

asr-002283

sabi ninyo,

01:50:31Source

Senator Imee R. Marcos

asr-002284

kailan bumagsak

01:50:32Source

Senator Imee R. Marcos

asr-002285

at bakit?

01:50:33Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-002286

So,

01:50:34Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-002287

if you look at the,

01:50:35Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-002288

if I can share,

01:50:37Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-002289

Mr. Chair,

01:50:38Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-002290

the numbers

01:50:39Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-002291

that we have,

01:50:40Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-002292

as of end

01:50:41Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-002293

2025,

01:50:44Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-002294

it was

01:50:45Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-002295

110.8 billion

01:50:49Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-002296

dollars.

01:50:51Source

Senator Imee R. Marcos

asr-002297

Yes.

01:50:51Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-002298

And right now,

01:50:52Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-002299

July,

01:50:53Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-002300

end July

01:50:53Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-002301

of 2026,

01:50:55Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-002302

it's

01:50:56Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-002303

103.3 billion

01:50:59Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-002304

dollars,

01:51:01Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-002305

Mr. Chair.

01:51:02Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-002306

There are a number

01:51:03Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-002307

of factors

01:51:03Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-002308

affecting

01:51:04Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-002309

the change

01:51:05Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-002310

in the...

01:51:05Source

Senator Imee R. Marcos

asr-002311

Malaki-laking bagsak yan

01:51:07Source

Senator Imee R. Marcos

asr-002312

na within a

01:51:08Source

Senator Imee R. Marcos

asr-002313

six-month period,

01:51:09Source

Senator Imee R. Marcos

asr-002314

dito.

01:51:09Source

Senator Imee R. Marcos

asr-002315

Ano ba?

01:51:11Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-002316

Yes,

01:51:12Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-002317

Mr. Chair.

01:51:13Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-002318

So,

01:51:13Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-002319

if we can try

01:51:14Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-002320

to decompose

01:51:15Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-002321

what could have

01:51:16Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-002322

driven the decline,

01:51:17Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-002323

Mr. Chair,

01:51:19Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-002324

ang una ho doon,

01:51:21Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-002325

may mga transaction

01:51:23Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-002326

ho ang

01:51:24Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-002327

gobyerno,

01:51:25Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-002328

nagbabayad tayo

01:51:26Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-002329

ng ating mga...

01:51:27Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-002330

Pwede magbigay

01:51:27Source

Senator Imee R. Marcos

asr-002331

ng halimbawa?

01:51:28Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-002332

Nagbibigay ho,

01:51:29Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-002333

may mga obligasyon ho.

01:51:31Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-002334

Pag may kailangan

01:51:32Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-002335

ho silang

01:51:33Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-002336

dolyan,

01:51:34Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-002337

pwede ho silang

01:51:35Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-002338

kumuha

01:51:36Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-002339

doon sa ating

01:51:37Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-002340

international reserves.

01:51:38Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-002341

Pero malaki pong

01:51:39Source

Senator Imee R. Marcos

asr-002342

bagsak to,

01:51:40Source

Senator Imee R. Marcos

asr-002343

it's 7.5 billion

01:51:42Source

Senator Imee R. Marcos

asr-002344

within a period

01:51:43Source

Senator Imee R. Marcos

asr-002345

of six months.

01:51:44Source

Senator Imee R. Marcos

asr-002346

Bakit po?

01:51:45Source

Senator Imee R. Marcos

asr-002347

Is there a

01:51:46Source

Senator Imee R. Marcos

asr-002348

specific reason?

01:51:47Source

Senator Imee R. Marcos

asr-002349

Sabi ninyo,

01:51:48Source

Senator Imee R. Marcos

asr-002350

may obligasyon

01:51:48Source

Senator Imee R. Marcos

asr-002351

yung gobyerno,

01:51:49Source

Senator Imee R. Marcos

asr-002352

pero normally,

01:51:50Source

Senator Imee R. Marcos

asr-002353

hindi naman na

01:51:51Source

Senator Imee R. Marcos

asr-002354

kinukuha sa

01:51:53Source

Senator Imee R. Marcos

asr-002355

reserves yan,

01:51:53Source

Senator Imee R. Marcos

asr-002356

hindi po ba?

01:51:55Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-002357

May unti ho

01:51:56Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-002358

na pwedeng kunin

01:51:57Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-002359

sa ating

01:51:57Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-002360

international reserves.

01:52:00Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-002361

Pangalawa ho,

01:52:01Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-002362

yung presyo

01:52:02Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-002363

din ho

01:52:02Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-002364

noong

01:52:03Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-002365

noong mga

01:52:05Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-002366

holdings natin,

01:52:06Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-002367

nag-iiba rin ho.

01:52:07Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-002368

Nag-iiba rin ho.

01:52:08Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-002369

Yung valuation

01:52:09Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-002370

noong ating

01:52:10Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-002371

mga

01:52:11Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-002372

components

01:52:12Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-002373

ng reserves.

01:52:13Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-002374

Nag-iiba rin

01:52:14Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-002375

yung value noon.

01:52:16Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-002376

Yun rin ho,

01:52:17Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-002377

ay nakaka

01:52:17Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-002378

pwede ho

01:52:19Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-002379

mag-explain

01:52:20Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-002380

noong binaba

01:52:21Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-002381

noong ating

01:52:22Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-002382

international reserves.

01:52:24Source

Senator Imee R. Marcos

asr-002383

Kung maaari na lang

01:52:25Source

Senator Imee R. Marcos

asr-002384

kaming bigyan

01:52:26Source

Senator Imee R. Marcos

asr-002385

ng

01:52:26Source

Senator Imee R. Marcos

asr-002386

siguro kung

01:52:27Source

Senator Imee R. Marcos

asr-002387

pwede kayo

01:52:28Source

Senator Imee R. Marcos

asr-002388

magsumite

01:52:29Source

Senator Imee R. Marcos

asr-002389

ng mga dahilan

01:52:30Source

Senator Imee R. Marcos

asr-002390

kung bakit

01:52:31Source

Senator Imee R. Marcos

asr-002391

nangyari ito

01:52:32Source

Senator Imee R. Marcos

asr-002392

at kung talagang

01:52:33Source

Senator Imee R. Marcos

asr-002393

may kaalaman

01:52:34Source

Senator Imee R. Marcos

asr-002394

dito sa

01:52:35Source

Senator Imee R. Marcos

asr-002395

government to

01:52:35Source

Senator Imee R. Marcos

asr-002396

government obligations,

01:52:36Source

Senator Imee R. Marcos

asr-002397

yun ba yung

01:52:37Source

Senator Imee R. Marcos

asr-002398

sinasabi ninyo?

01:52:38Source

Senator Imee R. Marcos

asr-002399

O iba pang

01:52:38Source

Senator Imee R. Marcos

asr-002400

obligasyon?

01:52:40Source

Senator Imee R. Marcos

asr-002401

Kasi yung ibang

01:52:40Source

Senator Imee R. Marcos

asr-002402

obligasyon,

01:52:41Source

Senator Imee R. Marcos

asr-002403

naka-schedule

01:52:41Source

Senator Imee R. Marcos

asr-002404

naman po yun eh.

01:52:43Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-002405

Oho,

01:52:44Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-002406

yung iba ho

01:52:44Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-002407

kinukuha nila sa

01:52:45Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-002408

market,

01:52:46Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-002409

may option rin ho

01:52:47Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-002410

sila na kumuha

01:52:48Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-002411

sa ating

01:52:48Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-002412

reserves.

01:52:50Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-002413

Magbibigay ho kami

01:52:51Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-002414

ng datos

01:52:53Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-002415

at palimang.

01:52:53Source

Senator Imee R. Marcos

asr-002416

Maraming salamat

01:52:53Source

Senator Imee R. Marcos

asr-002417

Mr. Chair.

01:52:55Source

Senator Imee R. Marcos

asr-002418

Abala lang tayo

01:52:56Source

Senator Imee R. Marcos

asr-002419

dahil hanggang ngayon

01:52:57Source

Senator Imee R. Marcos

asr-002420

na alarma pa rin

01:52:58Source

Senator Imee R. Marcos

asr-002421

ang tao

01:52:59Source

Senator Imee R. Marcos

asr-002422

dun sa dating

01:53:00Source

Senator Imee R. Marcos

asr-002423

balita na

01:53:01Source

Senator Imee R. Marcos

asr-002424

nagbenta yung

01:53:01Source

Senator Imee R. Marcos

asr-002425

BSP

01:53:02Source

Senator Imee R. Marcos

asr-002426

ng katakutakot

01:53:03Source

Senator Imee R. Marcos

asr-002427

na ginto.

01:53:03Source

Senator Imee R. Marcos

asr-002428

E ngayon naman

01:53:04Source

Senator Imee R. Marcos

asr-002429

yung reserves

01:53:05Source

Senator Imee R. Marcos

asr-002430

na erode,

01:53:06Source

Senator Imee R. Marcos

asr-002431

e papano ba to?

01:53:07Source

Senator Imee R. Marcos

asr-002432

Wala nang matitira.

01:53:08Source

Senator Imee R. Marcos

asr-002433

Kaya,

01:53:09Source

Senator Imee R. Marcos

asr-002434

eto.

01:53:09Source

Senator Imee R. Marcos

asr-002435

Mr. Chairman.

01:53:10Source

Senator Imee R. Marcos

asr-002436

Abangan na lang namin

01:53:11Source

Senator Imee R. Marcos

asr-002437

yung inyong paliwanag po.

01:53:13Source

Senator Imee R. Marcos

asr-002438

Mr. Chairman,

01:53:14Source

Senator Imee R. Marcos

asr-002439

maybe start with

01:53:15Source

Senator Imee R. Marcos

asr-002440

the division.

01:53:16Source

Senator Imee R. Marcos

asr-002441

Yes,

01:53:16Source

Senator Joseph Victor "JV" G. Ejercito

asr-002442

actually I was gonna ask

01:53:17Source

Senator Joseph Victor "JV" G. Ejercito

asr-002443

already to

01:53:18Source

Senator Joseph Victor "JV" G. Ejercito

asr-002444

start off with

01:53:18Source

Senator Joseph Victor "JV" G. Ejercito

asr-002445

the Department of Finance.

01:53:20Source

Senator Imee R. Marcos

asr-002446

Yes, we will.

01:53:20Source

Senator Imee R. Marcos

asr-002447

And then, okay.

01:53:22Source

Senator Imee R. Marcos

asr-002448

Pinatapos lang yung

01:53:23Source

Senator Imee R. Marcos

asr-002449

topic ng Forex.

01:53:25Source

Senator Joseph Victor "JV" G. Ejercito

asr-002450

Okay.

01:53:26Source

Senator Joseph Victor "JV" G. Ejercito

asr-002451

So we will now

01:53:27Source

Senator Joseph Victor "JV" G. Ejercito

asr-002452

proceed with

01:53:28Source

Senator Joseph Victor "JV" G. Ejercito

asr-002453

DEPDev

01:53:29Source

Senator Joseph Victor "JV" G. Ejercito

asr-002454

Secretary Arsenio

01:53:30Source

Senator Joseph Victor "JV" G. Ejercito

asr-002455

Balisacan

01:53:30Source

Senator Joseph Victor "JV" G. Ejercito

asr-002456

to discuss the

01:53:31Source

Senator Joseph Victor "JV" G. Ejercito

asr-002457

country's

01:53:32Source

Senator Joseph Victor "JV" G. Ejercito

asr-002458

economic performance,

01:53:33Source

Senator Joseph Victor "JV" G. Ejercito

asr-002459

challenges,

01:53:34Source

Senator Joseph Victor "JV" G. Ejercito

asr-002460

and urgent priorities.

01:53:36Source

Senator Joseph Victor "JV" G. Ejercito

asr-002461

Secretary Balizaga

01:53:37Source

Senator Joseph Victor "JV" G. Ejercito

asr-002462

you now have

01:53:38Source

Senator Joseph Victor "JV" G. Ejercito

asr-002463

the floor

01:53:38Source

Senator Joseph Victor "JV" G. Ejercito

asr-002464

for your

01:53:39Source

Senator Joseph Victor "JV" G. Ejercito

asr-002465

presentation.

01:53:41Source

DEPDev Secretary Arsenio M. Balisacan

asr-002466

Thank you,

01:53:43Source

DEPDev Secretary Arsenio M. Balisacan

asr-002467

Senate President

01:53:44Source

DEPDev Secretary Arsenio M. Balisacan

asr-002468

Winn Gatchelian,

01:53:46Source

DEPDev Secretary Arsenio M. Balisacan

asr-002469

Chairperson

01:53:47Source

DEPDev Secretary Arsenio M. Balisacan

asr-002470

Senator Ercito,

01:53:49Source

DEPDev Secretary Arsenio M. Balisacan

asr-002471

and

01:53:49Source

DEPDev Secretary Arsenio M. Balisacan

asr-002472

distinguished members

01:53:50Source

DEPDev Secretary Arsenio M. Balisacan

asr-002473

of the Senate

01:53:51Source

DEPDev Secretary Arsenio M. Balisacan

asr-002474

Committee on Finance

01:53:52Source

DEPDev Secretary Arsenio M. Balisacan

asr-002475

for the opportunity

01:53:54Source

DEPDev Secretary Arsenio M. Balisacan

asr-002476

to discuss

01:53:55Source

DEPDev Secretary Arsenio M. Balisacan

asr-002477

the state of

01:53:56Source

DEPDev Secretary Arsenio M. Balisacan

asr-002478

the Philippine economy

01:53:57Source

DEPDev Secretary Arsenio M. Balisacan

asr-002479

and our

01:53:58Source

DEPDev Secretary Arsenio M. Balisacan

asr-002480

priorities forward.

01:54:00Source

DEPDev Secretary Arsenio M. Balisacan

asr-002481

My task

01:54:01Source

DEPDev Secretary Arsenio M. Balisacan

asr-002482

this morning

01:54:02Source

DEPDev Secretary Arsenio M. Balisacan

asr-002483

is to provide

01:54:03Source

DEPDev Secretary Arsenio M. Balisacan

asr-002484

the economic

01:54:04Source

DEPDev Secretary Arsenio M. Balisacan

asr-002485

development context

01:54:05Source

DEPDev Secretary Arsenio M. Balisacan

asr-002486

for the proposed

01:54:06Source

DEPDev Secretary Arsenio M. Balisacan

asr-002487

2027 National Budget

01:54:08Source

DEPDev Secretary Arsenio M. Balisacan

asr-002488

where the economy

01:54:10Source

DEPDev Secretary Arsenio M. Balisacan

asr-002489

stands,

01:54:11Source

DEPDev Secretary Arsenio M. Balisacan

asr-002490

why growth

01:54:11Source

DEPDev Secretary Arsenio M. Balisacan

asr-002491

has slowed down

01:54:12Source

DEPDev Secretary Arsenio M. Balisacan

asr-002492

in recent quarters,

01:54:15Source

DEPDev Secretary Arsenio M. Balisacan

asr-002493

and what priorities

01:54:16Source

DEPDev Secretary Arsenio M. Balisacan

asr-002494

must guide our

01:54:17Source

DEPDev Secretary Arsenio M. Balisacan

asr-002495

policies and investment

01:54:18Source

DEPDev Secretary Arsenio M. Balisacan

asr-002496

in the future.

01:54:20Source

DEPDev Secretary Arsenio M. Balisacan

asr-002497

The 2027 budget

01:54:22Source

DEPDev Secretary Arsenio M. Balisacan

asr-002498

must help us

01:54:24Source

DEPDev Secretary Arsenio M. Balisacan

asr-002499

protect the gains

01:54:24Source

DEPDev Secretary Arsenio M. Balisacan

asr-002500

already achieved,

01:54:26Source

DEPDev Secretary Arsenio M. Balisacan

asr-002501

address critical

01:54:27Source

DEPDev Secretary Arsenio M. Balisacan

asr-002502

implementation

01:54:28Source

DEPDev Secretary Arsenio M. Balisacan

asr-002503

and structural

01:54:29Source

DEPDev Secretary Arsenio M. Balisacan

asr-002504

bottlenecks,

01:54:30Source

DEPDev Secretary Arsenio M. Balisacan

asr-002505

and restore

01:54:31Source

DEPDev Secretary Arsenio M. Balisacan

asr-002506

the economy

01:54:32Source

DEPDev Secretary Arsenio M. Balisacan

asr-002507

to a path

01:54:33Source

DEPDev Secretary Arsenio M. Balisacan

asr-002508

of faster,

01:54:34Source

DEPDev Secretary Arsenio M. Balisacan

asr-002509

more durable,

01:54:35Source

DEPDev Secretary Arsenio M. Balisacan

asr-002510

and inclusive growth.

01:54:36Source

DEPDev Secretary Arsenio M. Balisacan

asr-002511

I will cover

01:54:39Source

DEPDev Secretary Arsenio M. Balisacan

asr-002512

three areas,

01:54:40Source

DEPDev Secretary Arsenio M. Balisacan

asr-002513

Mr. Chair.

01:54:42Source

DEPDev Secretary Arsenio M. Balisacan

asr-002514

First,

01:54:43Source

DEPDev Secretary Arsenio M. Balisacan

asr-002515

our economic

01:54:43Source

DEPDev Secretary Arsenio M. Balisacan

asr-002516

performance

01:54:44Source

DEPDev Secretary Arsenio M. Balisacan

asr-002517

and recent

01:54:44Source

DEPDev Secretary Arsenio M. Balisacan

asr-002518

developments.

01:54:46Source

DEPDev Secretary Arsenio M. Balisacan

asr-002519

Second,

01:54:47Source

DEPDev Secretary Arsenio M. Balisacan

asr-002520

the emerging

01:54:48Source

DEPDev Secretary Arsenio M. Balisacan

asr-002521

risk and

01:54:49Source

DEPDev Secretary Arsenio M. Balisacan

asr-002522

persistent

01:54:49Source

DEPDev Secretary Arsenio M. Balisacan

asr-002523

structural

01:54:50Source

DEPDev Secretary Arsenio M. Balisacan

asr-002524

constraints.

01:54:52Source

DEPDev Secretary Arsenio M. Balisacan

asr-002525

And third,

01:54:53Source

DEPDev Secretary Arsenio M. Balisacan

asr-002526

our outlook

01:54:54Source

DEPDev Secretary Arsenio M. Balisacan

asr-002527

and priorities

01:54:55Source

DEPDev Secretary Arsenio M. Balisacan

asr-002528

for recovering

01:54:56Source

DEPDev Secretary Arsenio M. Balisacan

asr-002529

growth

01:54:56Source

DEPDev Secretary Arsenio M. Balisacan

asr-002530

and laying

01:54:57Source

DEPDev Secretary Arsenio M. Balisacan

asr-002531

the foundations

01:54:58Source

DEPDev Secretary Arsenio M. Balisacan

asr-002532

for sustained

01:54:59Source

DEPDev Secretary Arsenio M. Balisacan

asr-002533

development.

01:55:00Source

DEPDev Secretary Arsenio M. Balisacan

asr-002534

Let me begin

01:55:02Source

DEPDev Secretary Arsenio M. Balisacan

asr-002535

with our

01:55:02Source

DEPDev Secretary Arsenio M. Balisacan

asr-002536

economic

01:55:02Source

DEPDev Secretary Arsenio M. Balisacan

asr-002537

performance.

01:55:06Source

DEPDev Secretary Arsenio M. Balisacan

asr-002538

Over the past

01:55:07Source

DEPDev Secretary Arsenio M. Balisacan

asr-002539

several years,

01:55:08Source

DEPDev Secretary Arsenio M. Balisacan

asr-002540

the

01:55:09Source

DEPDev Secretary Arsenio M. Balisacan

asr-002541

Philippine economy

01:55:10Source

DEPDev Secretary Arsenio M. Balisacan

asr-002542

achieved

01:55:11Source

DEPDev Secretary Arsenio M. Balisacan

asr-002543

important progress

01:55:12Source

DEPDev Secretary Arsenio M. Balisacan

asr-002544

in growth,

01:55:13Source

DEPDev Secretary Arsenio M. Balisacan

asr-002545

employment,

01:55:14Source

DEPDev Secretary Arsenio M. Balisacan

asr-002546

and poverty reduction.

01:55:16Source

DEPDev Secretary Arsenio M. Balisacan

asr-002547

More recent developments,

01:55:17Source

DEPDev Secretary Arsenio M. Balisacan

asr-002548

however,

01:55:18Source

DEPDev Secretary Arsenio M. Balisacan

asr-002549

indicate a

01:55:19Source

DEPDev Secretary Arsenio M. Balisacan

asr-002550

sharp loss

01:55:20Source

DEPDev Secretary Arsenio M. Balisacan

asr-002551

of momentum.

01:55:21Source

DEPDev Secretary Arsenio M. Balisacan

asr-002552

From the

01:55:23Source

DEPDev Secretary Arsenio M. Balisacan

asr-002553

longer-term

01:55:24Source

DEPDev Secretary Arsenio M. Balisacan

asr-002554

perspective,

01:55:25Source

DEPDev Secretary Arsenio M. Balisacan

asr-002555

the Philippine economy

01:55:26Source

DEPDev Secretary Arsenio M. Balisacan

asr-002556

has become

01:55:27Source

DEPDev Secretary Arsenio M. Balisacan

asr-002557

stronger.

01:55:28Source

DEPDev Secretary Arsenio M. Balisacan

asr-002558

From 2010

01:55:29Source

DEPDev Secretary Arsenio M. Balisacan

asr-002559

to 2025,

01:55:31Source

DEPDev Secretary Arsenio M. Balisacan

asr-002560

real GDP

01:55:32Source

DEPDev Secretary Arsenio M. Balisacan

asr-002561

grew at an

01:55:33Source

DEPDev Secretary Arsenio M. Balisacan

asr-002562

average of

01:55:34Source

DEPDev Secretary Arsenio M. Balisacan

asr-002563

5.1%

01:55:35Source

DEPDev Secretary Arsenio M. Balisacan

asr-002564

a year,

01:55:36Source

DEPDev Secretary Arsenio M. Balisacan

asr-002565

faster than

01:55:37Source

DEPDev Secretary Arsenio M. Balisacan

asr-002566

the 4.2%

01:55:38Source

DEPDev Secretary Arsenio M. Balisacan

asr-002567

average

01:55:39Source

DEPDev Secretary Arsenio M. Balisacan

asr-002568

over the

01:55:40Source

DEPDev Secretary Arsenio M. Balisacan

asr-002569

preceding

01:55:41Source

DEPDev Secretary Arsenio M. Balisacan

asr-002570

15 years.

01:55:43Source

DEPDev Secretary Arsenio M. Balisacan

asr-002571

Following the

01:55:44Source

DEPDev Secretary Arsenio M. Balisacan

asr-002572

pandemic,

01:55:44Source

DEPDev Secretary Arsenio M. Balisacan

asr-002573

economic growth

01:55:46Source

DEPDev Secretary Arsenio M. Balisacan

asr-002574

averaged 5.8%

01:55:47Source

DEPDev Secretary Arsenio M. Balisacan

asr-002575

from 2022

01:55:48Source

DEPDev Secretary Arsenio M. Balisacan

asr-002576

to 2025.

01:55:51Source

DEPDev Secretary Arsenio M. Balisacan

asr-002577

However,

01:55:52Source

DEPDev Secretary Arsenio M. Balisacan

asr-002578

momentum weakened

01:55:53Source

DEPDev Secretary Arsenio M. Balisacan

asr-002579

beginning in

01:55:54Source

DEPDev Secretary Arsenio M. Balisacan

asr-002580

the second

01:55:54Source

DEPDev Secretary Arsenio M. Balisacan

asr-002581

half of

01:55:55Source

DEPDev Secretary Arsenio M. Balisacan

asr-002582

2025,

01:55:56Source

DEPDev Secretary Arsenio M. Balisacan

asr-002583

with growth

01:55:57Source

DEPDev Secretary Arsenio M. Balisacan

asr-002584

slowing further

01:55:58Source

DEPDev Secretary Arsenio M. Balisacan

asr-002585

to 2.6%

01:56:00Source

DEPDev Secretary Arsenio M. Balisacan

asr-002586

in the first

01:56:01Source

DEPDev Secretary Arsenio M. Balisacan

asr-002587

half of

01:56:01Source

DEPDev Secretary Arsenio M. Balisacan

asr-002588

the year.

01:56:03Source

DEPDev Secretary Arsenio M. Balisacan

asr-002589

This

01:56:03Source

DEPDev Secretary Arsenio M. Balisacan

asr-002590

deceleration

01:56:04Source

DEPDev Secretary Arsenio M. Balisacan

asr-002591

defines our

01:56:05Source

DEPDev Secretary Arsenio M. Balisacan

asr-002592

immediate

01:56:06Source

DEPDev Secretary Arsenio M. Balisacan

asr-002593

challenge.

01:56:07Source

DEPDev Secretary Arsenio M. Balisacan

asr-002594

To recover

01:56:08Source

DEPDev Secretary Arsenio M. Balisacan

asr-002595

growth without

01:56:09Source

DEPDev Secretary Arsenio M. Balisacan

asr-002596

losing the

01:56:10Source

DEPDev Secretary Arsenio M. Balisacan

asr-002597

important

01:56:10Source

DEPDev Secretary Arsenio M. Balisacan

asr-002598

development

01:56:10Source

DEPDev Secretary Arsenio M. Balisacan

asr-002599

gains already

01:56:12Source

DEPDev Secretary Arsenio M. Balisacan

asr-002600

achieved.

01:56:15Source

DEPDev Secretary Arsenio M. Balisacan

asr-002601

Foremost among

01:56:15Source

DEPDev Secretary Arsenio M. Balisacan

asr-002602

these gains

01:56:16Source

DEPDev Secretary Arsenio M. Balisacan

asr-002603

is the

01:56:18Source

DEPDev Secretary Arsenio M. Balisacan

asr-002604

Philippine's

01:56:19Source

DEPDev Secretary Arsenio M. Balisacan

asr-002605

transition to

01:56:19Source

DEPDev Secretary Arsenio M. Balisacan

asr-002606

upper middle

01:56:20Source

DEPDev Secretary Arsenio M. Balisacan

asr-002607

income status

01:56:20Source

DEPDev Secretary Arsenio M. Balisacan

asr-002608

after nearly

01:56:22Source

DEPDev Secretary Arsenio M. Balisacan

asr-002609

four decades

01:56:23Source

DEPDev Secretary Arsenio M. Balisacan

asr-002610

as a lower

01:56:24Source

DEPDev Secretary Arsenio M. Balisacan

asr-002611

middle income

01:56:24Source

DEPDev Secretary Arsenio M. Balisacan

asr-002612

country or

01:56:25Source

DEPDev Secretary Arsenio M. Balisacan

asr-002613

economy.

01:56:26Source

DEPDev Secretary Arsenio M. Balisacan

asr-002614

The country's

01:56:27Source

DEPDev Secretary Arsenio M. Balisacan

asr-002615

GNI per

01:56:28Source

DEPDev Secretary Arsenio M. Balisacan

asr-002616

capita

01:56:29Source

DEPDev Secretary Arsenio M. Balisacan

asr-002617

reached

01:56:30Source

DEPDev Secretary Arsenio M. Balisacan

asr-002618

4,850

01:56:31Source

DEPDev Secretary Arsenio M. Balisacan

asr-002619

US dollars

01:56:32Source

DEPDev Secretary Arsenio M. Balisacan

asr-002620

in 2025,

01:56:33Source

DEPDev Secretary Arsenio M. Balisacan

asr-002621

surpassing

01:56:34Source

DEPDev Secretary Arsenio M. Balisacan

asr-002622

the World Bank's

01:56:35Source

DEPDev Secretary Arsenio M. Balisacan

asr-002623

threshold of

01:56:36Source

DEPDev Secretary Arsenio M. Balisacan

asr-002624

4,636

01:56:37Source

DEPDev Secretary Arsenio M. Balisacan

asr-002625

US dollars.

01:56:39Source

DEPDev Secretary Arsenio M. Balisacan

asr-002628

the Philippines has also moved closer to its ASEAN peers through significant income gains.

01:56:51Source

DEPDev Secretary Arsenio M. Balisacan

asr-002641

Although significant income gains remain, reaching upper middle income status is an important achievement.

01:57:00Source

DEPDev Secretary Arsenio M. Balisacan

asr-002653

But it's not the end in itself.

01:57:03Source

DEPDev Secretary Arsenio M. Balisacan

asr-002657

The greater challenge is to translate progress into better jobs, higher incomes, and improve living standards for Filipinos.

01:57:14Source

DEPDev Secretary Arsenio M. Balisacan

asr-002665

To do so, we must first understand the factors behind the recent loss of economic momentum.

01:57:23Source

DEPDev Secretary Arsenio M. Balisacan

asr-002670

This slowdown largely reflected weaker domestic demand, as governance and corruption concerns,

01:57:31Source

DEPDev Secretary Arsenio M. Balisacan

asr-002674

and the Middle East conflict weighed on consumer and business confidence.

01:57:37Source

DEPDev Secretary Arsenio M. Balisacan

asr-002679

Domestic demand grew by only 1.5% in the first half of 2026,

01:57:42Source

DEPDev Secretary Arsenio M. Balisacan

asr-002684

down from 5.7% in the same period the previous year.

01:57:49Source

DEPDev Secretary Arsenio M. Balisacan

asr-002692

Investment contracted 6.5%, driven by a sharp decline in public construction.

01:57:58Source

DEPDev Secretary Arsenio M. Balisacan

asr-002700

Household consumption growth also eased to 2.9% amid elevated inflation and weaker confidence

01:58:08Source

DEPDev Secretary Arsenio M. Balisacan

asr-002710

Exports provided some support, growing by 10%

01:58:12Source

DEPDev Secretary Arsenio M. Balisacan

asr-002716

On the production side, however, services remained the principal source of growth

01:58:19Source

DEPDev Secretary Arsenio M. Balisacan

asr-002723

while industry, contracted, and agriculture made only a modest contribution

01:58:27Source

DEPDev Secretary Arsenio M. Balisacan

asr-002727

The slowdown in economic activity has also begun to affect the labor market.

01:58:34Source

DEPDev Secretary Arsenio M. Balisacan

asr-002735

The post-pandemic expansion created 4 million net jobs between the first half of 2022 and the first half of 2026,

01:58:45Source

DEPDev Secretary Arsenio M. Balisacan

asr-002746

demonstrating how economic growth can create opportunities and improve livelihoods.

01:58:53Source

DEPDev Secretary Arsenio M. Balisacan

asr-002752

However, as growth slowed, total employment declined by 166,000 over the past year.

01:59:03Source

DEPDev Secretary Arsenio M. Balisacan

asr-002765

The unemployment rate also rose to 4.2% in June 2026, up from 3.1% a year earlier.

01:59:14Source

DEPDev Secretary Arsenio M. Balisacan

asr-002774

These recent developments underscore the urgency of restoring economic momentum and generating more and better quality jobs.

01:59:25Source

DEPDev Secretary Arsenio M. Balisacan

asr-002781

Nonetheless, even with the recent slowdown, the longer-run benefits of

01:59:31Source

DEPDev Secretary Arsenio M. Balisacan

asr-002782

economic growth extended beyond employment to include poverty reduction. Poverty declined substantially, regardless of the poverty

01:59:42Source

DEPDev Secretary Arsenio M. Balisacan

asr-002783

threshold or norm applied. As income growth outpaced inflation, and gains were broadly shared

01:59:49Source

DEPDev Secretary Arsenio M. Balisacan

asr-002784

across all income deciles.

01:59:54Source

DEPDev Secretary Arsenio M. Balisacan

asr-002812

Based on the country's official poverty lines and preliminary estimates for 2025,

02:00:00Source

DEPDev Secretary Arsenio M. Balisacan

asr-002813

or not preliminary estimates, they are already official estimates,

02:00:04Source

DEPDev Secretary Arsenio M. Balisacan

asr-002834

poverty incidence among Filipinos fell from 15.5% in 2023 to 9.7% in 2025.

02:00:15Source

DEPDev Secretary Arsenio M. Balisacan

asr-002838

This means that 6.5 million Filipinos were lifted out of poverty over this period.

02:00:23Source

DEPDev Secretary Arsenio M. Balisacan

asr-002840

This reflects the recovery of incomes and employment

02:00:28Source

DEPDev Secretary Arsenio M. Balisacan

asr-002841

as well as sustained implementation of social protection programs.

02:00:33Source

DEPDev Secretary Arsenio M. Balisacan

asr-002843

However, these hard-earned gains remain vulnerable,

02:00:39Source

DEPDev Secretary Arsenio M. Balisacan

asr-002844

especially to high inflation.

02:00:44Source

DEPDev Secretary Arsenio M. Balisacan

asr-002845

As Governor Remolona discussed earlier,

02:00:47Source

DEPDev Secretary Arsenio M. Balisacan

asr-002846

inflation surged beginning in March,

02:00:51Source

DEPDev Secretary Arsenio M. Balisacan

asr-002847

largely driven by the impact of the Middle East conflict

02:00:54Source

DEPDev Secretary Arsenio M. Balisacan

asr-002848

on global oil and commodity prices.

02:00:58Source

DEPDev Secretary Arsenio M. Balisacan

asr-002849

Headline inflation

02:00:59Source

DEPDev Secretary Arsenio M. Balisacan

asr-002850

is slightly to 6.2% in July,

02:01:03Source

DEPDev Secretary Arsenio M. Balisacan

asr-002851

down from 6.4% in June,

02:01:06Source

DEPDev Secretary Arsenio M. Balisacan

asr-002852

but it remains well above the government's target range.

02:01:11Source

DEPDev Secretary Arsenio M. Balisacan

asr-002853

High inflation erodes household purchasing power,

02:01:15Source

DEPDev Secretary Arsenio M. Balisacan

asr-002854

disproportionately affecting the poor

02:01:18Source

DEPDev Secretary Arsenio M. Balisacan

asr-002855

and low-income families.

02:01:21Source

DEPDev Secretary Arsenio M. Balisacan

asr-002856

The burden is even heavier when food prices rise faster

02:01:25Source

DEPDev Secretary Arsenio M. Balisacan

asr-002857

than non-food prices, because food accounts for a much larger share

02:01:30Source

DEPDev Secretary Arsenio M. Balisacan

asr-002860

of total consumption spending

02:01:32Source

DEPDev Secretary Arsenio M. Balisacan

asr-002861

among low-income families than among high-income families.

02:01:38Source

DEPDev Secretary Arsenio M. Balisacan

asr-002864

If inflation remains elevated,

02:01:41Source

DEPDev Secretary Arsenio M. Balisacan

asr-002865

it could slow or even reverse our recent advances

02:01:46Source

DEPDev Secretary Arsenio M. Balisacan

asr-002866

in poverty reduction.

02:01:48Source

DEPDev Secretary Arsenio M. Balisacan

asr-002867

Protecting our progress goes beyond addressing

02:01:54Source

DEPDev Secretary Arsenio M. Balisacan

asr-002868

the immediate concerns of slower growth

02:01:57Source

DEPDev Secretary Arsenio M. Balisacan

asr-002869

and elevated inflation.

02:01:58Source

DEPDev Secretary Arsenio M. Balisacan

asr-002870

Protecting our progress goes beyond addressing the immediate concerns

02:01:59Source

DEPDev Secretary Arsenio M. Balisacan

asr-002871

of slower growth and elevated inflation.

02:02:00Source

DEPDev Secretary Arsenio M. Balisacan

asr-002872

It also requires tackling persistent

02:02:01Source

DEPDev Secretary Arsenio M. Balisacan

asr-002873

structural constraints that continue to

02:02:02Source

DEPDev Secretary Arsenio M. Balisacan

asr-002874

constraints that continue to limit the economy's productive capacity and resilience.

02:02:08Source

DEPDev Secretary Arsenio M. Balisacan

asr-002875

Let me now turn to these constraints, Mr. Chair.

02:02:13Source

DEPDev Secretary Arsenio M. Balisacan

asr-002876

A central structural challenge is the economy's heavy reliance on household consumption on

02:02:20Source

DEPDev Secretary Arsenio M. Balisacan

asr-002877

the demand side and on the services side of our economy and the production side.

02:02:26Source

DEPDev Secretary Arsenio M. Balisacan

asr-002878

Consumption remains the primary driver of economic growth, while contributions of fixed

02:02:33Source

DEPDev Secretary Arsenio M. Balisacan

asr-002879

investment and net exports have been modest.

02:02:38Source

DEPDev Secretary Arsenio M. Balisacan

asr-002880

Similarly, services account for most of the expansion, while agriculture and industry

02:02:44Source

DEPDev Secretary Arsenio M. Balisacan

asr-002881

have contributed much less.

02:02:48Source

DEPDev Secretary Arsenio M. Balisacan

asr-002882

This experience of successful economies shows that sustained progress requires mobilizing

02:02:56Source

DEPDev Secretary Arsenio M. Balisacan

asr-002883

other sources of growth.

02:02:58Source

DEPDev Secretary Arsenio M. Balisacan

asr-002884

We must therefore broaden our growth pillars by strengthening investments and exports while

02:03:05Source

DEPDev Secretary Arsenio M. Balisacan

asr-002885

revitalizing agriculture and industry.

02:03:08Source

DEPDev Secretary Arsenio M. Balisacan

asr-002886

The urgency of this task is evident from our performance relative to our ASEAN peers.

02:03:19Source

DEPDev Secretary Arsenio M. Balisacan

asr-002887

As the chart shows, Philippines continues to trail several neighboring economies in

02:03:26Source

DEPDev Secretary Arsenio M. Balisacan

asr-002888

both fixed investments and exports.

02:03:29Source

DEPDev Secretary Arsenio M. Balisacan

asr-002889

Despite improvement in recent years, investment expands productive capacity, facilitates the

02:03:38Source

DEPDev Secretary Arsenio M. Balisacan

asr-002890

adoption of new technologies, and creates better jobs.

02:03:42Source

DEPDev Secretary Arsenio M. Balisacan

asr-002891

Exports enable domestic firms to access larger markets, achieve economies of scale, and become

02:03:49Source

DEPDev Secretary Arsenio M. Balisacan

asr-002892

more competitive.

02:03:52Source

DEPDev Secretary Arsenio M. Balisacan

asr-002893

Mobilizing greater investments and improving export competitiveness will depend critically

02:03:57Source

DEPDev Secretary Arsenio M. Balisacan

asr-002894

on high-quality and reliable infrastructure.

02:04:05Source

DEPDev Secretary Arsenio M. Balisacan

asr-002896

The Government has substantially increased productive infrastructure spending in recent

02:04:11Source

DEPDev Secretary Arsenio M. Balisacan

asr-002897

years, yet this higher level of expenditure has not fully translated into stronger infrastructure

02:04:18Source

DEPDev Secretary Arsenio M. Balisacan

asr-002898

competitiveness.

02:04:20Source

DEPDev Secretary Arsenio M. Balisacan

asr-002899

This gap shows that the level of spending alone is not enough.

02:04:25Source

DEPDev Secretary Arsenio M. Balisacan

asr-002900

We must also improve project selection, appraisal, procurement, implementation,

02:04:32Source

DEPDev Secretary Arsenio M. Balisacan

asr-002901

and maintenance

02:04:33Source

DEPDev Secretary Arsenio M. Balisacan

asr-002902

to ensure

02:04:34Source

DEPDev Secretary Arsenio M. Balisacan

asr-002903

that public resources deliver high-quality infrastructure

02:04:38Source

DEPDev Secretary Arsenio M. Balisacan

asr-002904

on time and at reasonable cost.

02:04:44Source

DEPDev Secretary Arsenio M. Balisacan

asr-002905

Closing our infrastructure gaps will reduce production and logistics costs,

02:04:48Source

DEPDev Secretary Arsenio M. Balisacan

asr-002906

connect people and markets, attract private investment,

02:04:52Source

DEPDev Secretary Arsenio M. Balisacan

asr-002907

and strengthen the country's competitiveness.

02:04:57Source

DEPDev Secretary Arsenio M. Balisacan

asr-002908

Beyond physical infrastructure,

02:05:00Source

DEPDev Secretary Arsenio M. Balisacan

asr-002909

faster growth also requires greater innovation and stronger productivity.

02:05:04Source

DEPDev Secretary Arsenio M. Balisacan

asr-002910

The Philippines, Mr. Chair, has made encouraging progress in innovation

02:05:11Source

DEPDev Secretary Arsenio M. Balisacan

asr-002911

as reflected in its improved ranking in the Global Innovation Index.

02:05:17Source

DEPDev Secretary Arsenio M. Balisacan

asr-002912

However, this has yet to translate into stronger overall productivity,

02:05:24Source

DEPDev Secretary Arsenio M. Balisacan

asr-002913

the efficiency with which the economy uses its resources to produce goods and services.

02:05:29Source

DEPDev Secretary Arsenio M. Balisacan

asr-002914

As the chart on the right shows,

02:05:34Source

DEPDev Secretary Arsenio M. Balisacan

asr-002915

our productivity,

02:05:34Source

DEPDev Secretary Arsenio M. Balisacan

asr-002916

performance remains weak relative to several of our regional peers.

02:05:42Source

DEPDev Secretary Arsenio M. Balisacan

asr-002917

Innovation contributes to development only when new knowledge and technologies

02:05:47Source

DEPDev Secretary Arsenio M. Balisacan

asr-002918

are widely adopted by firms, farms, and workers,

02:05:52Source

DEPDev Secretary Arsenio M. Balisacan

asr-002919

and when they are translated into more efficient production,

02:05:57Source

DEPDev Secretary Arsenio M. Balisacan

asr-002920

better products, and higher value activities.

02:06:01Source

DEPDev Secretary Arsenio M. Balisacan

asr-002921

We must therefore strengthen the connection among research,

02:06:04Source

DEPDev Secretary Arsenio M. Balisacan

asr-002922

skills development,

02:06:06Source

DEPDev Secretary Arsenio M. Balisacan

asr-002923

technology adoption,

02:06:08Source

DEPDev Secretary Arsenio M. Balisacan

asr-002924

commercialization,

02:06:10Source

DEPDev Secretary Arsenio M. Balisacan

asr-002925

and production.

02:06:12Source

DEPDev Secretary Arsenio M. Balisacan

asr-002926

The weaknesses we have discussed do not stem from a single source.

02:06:16Source

DEPDev Secretary Arsenio M. Balisacan

asr-002927

They reflect persistent and interconnected constraints across markets and institutions

02:06:22Source

DEPDev Secretary Arsenio M. Balisacan

asr-002928

that continue to hinder investment, productivity, and diversification.

02:06:29Source

DEPDev Secretary Arsenio M. Balisacan

asr-002929

Addressing them requires coordinated action by government,

02:06:36Source

DEPDev Secretary Arsenio M. Balisacan

asr-002930

in close coordination with Congress, the private sector, and other stakeholders.

02:06:42Source

DEPDev Secretary Arsenio M. Balisacan

asr-002931

This brings us to our growth targets and priorities for advancing the economy.

02:06:47Source

DEPDev Secretary Arsenio M. Balisacan

asr-002932

Our direction remains anchored in the Philippine Development Plan.

02:06:54Source

DEPDev Secretary Arsenio M. Balisacan

asr-002933

Over the Administration's final two years, the focus is on accelerating execution,

02:07:01Source

DEPDev Secretary Arsenio M. Balisacan

asr-002934

resolving implementation bottlenecks, and translating reforms into concrete results.

02:07:08Source

DEPDev Secretary Arsenio M. Balisacan

asr-002936

Given the slowdown in recent quarters, economic growth is projected to be at 3.5% to 4.5% in 2026.

02:07:20Source

DEPDev Secretary Arsenio M. Balisacan

asr-002937

With faster implementation of public programs and infrastructure projects, improved domestic supply conditions, and restored consumer and investor confidence, growth is expected to recover to 5% to 6% over the next two years.

02:07:37Source

DEPDev Secretary Arsenio M. Balisacan

asr-002938

Inflation is expected to remain elevated in 2026, as already shown earlier by the BSP.

02:07:46Source

DEPDev Secretary Arsenio M. Balisacan

asr-002939

Ease to 4% to 5% in 2027, and return to the government's 2% to 4% target range by 2028.

02:08:00Source

DEPDev Secretary Arsenio M. Balisacan

asr-002940

Meanwhile, employment conditions are expected to improve as the economy recovers, keeping unemployment within the government's target range.

02:08:11Source

DEPDev Secretary Arsenio M. Balisacan

asr-002941

These targets are attainable, but they remain subject to significant domestic and external risks.

02:08:18Source

DEPDev Secretary Arsenio M. Balisacan

asr-002942

Foremost among the domestic risks are further delays in the execution of public investments, leading to continued underspending, as well as continuing governance concerns that could further weaken consumer and investor confidence.

02:08:40Source

DEPDev Secretary Arsenio M. Balisacan

asr-002944

Severe weather disturbances could also constrain food production, and intensify inflationary pressure.

02:08:47Source

DEPDev Secretary Arsenio M. Balisacan

asr-002945

Externally, the prolonged Middle East conflict could keep global oil and commodity prices elevated, while geopolitical and trade tensions may weaken global demand and disrupt supply chains.

02:09:02Source

DEPDev Secretary Arsenio M. Balisacan

asr-002946

To manage this risk, we have established clear imperatives.

02:09:08Source

DEPDev Secretary Arsenio M. Balisacan

asr-002947

In the near term,

02:09:10Source

DEPDev Secretary Arsenio M. Balisacan

asr-002949

our priorities are to

02:09:11Source

DEPDev Secretary Arsenio M. Balisacan

asr-002950

protect vulnerable households, accelerate public investments, and restore confidence.

02:09:19Source

DEPDev Secretary Arsenio M. Balisacan

asr-002951

First, we will protect poor and low-income families against high food prices

02:09:24Source

DEPDev Secretary Arsenio M. Balisacan

asr-002952

and supply disruptions through targeted and timely assistance,

02:09:29Source

DEPDev Secretary Arsenio M. Balisacan

asr-002953

while strengthening the domestic food supply and maintaining adequate buffers.

02:09:36Source

DEPDev Secretary Arsenio M. Balisacan

asr-002954

Second, implementing agencies will accelerate high-impact infrastructure projects

02:09:41Source

DEPDev Secretary Arsenio M. Balisacan

asr-002955

through catch-up plans with clear milestones and accountability measures.

02:09:46Source

DEPDev Secretary Arsenio M. Balisacan

asr-002956

This is essential to reverse underspending and restore public investment as a driver of growth.

02:09:54Source

DEPDev Secretary Arsenio M. Balisacan

asr-002957

Third, we need to address governance and corruption concerns

02:09:59Source

DEPDev Secretary Arsenio M. Balisacan

asr-002958

by strengthening transparency and accountability,

02:10:04Source

DEPDev Secretary Arsenio M. Balisacan

asr-002959

improving monitoring, and ensuring the efficient use of public resources.

02:10:10Source

DEPDev Secretary Arsenio M. Balisacan

asr-002960

In the short-to-medium term,

02:10:12Source

DEPDev Secretary Arsenio M. Balisacan

asr-002961

limited public resources must be directed toward high-impact, implementation-ready investments.

02:10:21Source

DEPDev Secretary Arsenio M. Balisacan

asr-002962

Priorities include addressing learning poverty and classroom shortages,

02:10:26Source

DEPDev Secretary Arsenio M. Balisacan

asr-002963

equipping workers with future-ready skills,

02:10:30Source

DEPDev Secretary Arsenio M. Balisacan

asr-002964

strengthening primary health care, particularly in underserved areas,

02:10:35Source

DEPDev Secretary Arsenio M. Balisacan

asr-002965

raising farm productivity through climate-resilient technologies and post-harvest infrastructure,

02:10:42Source

DEPDev Secretary Arsenio M. Balisacan

asr-002966

and accelerating transport, logistics, energy, and digital infrastructure

02:10:49Source

DEPDev Secretary Arsenio M. Balisacan

asr-002967

through the Build Better, More program and public-private partnerships.

02:10:55Source

DEPDev Secretary Arsenio M. Balisacan

asr-002968

These investments must be pursued while safeguarding fiscal sustainability.

02:11:02Source

DEPDev Secretary Arsenio M. Balisacan

asr-002969

This requires stronger coordination across planning, investment programming, budgeting,

02:11:09Source

DEPDev Secretary Arsenio M. Balisacan

asr-002970

and execution of infrastructure and social programs.

02:11:12Source

DEPDev Secretary Arsenio M. Balisacan

asr-002971

We also need to improve spending efficiency,

02:11:16Source

DEPDev Secretary Arsenio M. Balisacan

asr-002972

modernize tax and customs administration,

02:11:20Source

DEPDev Secretary Arsenio M. Balisacan

asr-002973

and revenue measures that do not erode the government's fiscal position.

02:11:27Source

DEPDev Secretary Arsenio M. Balisacan

asr-002974

Looking ahead, sustained structural reforms will be needed to raise productivity,

02:11:34Source

DEPDev Secretary Arsenio M. Balisacan

asr-002975

strengthen competitiveness, and expand the economy's long-term growth potential.

02:11:41Source

DEPDev Secretary Arsenio M. Balisacan

asr-002976

Key priorities include ensuring more reliable and affordable energy,

02:11:44Source

DEPDev Secretary Arsenio M. Balisacan

asr-002977

by expanding renewable generation, modernizing the power grid,

02:11:54Source

DEPDev Secretary Arsenio M. Balisacan

asr-002978

and streamlining the net metering and permitting processes,

02:11:59Source

DEPDev Secretary Arsenio M. Balisacan

asr-002979

and strengthening competition in the electricity market.

02:12:05Source

DEPDev Secretary Arsenio M. Balisacan

asr-002980

Domestic production and external competitiveness must likewise be strengthened

02:12:10Source

DEPDev Secretary Arsenio M. Balisacan

asr-002981

by moving into higher value segments of global value chains,

02:12:15Source

DEPDev Secretary Arsenio M. Balisacan

asr-002982

fostering stronger linkages between

02:12:17Source

DEPDev Secretary Arsenio M. Balisacan

asr-002983

multinational and domestic firms,

02:12:21Source

DEPDev Secretary Arsenio M. Balisacan

asr-002984

sustaining the country's advantages or advantage in services,

02:12:25Source

DEPDev Secretary Arsenio M. Balisacan

asr-002985

and expanding market access for Philippine exports.

02:12:29Source

DEPDev Secretary Arsenio M. Balisacan

asr-002986

Deeper financial and capital markets will also be essential

02:12:34Source

DEPDev Secretary Arsenio M. Balisacan

asr-002987

to mobilize long-term financing for infrastructure and productive enterprises.

02:12:42Source

DEPDev Secretary Arsenio M. Balisacan

asr-002988

Legislation will be indispensable to advance advancing this reform agenda.

02:12:48Source

DEPDev Secretary Arsenio M. Balisacan

asr-002989

The priority measures fall into four broad areas.

02:12:55Source

DEPDev Secretary Arsenio M. Balisacan

asr-002990

Governance and anti-corruption reforms include measures addressing political dynasties, the party-led system, freedom of information, bank secrecy, and public budgeting.

02:13:11Source

DEPDev Secretary Arsenio M. Balisacan

asr-002991

Economic growth and resilience measures include tax reforms and amendments affecting the coconut and fisheries sector.

02:13:18Source

DEPDev Secretary Arsenio M. Balisacan

asr-002992

Energy priorities include amendments to EPIRA and waste-to-energy legislation.

02:13:26Source

DEPDev Secretary Arsenio M. Balisacan

asr-002993

Measures in education, health, and social protection aim to improve nutrition, accelerate classroom construction, expand access to education, and strengthen assistance to vulnerable Filipinos.

02:13:40Source

DEPDev Secretary Arsenio M. Balisacan

asr-002994

Again, Congress' continued partnership will be critical to advancing these reforms.

02:13:47Source

DEPDev Secretary Arsenio M. Balisacan

asr-002995

Sustaining

02:13:48Source

DEPDev Secretary Arsenio M. Balisacan

asr-002996

growth, and improving the lives of Filipinos.

02:13:54Source

DEPDev Secretary Arsenio M. Balisacan

asr-002997

As we enter the final years of the administration, our objective is to turn reforms into results.

02:14:02Source

DEPDev Secretary Arsenio M. Balisacan

asr-002998

This means accelerating the implementation of high-impact programs and projects, the surest path to recovering growth, extending its benefits to more Filipinos, and building an economy resilient enough to withstand future shocks.

02:14:20Source

DEPDev Secretary Arsenio M. Balisacan

asr-002999

None of this can be achieved by any agency alone.

02:14:24Source

DEPDev Secretary Arsenio M. Balisacan

asr-003000

It requires efficient and coordinated action across the entire government.

02:14:28Source

DEPDev Secretary Arsenio M. Balisacan

asr-003001

We look forward to our continued partnership with this committee as we work to deliver stronger, broader, and more inclusive growth in the years ahead.

02:14:41Source

DEPDev Secretary Arsenio M. Balisacan

asr-003002

Thank you, Mr. Chairman.

02:14:43Source

Senator Joseph Victor "JV" G. Ejercito

asr-003003

Thank you, Secretary Balisacan.

02:14:44Source

Senator Joseph Victor "JV" G. Ejercito

asr-003004

Before Senator Bamakino, we tend to finish all the presentations.

02:14:50Source

Senator Joseph Victor "JV" G. Ejercito

asr-003005

We have DBM and DOF.

02:14:53Source

Senator Joseph Victor "JV" G. Ejercito

asr-003006

Then we go on a quick lunch break because it's hard to have lunch here.

02:14:57Source

Senator Joseph Victor "JV" G. Ejercito

asr-003007

So, hopefully, we'll be done.

02:15:00Source

Senator Joseph Victor "JV" G. Ejercito

asr-003008

by 12.30 and then resume at 1 o'clock.

02:15:02Source

Senator Joseph Victor "JV" G. Ejercito

asr-003009

So we'll have

02:15:03Source

Senator Joseph Victor "JV" G. Ejercito

asr-003010

a better and more orderly

02:15:05Source

Senator Joseph Victor "JV" G. Ejercito

asr-003011

conduct of the hearing

02:15:08Source

Senator Joseph Victor "JV" G. Ejercito

asr-003012

later.

02:15:10Source

Senator Joseph Victor "JV" G. Ejercito

asr-003013

Yes, Sen. Aquino.

02:15:12Source

Senator Paolo Benigno "Bam" Aquino IV

asr-003014

Nagpaalam po kay

02:15:13Source

Senator Paolo Benigno "Bam" Aquino IV

asr-003015

Chairman JV. Just to have

02:15:15Source

Senator Paolo Benigno "Bam" Aquino IV

asr-003016

one intervention,

02:15:17Source

Senator Paolo Benigno "Bam" Aquino IV

asr-003017

not really my questions for the DBCC,

02:15:20Source

Senator Paolo Benigno "Bam" Aquino IV

asr-003018

pero nais ko lang pong tanungin

02:15:22Source

Senator Paolo Benigno "Bam" Aquino IV

asr-003019

si Secretary Balisacan on

02:15:23Source

Senator Paolo Benigno "Bam" Aquino IV

asr-003020

page 22. Can we put it up

02:15:25Source

Senator Paolo Benigno "Bam" Aquino IV

asr-003021

please? Dito sa ating legislative

02:15:28Source

Senator Paolo Benigno "Bam" Aquino IV

asr-003022

agenda, nakalagay po

02:15:29Source

Senator Paolo Benigno "Bam" Aquino IV

asr-003023

dyan yung governance and anti

02:15:31Source

Senator Paolo Benigno "Bam" Aquino IV

asr-003024

corruption reforms.

02:15:33Source

Senator Paolo Benigno "Bam" Aquino IV

asr-003025

I would like to ask Secretary Balisacan,

02:15:36Source

Senator Paolo Benigno "Bam" Aquino IV

asr-003026

parang kulang po ata.

02:15:37Source

Senator Paolo Benigno "Bam" Aquino IV

asr-003027

Meron pong LEDAC measure na

02:15:39Source

Senator Paolo Benigno "Bam" Aquino IV

asr-003028

naipasa na po namin dito sa Senado,

02:15:42Source

Senator Paolo Benigno "Bam" Aquino IV

asr-003029

naisulong na po natin.

02:15:44Source

Senator Paolo Benigno "Bam" Aquino IV

asr-003030

In 2025, priority measure

02:15:46Source

Senator Paolo Benigno "Bam" Aquino IV

asr-003031

po ito. In 2026, priority

02:15:47Source

Senator Paolo Benigno "Bam" Aquino IV

asr-003032

measure pa rin po ito. Parang

02:15:49Source

Senator Paolo Benigno "Bam" Aquino IV

asr-003033

nawala po ata yung kadena or

02:15:51Source

Senator Paolo Benigno "Bam" Aquino IV

asr-003034

blockchain the budget bill.

02:15:54Source

Senator Paolo Benigno "Bam" Aquino IV

asr-003035

What's the reason why

02:15:55Source

Senator Paolo Benigno "Bam" Aquino IV

asr-003036

it's not on this list?

02:15:57Source

Senator Paolo Benigno "Bam" Aquino IV

asr-003037

Are you not supporting this bill,

02:15:59Source

Senator Paolo Benigno "Bam" Aquino IV

asr-003038

Secretary?

02:15:59Source

DEPDev Secretary Arsenio M. Balisacan

asr-003039

Mr. Chair,

02:16:02Source

DEPDev Secretary Arsenio M. Balisacan

asr-003040

in the longer list

02:16:04Source

DEPDev Secretary Arsenio M. Balisacan

asr-003041

of the LEDAC priorities,

02:16:06Source

DEPDev Secretary Arsenio M. Balisacan

asr-003042

it's still there, except

02:16:07Source

DEPDev Secretary Arsenio M. Balisacan

asr-003043

when the LEDAC met

02:16:09Source

DEPDev Secretary Arsenio M. Balisacan

asr-003044

recently, the heads, the leadership

02:16:12Source

DEPDev Secretary Arsenio M. Balisacan

asr-003045

of both Congress and

02:16:13Source

DEPDev Secretary Arsenio M. Balisacan

asr-003046

the executive,

02:16:15Source

DEPDev Secretary Arsenio M. Balisacan

asr-003047

they decided to

02:16:17Source

DEPDev Secretary Arsenio M. Balisacan

asr-003048

shorten it

02:16:19Source

DEPDev Secretary Arsenio M. Balisacan

asr-003049

at least for the next 12 months

02:16:21Source

DEPDev Secretary Arsenio M. Balisacan

asr-003050

to ensure that

02:16:23Source

DEPDev Secretary Arsenio M. Balisacan

asr-003051

we get the measures

02:16:26Source

DEPDev Secretary Arsenio M. Balisacan

asr-003052

that are so critical.

02:16:27Source

DEPDev Secretary Arsenio M. Balisacan

asr-003053

It does not mean that...

02:16:28Source

Senator Paolo Benigno "Bam" Aquino IV

asr-003053-split-2

Secretary,

02:16:29Source

Senator Paolo Benigno "Bam" Aquino IV

asr-003054

this is past.

02:16:29Source

Senator Paolo Benigno "Bam" Aquino IV

asr-003055

It's already on third reading

02:16:31Source

Senator Paolo Benigno "Bam" Aquino IV

asr-003056

here in the Senate.

02:16:32Source

Senator Paolo Benigno "Bam" Aquino IV

asr-003057

Sa Secretary

02:16:33Source

Senator Paolo Benigno "Bam" Aquino IV

asr-003058

Joey is also here. Pasado na po ito dito

02:16:36Source

Senator Paolo Benigno "Bam" Aquino IV

asr-003059

sa Senado. If you want it

02:16:37Source

Senator Paolo Benigno "Bam" Aquino IV

asr-003060

passed in 12 months, this is one

02:16:39Source

Senator Paolo Benigno "Bam" Aquino IV

asr-003061

of the measures that can be passed right away.

02:16:42Source

Senator Paolo Benigno "Bam" Aquino IV

asr-003062

So nagtataka po ako, bakit ito

02:16:43Source

Senator Paolo Benigno "Bam" Aquino IV

asr-003063

na deprioritize? This was priority

02:16:46Source

Senator Paolo Benigno "Bam" Aquino IV

asr-003064

measure in 2025. Number

02:16:47Source

Senator Paolo Benigno "Bam" Aquino IV

asr-003065

three po ito sa ledak in 2025.

02:16:50Source

Senator Paolo Benigno "Bam" Aquino IV

asr-003066

Ngayong 2026, nasa long list

02:16:52Source

Senator Paolo Benigno "Bam" Aquino IV

asr-003067

na po siya. Secretary came

02:16:54Source

Senator Paolo Benigno "Bam" Aquino IV

asr-003068

here, was our consultant. We consulted with him

02:16:56Source

Senator Paolo Benigno "Bam" Aquino IV

asr-003069

on this bill before he became DBM

02:16:57Source

Senator Paolo Benigno "Bam" Aquino IV

asr-003070

Secretary. This bill, which will

02:16:59Source

Senator Paolo Benigno "Bam" Aquino IV

asr-003071

put the budget on blockchain, patay yung mga

02:17:01Source

Senator Paolo Benigno "Bam" Aquino IV

asr-003072

contractor, patay yung presyo ng

02:17:03Source

Senator Paolo Benigno "Bam" Aquino IV

asr-003073

simento, ng pako, at lahat-lahat,

02:17:06Source

Senator Paolo Benigno "Bam" Aquino IV

asr-003074

napag-usapan na po natin from

02:17:07Source

Senator Paolo Benigno "Bam" Aquino IV

asr-003075

2025, na mahalaga po ito.

02:17:10Source

Senator Paolo Benigno "Bam" Aquino IV

asr-003076

I want to understand, why is it not

02:17:12Source

Senator Paolo Benigno "Bam" Aquino IV

asr-003077

in the priority measure of DBCC?

02:17:16Source

DEPDev Secretary Arsenio M. Balisacan

asr-003078

The way we

02:17:17Source

DEPDev Secretary Arsenio M. Balisacan

asr-003079

understand this prioritization measure,

02:17:20Source

DEPDev Secretary Arsenio M. Balisacan

asr-003080

Mr. Chair, is that

02:17:22Source

DEPDev Secretary Arsenio M. Balisacan

asr-003081

all the other

02:17:23Source

DEPDev Secretary Arsenio M. Balisacan

asr-003082

measures that are in the priority list

02:17:25Source

DEPDev Secretary Arsenio M. Balisacan

asr-003083

can be advanced

02:17:28Source

DEPDev Secretary Arsenio M. Balisacan

asr-003084

with the

02:17:29Source

DEPDev Secretary Arsenio M. Balisacan

asr-003085

force of all members of

02:17:31Source

DEPDev Secretary Arsenio M. Balisacan

asr-003086

Congress and other leadership

02:17:33Source

DEPDev Secretary Arsenio M. Balisacan

asr-003087

executive branch.

02:17:35Source

DEPDev Secretary Arsenio M. Balisacan

asr-003088

When we shortened

02:17:37Source

DEPDev Secretary Arsenio M. Balisacan

asr-003089

the list, Mr. Chair,

02:17:40Source

DEPDev Secretary Arsenio M. Balisacan

asr-003090

alam namin na yung mga

02:17:41Source

DEPDev Secretary Arsenio M. Balisacan

asr-003091

those are the final ends,

02:17:43Source

DEPDev Secretary Arsenio M. Balisacan

asr-003092

tapos na sa BICAM,

02:17:45Source

DEPDev Secretary Arsenio M. Balisacan

asr-003093

tapos na for signing na lang,

02:17:47Source

DEPDev Secretary Arsenio M. Balisacan

asr-003094

we don't need to emphasize.

02:17:49Source

Senator Paolo Benigno "Bam" Aquino IV

asr-003095

Mr. Secretary, marami ho

02:17:51Source

Senator Paolo Benigno "Bam" Aquino IV

asr-003096

dito, hindi man wala man yung committee report.

02:17:55Source

Senator Paolo Benigno "Bam" Aquino IV

asr-003097

Philippine Budgeting

02:17:55Source

Senator Paolo Benigno "Bam" Aquino IV

asr-003098

Code, may committee report na ba yan? Wala pa.

02:17:58Source

Senator Paolo Benigno "Bam" Aquino IV

asr-003099

O, yung

02:17:59Source

Senator Paolo Benigno "Bam" Aquino IV

asr-003100

right to information yan, meron na yan.

02:18:03Source

Senator Paolo Benigno "Bam" Aquino IV

asr-003101

Yung political dynasty,

02:18:04Source

Senator Paolo Benigno "Bam" Aquino IV

asr-003102

nasa interpolation pa lang po yan

02:18:06Source

Senator Paolo Benigno "Bam" Aquino IV

asr-003103

dito sa Senado.

02:18:07Source

Senator Paolo Benigno "Bam" Aquino IV

asr-003104

O, yung party list, pinag-uusapan pa lang po natin.

02:18:11Source

Senator Paolo Benigno "Bam" Aquino IV

asr-003105

But si Cadena

02:18:12Source

Senator Paolo Benigno "Bam" Aquino IV

asr-003106

has been passed since

02:18:13Source

Senator Paolo Benigno "Bam" Aquino IV

asr-003107

for seven months na po yan pasado sa Senado.

02:18:17Source

Senator Paolo Benigno "Bam" Aquino IV

asr-003108

And we know that

02:18:18Source

Senator Paolo Benigno "Bam" Aquino IV

asr-003109

if the executive and the

02:18:20Source

Senator Paolo Benigno "Bam" Aquino IV

asr-003110

DBCC and

02:18:21Source

Senator Paolo Benigno "Bam" Aquino IV

asr-003111

the people here push it,

02:18:24Source

Senator Paolo Benigno "Bam" Aquino IV

asr-003112

we know it will get passed.

02:18:26Source

Senator Paolo Benigno "Bam" Aquino IV

asr-003113

So we're asking for your support, Secretary.

02:18:28Source

Senator Paolo Benigno "Bam" Aquino IV

asr-003114

Let's get this passed.

02:18:29Source

Senator Paolo Benigno "Bam" Aquino IV

asr-003115

It's very bothersome.

02:18:32Source

Senator Paolo Benigno "Bam" Aquino IV

asr-003116

Alam mo natin lahat how powerful this bill can be.

02:18:35Source

Senator Paolo Benigno "Bam" Aquino IV

asr-003117

Napakarami na pong grupo

02:18:37Source

Senator Paolo Benigno "Bam" Aquino IV

asr-003118

yung nagsabi na nais nilang makitang

02:18:38Source

Senator Paolo Benigno "Bam" Aquino IV

asr-003119

pasado ang batas na ito

02:18:40Source

Senator Paolo Benigno "Bam" Aquino IV

asr-003120

from inside the government,

02:18:42Source

Senator Paolo Benigno "Bam" Aquino IV

asr-003121

outside the government.

02:18:44Source

Senator Paolo Benigno "Bam" Aquino IV

asr-003122

Nagtataka po ako, bakit parang

02:18:46Source

Senator Paolo Benigno "Bam" Aquino IV

asr-003123

hindi natin ito minamadali?

02:18:48Source

Senator Paolo Benigno "Bam" Aquino IV

asr-003124

Nung kasagsagan ng flood control

02:18:50Source

Senator Paolo Benigno "Bam" Aquino IV

asr-003125

scandal, we all agreed

02:18:52Source

Senator Paolo Benigno "Bam" Aquino IV

asr-003126

we would push for this and push for full transparency.

02:18:55Source

Senator Paolo Benigno "Bam" Aquino IV

asr-003127

So I'm just very

02:18:57Source

Senator Paolo Benigno "Bam" Aquino IV

asr-003128

I'm bothered, Mr. Secretary,

02:18:59Source

Senator Paolo Benigno "Bam" Aquino IV

asr-003129

na wala po siya dito.

02:18:59Source

Senator Paolo Benigno "Bam" Aquino IV

asr-003130

Sa top priority measure natin.

02:19:01Source

Senator Paolo Benigno "Bam" Aquino IV

asr-003131

Considering patapos na po siya.

02:19:03Source

Senator Paolo Benigno "Bam" Aquino IV

asr-003132

It also passed already

02:19:04Source

Senator Paolo Benigno "Bam" Aquino IV

asr-003133

the Committee on Science and Technology in the House.

02:19:08Source

Senator Paolo Benigno "Bam" Aquino IV

asr-003134

Alam ko naman pong alam nyo po yan.

02:19:09Source

Senator Paolo Benigno "Bam" Aquino IV

asr-003135

It's only waiting for the

02:19:11Source

Senator Paolo Benigno "Bam" Aquino IV

asr-003136

Committee on Appropriation for it to

02:19:13Source

Senator Paolo Benigno "Bam" Aquino IV

asr-003137

be finalized in the House.

02:19:15Source

Senator Paolo Benigno "Bam" Aquino IV

asr-003138

Konting-konti na lang po yan. I hope we can pass this.

02:19:17Source

Senator Paolo Benigno "Bam" Aquino IV

asr-003139

This can be a legacy of

02:19:19Source

Senator Paolo Benigno "Bam" Aquino IV

asr-003140

this administration and this Senate and Congress.

02:19:22Source

Senator Paolo Benigno "Bam" Aquino IV

asr-003141

Na finally we put

02:19:23Source

Senator Paolo Benigno "Bam" Aquino IV

asr-003142

all of these

02:19:25Source

Senator Paolo Benigno "Bam" Aquino IV

asr-003143

measures on the blockchain. Makita po

02:19:27Source

Senator Paolo Benigno "Bam" Aquino IV

asr-003144

ng taong bayan.

02:19:29Source

DEPDev Secretary Arsenio M. Balisacan

asr-003145

Well, Mr. Chair, we'll make

02:19:31Source

DEPDev Secretary Arsenio M. Balisacan

asr-003146

that representation

02:19:33Source

DEPDev Secretary Arsenio M. Balisacan

asr-003147

Mr. Chair,

02:19:36Source

DEPDev Secretary Arsenio M. Balisacan

asr-003148

we'll bring

02:19:38Source

DEPDev Secretary Arsenio M. Balisacan

asr-003149

that issue, that concern

02:19:40Source

DEPDev Secretary Arsenio M. Balisacan

asr-003150

to the

02:19:41Source

DEPDev Secretary Arsenio M. Balisacan

asr-003151

leaderships of LEDAC.

02:19:43Source

Senator Paolo Benigno "Bam" Aquino IV

asr-003152

By the way, Secretary, hindi lang po yan yung kulang.

02:19:46Source

Senator Paolo Benigno "Bam" Aquino IV

asr-003153

I will now pass to the Chairman kasi yung isang

02:19:48Source

Senator Paolo Benigno "Bam" Aquino IV

asr-003154

bill po niya, napakahalaga. Wala rin po

02:19:50Source

Senator Paolo Benigno "Bam" Aquino IV

asr-003155

dito.

02:19:52Source

Senator Joseph Victor "JV" G. Ejercito

asr-003156

Yes, you're not alone.

02:19:53Source

Senator Joseph Victor "JV" G. Ejercito

asr-003157

Senator Aquino, yung ano, I don't know, Mr. Secretary,

02:19:56Source

Senator Joseph Victor "JV" G. Ejercito

asr-003158

yung mine bill, which was

02:19:58Source

Senator Joseph Victor "JV" G. Ejercito

asr-003159

prioritized by our Senate President,

02:19:59Source

Senator Joseph Victor "JV" G. Ejercito

asr-003160

as well, it's Senate Bill No. 2.

02:20:02Source

Senator Joseph Victor "JV" G. Ejercito

asr-003161

Is it part of the

02:20:03Source

Senator Joseph Victor "JV" G. Ejercito

asr-003162

Promoting Growth, Revenue, and Equity

02:20:05Source

Senator Joseph Victor "JV" G. Ejercito

asr-003163

Towards Socioeconomic Sustainability Bill?

02:20:07Source

Senator Joseph Victor "JV" G. Ejercito

asr-003164

Yun na rin yung, pasok na ba doon?

02:20:09Source

Senator Joseph Victor "JV" G. Ejercito

asr-003165

Your Master Plan for Infrastructure and National

02:20:11Source

Senator Joseph Victor "JV" G. Ejercito

asr-003166

Development? It's also

02:20:15Source

DEPDev Secretary Arsenio M. Balisacan

asr-003167

in that longer

02:20:17Source

DEPDev Secretary Arsenio M. Balisacan

asr-003168

list that

02:20:19Source

DEPDev Secretary Arsenio M. Balisacan

asr-003169

the LEDAC has committed to pass

02:20:21Source

DEPDev Secretary Arsenio M. Balisacan

asr-003170

in this Congress,

02:20:24Source

DEPDev Secretary Arsenio M. Balisacan

asr-003171

Mr. Chair,

02:20:26Source

DEPDev Secretary Arsenio M. Balisacan

asr-003172

but I am, of course,

02:20:27Source

DEPDev Secretary Arsenio M. Balisacan

asr-003173

is particularly interested with that

02:20:29Source

DEPDev Secretary Arsenio M. Balisacan

asr-003174

because that's also in the law of the

02:20:31Source

DEPDev Secretary Arsenio M. Balisacan

asr-003175

in the Charter of DEF-DEF

02:20:33Source

DEPDev Secretary Arsenio M. Balisacan

asr-003176

to have that master

02:20:35Source

DEPDev Secretary Arsenio M. Balisacan

asr-003177

plan for, long-term master plan for

02:20:37Source

DEPDev Secretary Arsenio M. Balisacan

asr-003178

infrastructure, and it's good to see that

02:20:40Source

DEPDev Secretary Arsenio M. Balisacan

asr-003179

such

02:20:40Source

DEPDev Secretary Arsenio M. Balisacan

asr-003180

an effort

02:20:43Source

DEPDev Secretary Arsenio M. Balisacan

asr-003181

would be institutionalized

02:20:46Source

DEPDev Secretary Arsenio M. Balisacan

asr-003182

in the form

02:20:48Source

DEPDev Secretary Arsenio M. Balisacan

asr-003183

of a more specific law.

02:20:50Source

Senator Joseph Victor "JV" G. Ejercito

asr-003184

Okay, thank you, Secretary.

02:20:52Source

Senator Joseph Victor "JV" G. Ejercito

asr-003185

Next, our Senate President.

02:20:55Source

Senator Sherwin "Win" T. Gatchalian

asr-003186

Just to assist

02:20:55Source

Senator Sherwin "Win" T. Gatchalian

asr-003187

Secretary

02:20:57Source

Senator Sherwin "Win" T. Gatchalian

asr-003188

Balisacan, kasi nandun po ako

02:21:00Source

Senator Sherwin "Win" T. Gatchalian

asr-003189

sa LIDAC. There is

02:21:01Source

Senator Sherwin "Win" T. Gatchalian

asr-003190

a long list.

02:21:04Source

Senator Sherwin "Win" T. Gatchalian

asr-003191

I think there are

02:21:05Source

Senator Sherwin "Win" T. Gatchalian

asr-003192

53 bills,

02:21:07Source

Senator Sherwin "Win" T. Gatchalian

asr-003193

if I'm not mistaken, in which Kadena

02:21:09Source

Senator Sherwin "Win" T. Gatchalian

asr-003194

is there and also mine is there.

02:21:11Source

Senator Sherwin "Win" T. Gatchalian

asr-003195

We divided it into

02:21:13Source

Senator Sherwin "Win" T. Gatchalian

asr-003196

two phases.

02:21:15Source

Senator Sherwin "Win" T. Gatchalian

asr-003197

The phase one is to approve it

02:21:17Source

Senator Sherwin "Win" T. Gatchalian

asr-003198

hopefully before June

02:21:19Source

Senator Sherwin "Win" T. Gatchalian

asr-003199

of next year, and the phase

02:21:21Source

Senator Sherwin "Win" T. Gatchalian

asr-003200

two is hopefully approve it

02:21:23Source

Senator Sherwin "Win" T. Gatchalian

asr-003201

the months after.

02:21:27Source

Senator Sherwin "Win" T. Gatchalian

asr-003202

After

02:21:27Source

Senator Sherwin "Win" T. Gatchalian

asr-003203

that LEDAC meeting,

02:21:30Source

Senator Sherwin "Win" T. Gatchalian

asr-003204

we're waiting for

02:21:31Source

Senator Sherwin "Win" T. Gatchalian

asr-003205

DEPDev being the

02:21:34Source

Senator Sherwin "Win" T. Gatchalian

asr-003206

Secretariat to submit to us a

02:21:36Source

Senator Sherwin "Win" T. Gatchalian

asr-003207

clean-up bill kasi may mga tinanggal tayo doon

02:21:38Source

Senator Sherwin "Win" T. Gatchalian

asr-003208

tsaka may riniprioritize tayo

02:21:40Source

Senator Sherwin "Win" T. Gatchalian

asr-003209

doon. In fact,

02:21:42Source

Senator Sherwin "Win" T. Gatchalian

asr-003210

in the Senate, we also have a

02:21:44Source

Senator Sherwin "Win" T. Gatchalian

asr-003211

what we call a top priority kasama

02:21:46Source

Senator Sherwin "Win" T. Gatchalian

asr-003212

doon yung mind so that

02:21:47Source

Senator Sherwin "Win" T. Gatchalian

asr-003213

we can push it faster.

02:21:49Source

Senator Sherwin "Win" T. Gatchalian

asr-003214

So we'll wait for the DEPDev

02:21:51Source

Senator Sherwin "Win" T. Gatchalian

asr-003215

to give us the clean list

02:21:53Source

Senator Sherwin "Win" T. Gatchalian

asr-003216

of LEDAC bills kasi may mga tinanggal

02:21:56Source

Senator Sherwin "Win" T. Gatchalian

asr-003217

tayo. Like for example, yung

02:21:57Source

Senator Sherwin "Win" T. Gatchalian

asr-003218

Independent Infrastructure

02:22:00Source

Senator Sherwin "Win" T. Gatchalian

asr-003219

Commission.

02:22:01Source

Senator Sherwin "Win" T. Gatchalian

asr-003220

Wala na yun because obviously

02:22:03Source

Senator Sherwin "Win" T. Gatchalian

asr-003221

nasa ombudsman na po lahat.

02:22:05Source

Senator Sherwin "Win" T. Gatchalian

asr-003222

We also removed the biofuels

02:22:07Source

Senator Sherwin "Win" T. Gatchalian

asr-003223

because that is supposed to be

02:22:09Source

Senator Sherwin "Win" T. Gatchalian

asr-003224

an offshoot of

02:22:10Source

Senator Sherwin "Win" T. Gatchalian

asr-003225

the increased price

02:22:13Source

Senator Sherwin "Win" T. Gatchalian

asr-003226

of oil. So we removed some of them

02:22:15Source

Senator Sherwin "Win" T. Gatchalian

asr-003227

and then we reprioritize.

02:22:17Source

Senator Sherwin "Win" T. Gatchalian

asr-003228

So we'll just wait for DEPDev to submit

02:22:19Source

Senator Sherwin "Win" T. Gatchalian

asr-003229

to us the list. Actually, I promised

02:22:21Source

Senator Sherwin "Win" T. Gatchalian

asr-003230

Senator Bam to give him that list but

02:22:22Source

Senator Sherwin "Win" T. Gatchalian

asr-003231

we're waiting for the official. Meron kami yung

02:22:25Source

Senator Sherwin "Win" T. Gatchalian

asr-003232

non-official but

02:22:26Source

Senator Sherwin "Win" T. Gatchalian

asr-003233

once we get the official list, we'll furnish the

02:22:29Source

Senator Sherwin "Win" T. Gatchalian

asr-003234

chairman para ma-push

02:22:31Source

Senator Sherwin "Win" T. Gatchalian

asr-003235

nila.

02:22:31Source

Senator Sherwin "Win" T. Gatchalian

asr-003236

yung mga LIDAC bills natin.

02:22:34Source

DEPDev Secretary Arsenio M. Balisacan

asr-003237

We'll submit

02:22:35Source

DEPDev Secretary Arsenio M. Balisacan

asr-003238

the final list

02:22:37Source

DEPDev Secretary Arsenio M. Balisacan

asr-003239

Mr. Chair

02:22:39Source

DEPDev Secretary Arsenio M. Balisacan

asr-003240

as soon as the

02:22:40Source

DEPDev Secretary Arsenio M. Balisacan

asr-003241

OP has cleared

02:22:42Source

DEPDev Secretary Arsenio M. Balisacan

asr-003242

the minutes of the meeting.

02:22:46Source

Senator Joseph Victor "JV" G. Ejercito

asr-003243

Thank you,

02:22:47Source

Senator Joseph Victor "JV" G. Ejercito

asr-003244

Secretary Balisacan. So now,

02:22:49Source

Senator Joseph Victor "JV" G. Ejercito

asr-003245

first we'd like to

02:22:51Source

Senator Joseph Victor "JV" G. Ejercito

asr-003246

recognize the Secretary

02:22:52Source

Senator Joseph Victor "JV" G. Ejercito

asr-003247

Department of

02:22:55Source

Senator Joseph Victor "JV" G. Ejercito

asr-003248

Finance and then

02:22:56Source

Senator Joseph Victor "JV" G. Ejercito

asr-003249

Secretary Kim. Parang ano ah?

02:23:00Source

Senator Joseph Victor "JV" G. Ejercito

asr-003250

Parang Netflix.

02:23:01Source

Senator Joseph Victor "JV" G. Ejercito

asr-003251

Okay. Go, Secretary Go.

02:23:04Source

DOF Secretary Frederick D. Go

asr-003252

Thank you.

02:23:04Source

DOF Secretary Frederick D. Go

asr-003253

Please proceed.

02:23:05Source

DOF Secretary Frederick D. Go

asr-003254

Senate President Win Gatchalian,

02:23:07Source

DOF Secretary Frederick D. Go

asr-003255

Finance Chair,

02:23:10Source

DOF Secretary Frederick D. Go

asr-003256

JV Ejercito,

02:23:12Source

DOF Secretary Frederick D. Go

asr-003257

Honorable Members of the Senate,

02:23:15Source

DOF Secretary Frederick D. Go

asr-003258

colleagues in government,

02:23:16Source

DOF Secretary Frederick D. Go

asr-003259

good morning. Thank you for this

02:23:18Source

DOF Secretary Frederick D. Go

asr-003260

opportunity to brief the Senate on the

02:23:20Source

DOF Secretary Frederick D. Go

asr-003261

National Government's fiscal position.

02:23:23Source

DOF Secretary Frederick D. Go

asr-003262

Our fiscal position

02:23:24Source

DOF Secretary Frederick D. Go

asr-003263

today has been shaped by key

02:23:26Source

DOF Secretary Frederick D. Go

asr-003264

economic developments from

02:23:28Source

DOF Secretary Frederick D. Go

asr-003265

the circumstances this

02:23:30Source

DOF Secretary Frederick D. Go

asr-003266

administration inherited.

02:23:31Source

DOF Secretary Frederick D. Go

asr-003267

To the global conditions

02:23:33Source

DOF Secretary Frederick D. Go

asr-003268

that have influenced our fiscal path

02:23:35Source

DOF Secretary Frederick D. Go

asr-003269

since then. Allow me

02:23:37Source

DOF Secretary Frederick D. Go

asr-003270

to discuss this briefly to provide

02:23:39Source

DOF Secretary Frederick D. Go

asr-003271

context to where we are today

02:23:41Source

DOF Secretary Frederick D. Go

asr-003272

and where we are headed.

02:23:43Source

DOF Secretary Frederick D. Go

asr-003273

When the Marcos Jr. Administration

02:23:45Source

DOF Secretary Frederick D. Go

asr-003274

assumed office in 2022,

02:23:48Source

DOF Secretary Frederick D. Go

asr-003275

we started with a

02:23:49Source

DOF Secretary Frederick D. Go

asr-003276

12.79 trillion

02:23:51Source

DOF Secretary Frederick D. Go

asr-003277

debt, the bulk of which

02:23:53Source

DOF Secretary Frederick D. Go

asr-003278

was incurred from pandemic

02:23:55Source

DOF Secretary Frederick D. Go

asr-003279

spending. So when the

02:23:57Source

DOF Secretary Frederick D. Go

asr-003280

economy began to recover, the challenge

02:23:59Source

DOF Secretary Frederick D. Go

asr-003281

before the administration was clear.

02:24:01Source

DOF Secretary Frederick D. Go

asr-003282

Rebuild fiscal space

02:24:03Source

DOF Secretary Frederick D. Go

asr-003283

while continuing to support economic

02:24:05Source

DOF Secretary Frederick D. Go

asr-003284

recovery and investing in the

02:24:07Source

DOF Secretary Frederick D. Go

asr-003285

country's long-term growth.

02:24:10Source

DOF Secretary Frederick D. Go

asr-003286

As a response,

02:24:12Source

DOF Secretary Frederick D. Go

asr-003287

we crafted the country's

02:24:13Source

DOF Secretary Frederick D. Go

asr-003288

medium-term fiscal framework in

02:24:15Source

DOF Secretary Frederick D. Go

asr-003289

2022, the government's

02:24:17Source

DOF Secretary Frederick D. Go

asr-003290

blueprint for gradually reducing

02:24:19Source

DOF Secretary Frederick D. Go

asr-003291

our deficit and debt while

02:24:21Source

DOF Secretary Frederick D. Go

asr-003292

creating jobs, increasing

02:24:23Source

DOF Secretary Frederick D. Go

asr-003293

people's incomes, and reducing

02:24:25Source

DOF Secretary Frederick D. Go

asr-003294

poverty. It set

02:24:27Source

DOF Secretary Frederick D. Go

asr-003295

us on a path of gradual and

02:24:29Source

DOF Secretary Frederick D. Go

asr-003296

sustained fiscal consolidation,

02:24:31Source

DOF Secretary Frederick D. Go

asr-003297

to restore fiscal space

02:24:33Source

DOF Secretary Frederick D. Go

asr-003298

while continuing to invest in the

02:24:35Source

DOF Secretary Frederick D. Go

asr-003299

foundations of growth.

02:24:37Source

DOF Secretary Frederick D. Go

asr-003300

But our recovery has not

02:24:39Source

DOF Secretary Frederick D. Go

asr-003301

happened in an easy environment.

02:24:42Source

DOF Secretary Frederick D. Go

asr-003302

Over the years,

02:24:43Source

DOF Secretary Frederick D. Go

asr-003303

external pressures and global

02:24:45Source

DOF Secretary Frederick D. Go

asr-003304

uncertainties have disrupted supply

02:24:47Source

DOF Secretary Frederick D. Go

asr-003305

chains and pushed inflation up,

02:24:50Source

DOF Secretary Frederick D. Go

asr-003306

affecting the pace of growth.

02:24:52Source

DOF Secretary Frederick D. Go

asr-003307

In this context,

02:24:53Source

DOF Secretary Frederick D. Go

asr-003308

we had to recalibrate our growth

02:24:55Source

DOF Secretary Frederick D. Go

asr-003309

and fiscal targets to keep them realistic

02:24:57Source

DOF Secretary Frederick D. Go

asr-003310

and responsive to evolving

02:24:59Source

DOF Secretary Frederick D. Go

asr-003311

economic conditions.

02:25:00Source

DOF Secretary Frederick D. Go

asr-003312

But the direction of our

02:25:02Source

DOF Secretary Frederick D. Go

asr-003313

fiscal policy has remained

02:25:04Source

DOF Secretary Frederick D. Go

asr-003314

consistent. The administration

02:25:06Source

DOF Secretary Frederick D. Go

asr-003315

has remained committed to the path

02:25:08Source

DOF Secretary Frederick D. Go

asr-003316

of fiscal consolidation with

02:25:10Source

DOF Secretary Frederick D. Go

asr-003317

the goal of bringing down the

02:25:12Source

DOF Secretary Frederick D. Go

asr-003318

deficit-to-GDP ratio

02:25:14Source

DOF Secretary Frederick D. Go

asr-003319

from 5.4% this

02:25:16Source

DOF Secretary Frederick D. Go

asr-003320

year to just 3.5%

02:25:18Source

DOF Secretary Frederick D. Go

asr-003321

by 2030,

02:25:20Source

DOF Secretary Frederick D. Go

asr-003322

while supporting growth.

02:25:22Source

DOF Secretary Frederick D. Go

asr-003323

To stay the course amid

02:25:24Source

DOF Secretary Frederick D. Go

asr-003324

ongoing geopolitical tensions

02:25:26Source

DOF Secretary Frederick D. Go

asr-003325

and the need to fund the

02:25:28Source

DOF Secretary Frederick D. Go

asr-003326

government's priority programs,

02:25:30Source

DOF Secretary Frederick D. Go

asr-003327

without relying on new taxes,

02:25:33Source

DOF Secretary Frederick D. Go

asr-003328

we strengthened revenues.

02:25:35Source

DOF Secretary Frederick D. Go

asr-003329

Total revenues grew

02:25:36Source

DOF Secretary Frederick D. Go

asr-003330

double digits at an annual average

02:25:38Source

DOF Secretary Frederick D. Go

asr-003331

of 10.54%

02:25:40Source

DOF Secretary Frederick D. Go

asr-003332

over the last four years,

02:25:43Source

DOF Secretary Frederick D. Go

asr-003333

as tax revenues likewise

02:25:44Source

DOF Secretary Frederick D. Go

asr-003334

increased by an average of

02:25:46Source

DOF Secretary Frederick D. Go

asr-003335

10.47% over the same

02:25:48Source

DOF Secretary Frederick D. Go

asr-003336

period,

02:25:50Source

DOF Secretary Frederick D. Go

asr-003337

outpacing the growth of nominal

02:25:52Source

DOF Secretary Frederick D. Go

asr-003338

GDP of 9.6%.

02:25:55Source

DOF Secretary Frederick D. Go

asr-003339

And for the first time in its history,

02:25:59Source

DOF Secretary Frederick D. Go

asr-003340

in 2020,

02:26:00Source

DOF Secretary Frederick D. Go

asr-003341

the BIR surpassed

02:26:02Source

DOF Secretary Frederick D. Go

asr-003342

3 trillion pesos

02:26:03Source

DOF Secretary Frederick D. Go

asr-003343

in tax collections.

02:26:06Source

DOF Secretary Frederick D. Go

asr-003344

As we continue to stay the course

02:26:09Source

DOF Secretary Frederick D. Go

asr-003345

to meet our fiscal program for the year,

02:26:12Source

DOF Secretary Frederick D. Go

asr-003346

as of June

02:26:13Source

DOF Secretary Frederick D. Go

asr-003347

2026, we have

02:26:15Source

DOF Secretary Frederick D. Go

asr-003348

reached 49.7%

02:26:17Source

DOF Secretary Frederick D. Go

asr-003349

of our full-year target.

02:26:20Source

DOF Secretary Frederick D. Go

asr-003350

Despite global shocks

02:26:21Source

DOF Secretary Frederick D. Go

asr-003351

and external pressures, tax collections

02:26:23Source

DOF Secretary Frederick D. Go

asr-003352

reached 2.14 trillion

02:26:25Source

DOF Secretary Frederick D. Go

asr-003353

pesos in the first half

02:26:27Source

DOF Secretary Frederick D. Go

asr-003354

of the year,

02:26:28Source

DOF Secretary Frederick D. Go

asr-003355

5.4% higher

02:26:30Source

DOF Secretary Frederick D. Go

asr-003356

than the same period last year.

02:26:31Source

DOF Secretary Frederick D. Go

asr-003357

The Bureau of Customs

02:26:35Source

DOF Secretary Frederick D. Go

asr-003358

in particular is on

02:26:37Source

DOF Secretary Frederick D. Go

asr-003359

track to reach the 1 trillion

02:26:39Source

DOF Secretary Frederick D. Go

asr-003360

peso mark in collections

02:26:41Source

DOF Secretary Frederick D. Go

asr-003361

this year, 2026.

02:26:45Source

DOF Secretary Frederick D. Go

asr-003362

The robust

02:26:46Source

DOF Secretary Frederick D. Go

asr-003363

revenue performance at 16.6%

02:26:48Source

DOF Secretary Frederick D. Go

asr-003364

of GDP

02:26:49Source

DOF Secretary Frederick D. Go

asr-003365

is among the highest in Southeast

02:26:51Source

DOF Secretary Frederick D. Go

asr-003366

Asia. This reflects the

02:26:53Source

DOF Secretary Frederick D. Go

asr-003367

continued efforts of the BIR and

02:26:55Source

DOF Secretary Frederick D. Go

asr-003368

the BOC to strengthen collection,

02:26:58Source

DOF Secretary Frederick D. Go

asr-003369

improve compliance, and

02:26:59Source

DOF Secretary Frederick D. Go

asr-003370

plug leakages.

02:27:01Source

DOF Secretary Frederick D. Go

asr-003371

As you can see from the slide,

02:27:03Source

DOF Secretary Frederick D. Go

asr-003372

the Philippines' 16.6%

02:27:06Source

DOF Secretary Frederick D. Go

asr-003373

revenue effort is better

02:27:08Source

DOF Secretary Frederick D. Go

asr-003374

than several of our regional

02:27:10Source

DOF Secretary Frederick D. Go

asr-003375

neighbors.

02:27:12Source

DOF Secretary Frederick D. Go

asr-003376

With the BIR and BOC's continued

02:27:14Source

DOF Secretary Frederick D. Go

asr-003377

strong performance, we expect total

02:27:16Source

DOF Secretary Frederick D. Go

asr-003378

national government tax revenues to reach

02:27:18Source

DOF Secretary Frederick D. Go

asr-003379

4.4 trillion pesos

02:27:19Source

DOF Secretary Frederick D. Go

asr-003380

by the end of the year.

02:27:22Source

DOF Secretary Frederick D. Go

asr-003381

As the country needs

02:27:24Source

DOF Secretary Frederick D. Go

asr-003382

continue to grow,

02:27:25Source

DOF Secretary Frederick D. Go

asr-003383

we are also mobilizing

02:27:27Source

DOF Secretary Frederick D. Go

asr-003384

additional sources of revenues to fund

02:27:29Source

DOF Secretary Frederick D. Go

asr-003385

government priorities.

02:27:30Source

DOF Secretary Frederick D. Go

asr-003386

An important source

02:27:32Source

DOF Secretary Frederick D. Go

asr-003387

is the privatization of idle or

02:27:34Source

DOF Secretary Frederick D. Go

asr-003388

non-core government assets.

02:27:36Source

DOF Secretary Frederick D. Go

asr-003389

We privatized the

02:27:38Source

DOF Secretary Frederick D. Go

asr-003390

Kaliraya-Botocan-Kalayaan

02:27:41Source

DOF Secretary Frederick D. Go

asr-003391

hydroelectric power plant

02:27:42Source

DOF Secretary Frederick D. Go

asr-003392

in 2025

02:27:43Source

DOF Secretary Frederick D. Go

asr-003393

with 36.27 billion pesos

02:27:46Source

DOF Secretary Frederick D. Go

asr-003394

in sale proceeds.

02:27:48Source

DOF Secretary Frederick D. Go

asr-003395

These proceeds will be included in the calculation

02:27:50Source

DOF Secretary Frederick D. Go

asr-003396

of PISAN's dividend remittance

02:27:52Source

DOF Secretary Frederick D. Go

asr-003397

to the national government

02:27:54Source

DOF Secretary Frederick D. Go

asr-003398

next year.

02:27:56Source

DOF Secretary Frederick D. Go

asr-003399

In July 2026,

02:27:58Source

DOF Secretary Frederick D. Go

asr-003400

the DOF, through the Privatization Management

02:28:00Source

DOF Secretary Frederick D. Go

asr-003401

Office, also successfully completed

02:28:02Source

DOF Secretary Frederick D. Go

asr-003402

the 1 billion peso sale

02:28:05Source

DOF Secretary Frederick D. Go

asr-003403

of government-owned properties

02:28:06Source

DOF Secretary Frederick D. Go

asr-003404

at the atrium of Makati.

02:28:09Source

DOF Secretary Frederick D. Go

asr-003405

These transactions

02:28:10Source

DOF Secretary Frederick D. Go

asr-003406

demonstrate how we are unlocking value

02:28:12Source

DOF Secretary Frederick D. Go

asr-003407

from government assets and

02:28:14Source

DOF Secretary Frederick D. Go

asr-003408

ensuring that they support the government's

02:28:16Source

DOF Secretary Frederick D. Go

asr-003409

fiscal requirements.

02:28:18Source

DOF Secretary Frederick D. Go

asr-003410

In addition to privatization,

02:28:20Source

DOF Secretary Frederick D. Go

asr-003411

we are also maximizing returns

02:28:22Source

DOF Secretary Frederick D. Go

asr-003412

from government-owned or controlled

02:28:24Source

DOF Secretary Frederick D. Go

asr-003413

corporations.

02:28:26Source

DOF Secretary Frederick D. Go

asr-003414

This year, as we did last year,

02:28:29Source

DOF Secretary Frederick D. Go

asr-003415

we have called on GOC's

02:28:30Source

DOF Secretary Frederick D. Go

asr-003416

to continue remitting dividends

02:28:32Source

DOF Secretary Frederick D. Go

asr-003417

at 75% of their annual net

02:28:34Source

DOF Secretary Frederick D. Go

asr-003418

earnings to the national government.

02:28:37Source

DOF Secretary Frederick D. Go

asr-003419

Disbursements

02:28:38Source

DOF Secretary Frederick D. Go

asr-003420

for the first half of 2026

02:28:40Source

DOF Secretary Frederick D. Go

asr-003421

amounted to 3.175 trillion

02:28:42Source

DOF Secretary Frederick D. Go

asr-003422

or 49%

02:28:44Source

DOF Secretary Frederick D. Go

asr-003423

of the full-year program.

02:28:46Source

DOF Secretary Frederick D. Go

asr-003424

As resources are limited

02:28:48Source

DOF Secretary Frederick D. Go

asr-003425

and the country needs

02:28:49Source

DOF Secretary Frederick D. Go

asr-003426

continue to grow,

02:28:52Source

DOF Secretary Frederick D. Go

asr-003427

we must be more deliberate in directing

02:28:54Source

DOF Secretary Frederick D. Go

asr-003428

public funds towards higher

02:28:56Source

DOF Secretary Frederick D. Go

asr-003429

quality expenditures with greater

02:28:58Source

DOF Secretary Frederick D. Go

asr-003430

multiplier effects.

02:29:00Source

DOF Secretary Frederick D. Go

asr-003431

Those that strengthen

02:29:02Source

DOF Secretary Frederick D. Go

asr-003432

productive capacity, stimulate economic

02:29:04Source

DOF Secretary Frederick D. Go

asr-003433

activity, and deliver long-term

02:29:06Source

DOF Secretary Frederick D. Go

asr-003434

benefits to the people.

02:29:08Source

DOF Secretary Frederick D. Go

asr-003435

The objective is not to spend

02:29:10Source

DOF Secretary Frederick D. Go

asr-003436

less, it is to spend better.

02:29:14Source

DOF Secretary Frederick D. Go

asr-003437

Because of these efforts,

02:29:16Source

DOF Secretary Frederick D. Go

asr-003438

our fiscal deficit has continued

02:29:17Source

DOF Secretary Frederick D. Go

asr-003439

to narrow.

02:29:19Source

DOF Secretary Frederick D. Go

asr-003440

From 8.6% in 2021

02:29:22Source

DOF Secretary Frederick D. Go

asr-003441

and 7.3%

02:29:23Source

DOF Secretary Frederick D. Go

asr-003442

in 2022,

02:29:25Source

DOF Secretary Frederick D. Go

asr-003443

we have consistently brought down

02:29:27Source

DOF Secretary Frederick D. Go

asr-003444

the fiscal deficit to

02:29:29Source

DOF Secretary Frederick D. Go

asr-003445

6.2%

02:29:30Source

DOF Secretary Frederick D. Go

asr-003446

in 2023,

02:29:32Source

DOF Secretary Frederick D. Go

asr-003447

then to 5.7%,

02:29:34Source

DOF Secretary Frederick D. Go

asr-003448

and last year at 5.6%.

02:29:36Source

DOF Secretary Frederick D. Go

asr-003449

And as we continue to make

02:29:40Source

DOF Secretary Frederick D. Go

asr-003450

progress this 2026,

02:29:42Source

DOF Secretary Frederick D. Go

asr-003451

despite the economic shocks we have

02:29:44Source

DOF Secretary Frederick D. Go

asr-003452

faced, including those arising from the

02:29:46Source

DOF Secretary Frederick D. Go

asr-003453

conflict in the Middle East.

02:29:48Source

DOF Secretary Frederick D. Go

asr-003454

In the first half, our deficit

02:29:50Source

DOF Secretary Frederick D. Go

asr-003455

to GDP ratio improved

02:29:52Source

DOF Secretary Frederick D. Go

asr-003456

to 5.46%,

02:29:54Source

DOF Secretary Frederick D. Go

asr-003457

compared with

02:29:56Source

DOF Secretary Frederick D. Go

asr-003458

5.65% in the same

02:29:58Source

DOF Secretary Frederick D. Go

asr-003459

period last year.

02:30:00Source

DOF Secretary Frederick D. Go

asr-003460

and we remain on track to meet our fiscal deficit target for 2026.

02:30:05Source

DOF Secretary Frederick D. Go

asr-003461

We project a deficit-to-GDP ratio of 5.44% in the second half of 2026,

02:30:12Source

DOF Secretary Frederick D. Go

asr-003462

bringing the full-year ratio to 5.45%,

02:30:16Source

DOF Secretary Frederick D. Go

asr-003463

hopefully our lowest deficit-to-GDP ratio since the start of the administration.

02:30:23Source

DOF Secretary Frederick D. Go

asr-003464

This continued reduction in the deficit is an important indicator

02:30:27Source

DOF Secretary Frederick D. Go

asr-003465

that the fiscal discipline we are pursuing is translating into concrete results.

02:30:32Source

DOF Secretary Frederick D. Go

asr-003466

And because we continue to manage our fiscal deficit responsibly,

02:30:37Source

DOF Secretary Frederick D. Go

asr-003467

our debt levels remain sustainable.

02:30:42Source

DOF Secretary Frederick D. Go

asr-003468

In 2025, the national government debt stood at 63.2% of GDP,

02:30:48Source

DOF Secretary Frederick D. Go

asr-003469

while the general government debt finished at 56.8% of GDP,

02:30:53Source

DOF Secretary Frederick D. Go

asr-003470

well below the 70% international benchmark by the World Bank

02:30:57Source

DOF Secretary Frederick D. Go

asr-003471

for debt sustainability.

02:30:59Source

DOF Secretary Frederick D. Go

asr-003472

And within a manageable range compared to other emerging economies.

02:31:05Source

DOF Secretary Frederick D. Go

asr-003473

Just a point I'd like to raise or stress is that the definition of the 70% threshold

02:31:10Source

DOF Secretary Frederick D. Go

asr-003474

is based on general government debt, not national government debt to GDP.

02:31:19Source

DOF Secretary Frederick D. Go

asr-003475

More importantly, we have maintained a prudent debt mix,

02:31:22Source

DOF Secretary Frederick D. Go

asr-003476

predominantly domestic, predominantly carrying fixed interest rates,

02:31:26Source

DOF Secretary Frederick D. Go

asr-003477

and predominantly structured with long repayment terms.

02:31:31Source

DOF Secretary Frederick D. Go

asr-003478

First, 67% of our outstanding debt is domestic.

02:31:36Source

DOF Secretary Frederick D. Go

asr-003479

This reduces our exposure to foreign exchange risks,

02:31:39Source

DOF Secretary Frederick D. Go

asr-003480

while also supporting the continued development of our local capital market.

02:31:44Source

DOF Secretary Frederick D. Go

asr-003481

This has been the direction since the start of this administration.

02:31:48Source

DOF Secretary Frederick D. Go

asr-003482

Second, 90% of our debt carries fixed interest rates.

02:31:53Source

DOF Secretary Frederick D. Go

asr-003483

This provides greater certainty in our debt servicing costs

02:31:56Source

DOF Secretary Frederick D. Go

asr-003484

and shields us from sudden increases or fluctuations in global interest rates.

02:32:01Source

DOF Secretary Frederick D. Go

asr-003485

And third, 84.1% of our debt has long-term repayment periods,

02:32:09Source

DOF Secretary Frederick D. Go

asr-003486

meaning we have several years before these obligations fall due.

02:32:14Source

DOF Secretary Frederick D. Go

asr-003487

This strategic borrowing mix by our Bureau of Treasury

02:32:17Source

DOF Secretary Frederick D. Go

asr-003488

strengthens our resilience to external shocks

02:32:21Source

DOF Secretary Frederick D. Go

asr-003489

and makes our debt obligations more predictable and manageable over the long term.

02:32:27Source

DOF Secretary Frederick D. Go

asr-003490

As the global markets assessment of our fiscal fundamentals is also reflected,

02:32:32Source

DOF Secretary Frederick D. Go

asr-003491

it is also reflected in the confidence of international investors.

02:32:37Source

DOF Secretary Frederick D. Go

asr-003492

Our sovereign credit ratings remain at investment-grade levels.

02:32:41Source

DOF Secretary Frederick D. Go

asr-003493

We have two A- ratings from Japanese credit rating agencies

02:32:45Source

DOF Secretary Frederick D. Go

asr-003494

and the equivalent of BBB or BBB+, from the global rating agencies.

02:32:53Source

DOF Secretary Frederick D. Go

asr-003495

This reflects their continued confidence in the country's economic fundamentals

02:33:01Source

DOF Secretary Frederick D. Go

asr-003496

and our capacity to manage debt.

02:33:02Source

DOF Secretary Frederick D. Go

asr-003497

We are also confident that we can manage our public finances.

02:33:05Source

DOF Secretary Frederick D. Go

asr-003498

Just recently, R&I and Moody's affirmed the country's investment-grade credit ratings

02:33:11Source

DOF Secretary Frederick D. Go

asr-003499

with stable outlook.

02:33:13Source

DOF Secretary Frederick D. Go

asr-003500

This confirms our strong macroeconomic fundamentals

02:33:16Source

DOF Secretary Frederick D. Go

asr-003501

and that the reforms we've put in place are working.

02:33:20Source

DOF Secretary Frederick D. Go

asr-003502

Higher credit ratings reflect minimal default risk,

02:33:24Source

DOF Secretary Frederick D. Go

asr-003503

signaling lenders to offer lower interest rates.

02:33:27Source

DOF Secretary Frederick D. Go

asr-003504

When the country can borrow at lower interest rates,

02:33:30Source

DOF Secretary Frederick D. Go

asr-003505

private businesses and consumers can also borrow at lower interest rates.

02:33:32Source

DOF Secretary Frederick D. Go

asr-003506

We have also seen progress in our integration into global capital markets,

02:33:41Source

DOF Secretary Frederick D. Go

asr-003507

with the upcoming historic debut of our peso-denominated government bonds

02:33:47Source

DOF Secretary Frederick D. Go

asr-003508

in the JPMorgan's Government Bond Index Emerging Markets in January 2027.

02:33:54Source

DOF Secretary Frederick D. Go

asr-003509

This is significant because this is our first-ever inclusion in a major global bond index.

02:34:00Source

DOF Secretary Frederick D. Go

asr-003510

This reflects a

02:34:01Source

DOF Secretary Frederick D. Go

asr-003511

strong vote of

02:34:01Source

DOF Secretary Frederick D. Go

asr-003512

confidence in our

02:34:02Source

DOF Secretary Frederick D. Go

asr-003513

solid fundamentals and

02:34:03Source

DOF Secretary Frederick D. Go

asr-003514

fiscal discipline.

02:34:08Source

DOF Secretary Frederick D. Go

asr-003515

This will strengthen demand for Philippine government securities,

02:34:12Source

DOF Secretary Frederick D. Go

asr-003516

improve market liquidity,

02:34:13Source

DOF Secretary Frederick D. Go

asr-003517

support the development of our capital markets,

02:34:16Source

DOF Secretary Frederick D. Go

asr-003518

and help lower borrowing costs for the government overtime.

02:34:21Source

DOF Secretary Frederick D. Go

asr-003519

In 2027, we will project borrowing requirements to reach 3.3 trillion.

02:34:29Source

DOF Secretary Frederick D. Go

asr-003520

We will carry the same principles of our debt strategy

02:34:32Source

DOF Secretary Frederick D. Go

asr-003521

into our borrowing program and make it even more sustainable.

02:34:36Source

DOF Secretary Frederick D. Go

asr-003522

We are increasing the share of domestic borrowing to 72%,

02:34:39Source

DOF Secretary Frederick D. Go

asr-003523

which means about 2.4 trillion pesos will be sourced from the domestic market,

02:34:46Source

DOF Secretary Frederick D. Go

asr-003524

while the remaining 28% will come from external sources such as loans and global bonds.

02:34:52Source

DOF Secretary Frederick D. Go

asr-003525

This borrowing strategy allows us to keep the cost of borrowing low

02:34:56Source

DOF Secretary Frederick D. Go

asr-003526

while helping broaden our investor base,

02:35:00Source

DOF Secretary Frederick D. Go

asr-003527

maintain access to key international markets,

02:35:03Source

DOF Secretary Frederick D. Go

asr-003528

and support the continued development of our local bond market.

02:35:08Source

DOF Secretary Frederick D. Go

asr-003529

With tax collections projected to grow by an average of 9% annually from 2026 to 2028,

02:35:14Source

DOF Secretary Frederick D. Go

asr-003530

total revenues are targeted to reach 5.5 trillion pesos by the end of the President's term.

02:35:21Source

DOF Secretary Frederick D. Go

asr-003531

This means our revenue agencies will have to raise the bar even further.

02:35:25Source

DOF Secretary Frederick D. Go

asr-003532

The BIR and BOC will need to continue improving efficiency,

02:35:29Source

DOF Secretary Frederick D. Go

asr-003533

strengthening compliance,

02:35:30Source

DOF Secretary Frederick D. Go

asr-003534

and leveraging technology to sustain faster growth in collections.

02:35:35Source

DOF Secretary Frederick D. Go

asr-003535

Coupled with stronger collection efforts,

02:35:38Source

DOF Secretary Frederick D. Go

asr-003536

we are looking to pursue reforms that will make our revenue systems more efficient,

02:35:43Source

DOF Secretary Frederick D. Go

asr-003537

equitable, and sustainable.

02:35:46Source

DOF Secretary Frederick D. Go

asr-003538

We are promoting growth, revenue, and equity towards socio-economic sustainability or progress

02:35:54Source

DOF Secretary Frederick D. Go

asr-003539

through a comprehensive reform package that provides targeted tax relief

02:35:58Source

DOF Secretary Frederick D. Go

asr-003540

while strengthening revenues from

02:36:01Source

DOF Secretary Frederick D. Go

asr-003541

products with social, environmental, and

02:36:03Source

DOF Secretary Frederick D. Go

asr-003542

health costs.

02:36:06Source

DOF Secretary Frederick D. Go

asr-003543

We likewise expect more revenues from the proposed Multinational Minimum Tax Bill,

02:36:11Source

DOF Secretary Frederick D. Go

asr-003544

which will preserve our taxing rights and ensure the taxes arising from economic activity in the Philippines

02:36:17Source

DOF Secretary Frederick D. Go

asr-003545

are collected here.

02:36:20Source

DOF Secretary Frederick D. Go

asr-003546

And the General Tax Amnesty Bill mentioned by the President in his SONA

02:36:25Source

DOF Secretary Frederick D. Go

asr-003547

to encourage the settlement of outstanding tax obligations,

02:36:29Source

DOF Secretary Frederick D. Go

asr-003548

improve compliance,

02:36:30Source

DOF Secretary Frederick D. Go

asr-003549

and bring more taxpayers into the formal tax system.

02:36:35Source

DOF Secretary Frederick D. Go

asr-003550

Disbursements will grow moderately from 2026 to 2028.

02:36:40Source

DOF Secretary Frederick D. Go

asr-003551

We must be more deliberate where we put our resources.

02:36:44Source

DOF Secretary Frederick D. Go

asr-003552

Prioritize investments that strengthen our productive capacity,

02:36:48Source

DOF Secretary Frederick D. Go

asr-003553

support long-term growth,

02:36:49Source

DOF Secretary Frederick D. Go

asr-003554

and deliver tangible benefits to our people.

02:36:53Source

DOF Secretary Frederick D. Go

asr-003555

We must focus on programs and investments that

02:36:58Source

DOF Secretary Frederick D. Go

asr-003556

generate the greatest economic and social

02:36:59Source

DOF Secretary Frederick D. Go

asr-003557

returns, particularly in critical infrastructure, health, education, and other areas that support

02:37:07Source

DOF Secretary Frederick D. Go

asr-003558

long-term growth. As revenues grow faster than disbursements, we will see a clear and sustained

02:37:14Source

DOF Secretary Frederick D. Go

asr-003559

path towards fiscal consolidation. The deficit-to-GDP ratio is projected to steadily decline

02:37:21Source

DOF Secretary Frederick D. Go

asr-003560

from 5.4 percent in 2026 to 3.5 percent by 2030, putting us on a progressively stronger fiscal

02:37:32Source

DOF Secretary Frederick D. Go

asr-003561

footing. This improving fiscal trajectory is also reflected in our debt outlook. From 2026 to 2030,

02:37:40Source

DOF Secretary Frederick D. Go

asr-003562

both national government and general government debt ratios are projected to decrease.

02:37:46Source

DOF Secretary Frederick D. Go

asr-003563

NG debt is projected to ease from 65 percent to 63 percent in 2030,

02:37:52Source

DOF Secretary Frederick D. Go

asr-003564

and general government debt is expected to decline from 59 percent to 56 percent by 2030.

02:38:00Source

DOF Secretary Frederick D. Go

asr-003565

As we look ahead, the path we had laid out is clear. We assure the honorable members of this

02:38:06Source

DOF Secretary Frederick D. Go

asr-003566

chamber that the economic team will continue to strengthen revenues, manage expenditures

02:38:11Source

DOF Secretary Frederick D. Go

asr-003567

responsibly, reduce the deficit, and keep our debt on a sustainable path. At the same time,

02:38:18Source

DOF Secretary Frederick D. Go

asr-003568

we are building fiscal buffers that will give us room to respond to future shocks without compromising our long-term fiscal sustainability.

02:38:28Source

DOF Secretary Frederick D. Go

asr-003569

We look forward to working closely with the Senate to ensure that the government lives within its

02:38:35Source

DOF Secretary Frederick D. Go

asr-003570

means. This means making difficult choices, prioritizing programs and investments with

02:38:40Source

DOF Secretary Frederick D. Go

asr-003571

the greatest impact, and ensuring that new spending commitments are matched by sustainable

02:38:48Source

DOF Secretary Frederick D. Go

asr-003572

sources of funding. Fiscal discipline is not just about reducing the deficit.

02:38:53Source

DOF Secretary Frederick D. Go

asr-003573

More important is that we engage in smart spending. Our national budget can work harder

02:38:58Source

DOF Secretary Frederick D. Go

asr-003574

if we invest in programs and projects that can help shape our future. The government must continue

02:39:05Source

DOF Secretary Frederick D. Go

asr-003575

to address the immediate needs of our people, but we must look beyond the present and invest in high

02:39:11Source

DOF Secretary Frederick D. Go

asr-003576

multiplier programs and projects that create lasting economic value, those that create jobs,

02:39:17Source

DOF Secretary Frederick D. Go

asr-003577

raise incomes, and build a stronger economy tomorrow.

02:39:23Source

DOF Secretary Frederick D. Go

asr-003578

Well-chosen infrastructure, for example, does more than address today's needs. It can generate

02:39:28Source

DOF Secretary Frederick D. Go

asr-003579

economic activity, connect communities, attract private investment, and deliver benefits for many

02:39:34Source

DOF Secretary Frederick D. Go

asr-003580

years to come. Let us work together to make the 2027 national budget count and ensure that its

02:39:41Source

DOF Secretary Frederick D. Go

asr-003581

benefits ripple through generations. This is the fiscal discipline we owe to the Filipino people. Maraming salamat po.

02:39:49Source

Senator Joseph Victor "JV" G. Ejercito

asr-003582

Thank you, Secretary Dec Go.

02:39:51Source

Senator Joseph Victor "JV" G. Ejercito

asr-003583

Next is Acting Secretary Kim De Leon. But how long is your presentation, Secretary De Leon?

02:40:00Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003584

About 27 slides.

02:40:01Source

Senator Joseph Victor "JV" G. Ejercito

asr-003585

27 slides, maybe another 20 minutes. So if there's pressure, maybe, probably, we can go on the quick lunch break first.

02:40:10Source

Senator Joseph Victor "JV" G. Ejercito

asr-003586

We will resume at 1 o'clock.

02:40:15Source

Senator Joseph Victor "JV" G. Ejercito

asr-003587

You can go ahead, and then we'll just have the lunch.

02:40:21Source

Senator Joseph Victor "JV" G. Ejercito

asr-003588

Please proceed, Secretary De Leon.

02:40:26Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003589

Thank you, Mr. Chair. To Senate President Win Gatchalian, Senate Finance Committee Chair J.V. Ejercito,

02:40:33Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003590

Honorable Members of the Senate Finance Committee and the Senate, my fellow economic managers and colleagues in government,

02:40:40Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003591

good morning. As Acting Secretary of the DBM and Chair of the DBCC, it is my honor to present to the Senate of the Philippines

02:40:49Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003592

the key dimensions and priorities.

02:40:51Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003593

of the fiscal year 2027 national expenditure program.

02:40:53Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003594

For fiscal year 2027, we are proposing a

02:40:57Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003595

7.2 trillion peso national budget

02:41:02Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003596

equivalent to 21.7%

02:41:06Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003597

of our country's gross domestic product.

02:41:12Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003598

This budget is 47 billion pesos or 6%

02:41:17Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003599

higher than the fiscal year 2026 GAA. Much of this increase is already accounted for

02:41:21Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003600

by mandatory expenditures and existing fiscal commitments by the government.

02:41:26Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003601

This includes higher national tax allotments for our local government units,

02:41:31Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003602

the fourth tranche of the salary adjustment for civilian government employees under EO64,

02:41:37Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003603

the corresponding salary increases for our military and uniformed personnel,

02:41:42Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003604

and other obligations that the government must honor.

02:41:45Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003605

We would like to highlight that the 6% increase in the overall budget

02:41:49Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003606

should not be interpreted to mean a uniform increase across agencies and programs.

02:41:55Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003607

Because limited fiscal space demands disciplined choices,

02:41:58Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003608

we prioritize programs and projects that are implementation-ready,

02:42:03Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003609

capable of delivering the greatest impact and offer the best value for every Filipino.

02:42:08Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003610

The P7.2 trillion budget before us, therefore, represents more than a spending ceiling.

02:42:15Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003611

It is the product of months of rigorous review to ensure that we will

02:42:19Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003612

meet the country's most urgent needs today, without compromising our capacity to meet the challenges of tomorrow.

02:42:27Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003613

The fiscal year 2027 national budget carries the theme

02:42:31Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003614

People-Centered Growth for an Inclusive and Resilient Future,

02:42:35Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003615

effectively capturing a simple but critical principle.

02:42:39Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003616

Economic progress must ultimately be measured by how it improves the lives of Filipinos.

02:42:45Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003617

We want growth that reaches communities,

02:42:47Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003618

creates opportunities across sectors and regions,

02:42:49Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003619

and strengthens our ability to

02:42:51Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003620

withstand future challenges.

02:42:54Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003621

But crafting a budget that would translate

02:42:54Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003622

this vision into reality requires more than

02:42:59Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003623

simply adding up agency requests.

02:43:02Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003624

When government agencies submitted more than

02:43:06Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003625

P11 trillion in budget proposals for possible inclusion in the NEP

02:43:11Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003626

we could not simply ask how much

02:43:13Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003627

each agency needs.

02:43:15Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003628

We had to ask harder

02:43:16Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003629

questions such as which programs are

02:43:19Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003630

ready to deliver, which will make the

02:43:21Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003631

greatest difference, and where will

02:43:23Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003632

every peso generate the greatest value

02:43:26Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003633

for the Filipino people?

02:43:27Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003634

These questions shaped the decisions behind this budget.

02:43:32Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003635

And throughout this process,

02:43:34Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003636

the President's direction was clear. Public resources must translate into

02:43:39Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003637

real and meaningful benefits for Filipinos across every region and community, through to the spirit

02:43:45Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003638

of our vision of Bawat Bayan Makikinabang. Beyond funding requirements, we also look closely at how

02:43:53Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003639

agencies have utilized the resources already entrusted to them. Their actual budget performance

02:43:59Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003640

and implementation capacity were key considerations in determining their allocations under the fiscal

02:44:05Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003641

year 2027 national budget. As of June 30, 2026, total available appropriations stood at 7.54 trillion

02:44:15Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003642

pesos.

02:44:15Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003643

Of this amount, 6.63 trillion pesos had been released as allotments to various agencies,

02:44:22Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003644

including 546.79 billion pesos from continuing fiscal year 2025 appropriations.

02:44:30Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003645

Agencies had obligated 3.29 trillion pesos, or about 49.5 percent, of released allotments,

02:44:38Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003646

comprising of 3.13 trillion from the current year appropriations and the remaining 158.58

02:44:45Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003647

billion from the current year appropriations.

02:44:45Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003648

Of the obligations reported, 81.9 percent had already been disbursed.

02:44:55Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003649

As of the same period, June 30, 2026, unreleased appropriations among

02:45:02Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003650

amounted to 820.21 billion from the current-year GAA and 89.7 billion from the 2025 continuing appropriations.

02:45:11Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003651

We would like to note that as of July 31, 2026, the DBM has released a total allotment of 6.18 trillion, equivalent to 91% of the program, leaving a balance of 610.95 billion pesos.

02:45:25Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003652

Of the 4.39 trillion program under the 2026 GAA, total allotments issued reached 3.85 trillion with a remaining balance of 537.32 billion pesos.

02:45:40Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003653

This balance includes 315.9 billion pertaining to agency-specific budgets and 221.41 billion under special purpose funds.

02:45:50Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003654

These indicators help us assess whether additional resources can be used.

02:45:55Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003655

The DBM will continue working closely with the agencies to improve their execution of their budget because the true measure of a budget is not simply how much is approved or released, but how effectively these resources become real results for our people.

02:46:16Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003656

Now, allow me to provide updates on the national government's disbursements for fiscal years 2025 to 2025.

02:46:25Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003657

NG disbursement in 2025 reached 6.03 trillion pesos, equivalent to 21.5% of GDP.

02:46:34Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003658

This was mainly driven by PS expenditures for salaries and benefits of government workforce such as education and health sectors, including the military and uniformed personnel.

02:46:46Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003659

MOOE also contributed strongly to the government's spending performance, owing to the implementation of social protection programs, agricultural services, and the development of a new government.

02:46:55Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003660

As well as the general operations of the government.

02:46:59Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003661

Meanwhile, disbursements are projected to increase by 7% on the average this year in 2027, reaching 6.466 trillion this year and 6.901 trillion next year.

02:47:12Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003662

Spending will continue to be supported by PS expenditures, reflective of the higher salaries of civilian government employees and higher base pay and subsistence allowance of MUPs.

02:47:24Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003663

As well as the general operations of the government.

02:47:25Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003664

As well as the requirements for creation and filling up of positions in various departments, particularly in education and health.

02:47:33Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003665

Both MOOE and infrastructure expenditures will remain significant to fund priority human capital development programs and flagship infrastructure projects, respectively.

02:47:44Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003666

The overall support to local government units will also continue to be substantial, driven by larger NTA shares, annual block grant to the BARM,

02:47:54Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003667

and annual financial support to the NTA.

02:47:55Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003668

The proposed financial assistance through the local government support fund.

02:47:58Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003669

Moving forward with the dimensions of the 2027 National Budget.

02:48:03Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003670

The proposed 2027 National Budget is composed of two main sources.

02:48:09Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003671

Programmed appropriations amount to 4.494 trillion pesos

02:48:13Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003672

and will finance the priority programs, projects, and operations of government.

02:48:19Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003673

Automatic appropriations total 2.706 trillion pesos

02:48:24Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003674

and will cover...

02:48:25Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003675

expenditures already mandated by existing laws. Major automatic appropriations include 1.32

02:48:32Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003676

trillion peso for the national tax allotment of LGUs, 1.114 trillion pesos for interest payments,

02:48:41Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003677

104.2 billion pesos for the annual block grant of the BARM, and 89 billion pesos for the retirement

02:48:48Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003678

and life insurance premiums of national government employees. This demonstrates that a considerable

02:48:54Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003679

portion of the 7.2 trillion peso budget is already determined by laws, formulas, and existing

02:49:01Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003680

obligations before government even begins deciding which new or expanded programs to fund.

02:49:08Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003681

We have likewise brought and programmed the appropriations down substantially to 112 billion

02:49:15Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003682

pesos. Nominally, this is the lowest proposed UA in the NEP since 2019, while its 1.56 percent

02:49:24Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003683

share is the lowest in the U.S.

02:49:24Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003684

share of the total expenditure program is the lowest ratio since 1991. Allow me to reiterate

02:49:31Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003685

that unprogrammed appropriations are not automatically available for spending. It is a

02:49:37Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003686

standby spending authority for specifically identified purposes that may be accessed only

02:49:43Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003687

when the funding conditions prescribed by law are satisfied. For fiscal year 2027,

02:49:49Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003688

the unprogrammed appropriations have been deliberately limited primarily to

02:49:54Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003689

partially finance the restoration of the fund balance previously remitted by the PDIC and to

02:50:00Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003690

support foreign-assisted projects that are still undergoing assessment and evaluation by the

02:50:07Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003691

Investment Coordination Committee and require approval by the ED Council. By keeping standby

02:50:13Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003692

appropriations to the minimum necessary, the administration is placing more expenditures

02:50:18Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003693

under programmed appropriations, thereby strengthening expenditure planning,

02:50:24Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003694

and ensuring the timely implementation of priority programs and projects. By expense class,

02:50:31Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003695

the proposed budget reflects our commitment to sustaining government operations while directing

02:50:37Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003696

resources toward investments with lasting economic and social returns. MOOE amounts to 2.944

02:50:44Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003697

trillion pesos. Notably, MOOE declines by 36.2 billion or 1.2 percent from 2026 level,

02:50:54Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003698

even if the budget is not enough to support the development of the government. So,

02:50:54Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003699

MOOE is not enough to support the development of the government. So, MOOE is not enough to support the development of the government. So,

02:50:54Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003700

MOOE is not enough to support the development of the government. So, MOOE is not enough to support the development of the government. So,

02:50:54Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003701

MOOE is not enough to support the development of the government. So, MOOE is not enough to support the development of the government. So,

02:50:54Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003702

as the total national budget increases by 6 percent. This indicates that the overall budget growth is not being driven by a broad expansion of operating expenditures.

02:51:06Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003703

PS will receive 1.982 trillion up by 138.2 billion or 7.5 percent. This will support public servants who will deliver education,

02:51:17Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003704

healthcare, public safety, national defense, and other essential services, while also providing for salary adjustments,

02:51:24Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003705

and personal requirements already committed by the government.

02:51:28Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003706

We would like to emphasize that both PS and MOOE remain fully covered by our projected revenues.

02:51:37Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003707

Meanwhile, capital outlays increased to 1.16 trillion pesos,

02:51:42Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003708

an increase of 140.8 billion or 13.8% to finance infrastructure, facilities, equipment, and other productive assets.

02:51:53Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003709

Financial expenses amount to 1.114 trillion pesos, up by 164.3 billion or 17.3% largely due to interest payments.

02:52:05Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003710

Nevertheless, we affirm that our debt remains manageable as debt servicing is explicitly provided for in the budget.

02:52:13Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003711

Our approach is not to pursue deficit reduction at the expense of growth.

02:52:17Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003712

Instead, we are advancing a strategic and gradual fiscal consolidation path

02:52:22Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003713

that supports the development of a new economy.

02:52:23Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003714

This safeguards our obligations and fiscal credibility while preserving the investments needed to strengthen our people and sustain our economic growth.

02:52:33Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003715

Across the five sectors of the proposed budget, social services will continue to receive the largest share at 2.456 trillion or 34.1%.

02:52:44Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003716

This will directly support education, health, social protection, employment, housing, and other services that affect the everyday lives of people.

02:52:53Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003717

Economic services will receive 1.833 trillion or 25.5% for infrastructure, agriculture, transportation, water resources, digital connectivity, and other investments that improve productivity.

02:53:09Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003718

General public services account for 1.317 trillion or 18.3%, while defense will receive 452.4 billion or 6.3%.

02:53:20Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003719

Debt burden accounts for 1.13 trillion or 15.9%, covering interest payments and net lending to government corporations.

02:53:21Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003720

Public services will receive 1.317 trillion or 18.3%, while defense will receive 452.4 billion or 6.3%.

02:53:22Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003721

while defense will receive 452.4 billion or 6.3%.

02:53:23Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003722

While defense will receive 452.4 billion or 6.3%.

02:53:23Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003723

or 15.9%, covering interest payments and net lending to government corporations.

02:53:31Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003724

Honoring these obligations protect the government's creditworthiness

02:53:34Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003725

and helps preserve access to financing for future investments.

02:53:39Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003726

Our task is to maintain that balance, honoring our government's obligations

02:53:44Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003727

while continuing to fund what our people need.

02:53:47Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003728

By recipient units, national government agencies will receive 4.332 trillion,

02:53:54Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003729

the largest share of the budget.

02:53:56Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003730

However, their allocation grows by only 4.5%, below the overall budget growth of 6%,

02:54:03Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003731

reflecting continued restraint in national government spending.

02:54:08Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003732

Local government units will receive 1.533 trillion, including a 1.32 trillion NTA,

02:54:14Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003733

compared with around 1.1 million NTA.

02:54:17Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003734

This means roughly 129.3 billion more, or about 11%,

02:54:24Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003735

will flow directly to LGUs to support devolved functions and frontline services.

02:54:31Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003736

GOCCs will receive 220.5 billion, while 1.114 trillion will go to interest payments.

02:54:39Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003737

These allocations underscore an important feature of the 2027 budget.

02:54:44Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003738

Resources are not concentrated solely at the national level,

02:54:47Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003739

a substantial share is transferred to LGUs,

02:54:51Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003740

bringing our country's resources closer to the communities

02:54:54Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003741

where many essential public services are delivered to our citizens.

02:54:59Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003742

The same principle is also evident in the regional distribution of the budget.

02:55:04Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003743

Of the proposed 7.2 trillion, 4.603 trillion, or 63.9%,

02:55:10Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003744

is directly attributable to the regions.

02:55:13Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003745

The national capital region accounts for 1.112,

02:55:17Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003746

Luzon at 1.659 trillion,

02:55:20Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003747

Visayas at 4.8 billion,

02:55:23Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003748

and Mindanao at 1.088 trillion.

02:55:26Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003749

The remaining 2.597 trillion, or 36.1%, is non-regionalized,

02:55:33Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003750

consisting of 1.983 trillion pesos in nationwide allocations

02:55:38Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003751

and 613.8 billion in central office allocations.

02:55:44Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003752

We would like to clarify,

02:55:46Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003753

the important distinction of nationwide from Metro Manila.

02:55:50Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003754

Nationwide allocations pertain to funds that are still to be distributed

02:55:54Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003755

to various regions of the departments and agencies,

02:55:58Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003756

as this cannot yet be geographically assigned at the time the NEP was prepared.

02:56:04Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003757

Ultimately, the majority of the budget is intended to reach our regions and communities.

02:56:09Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003758

That is what we mean when we say,

02:56:11Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003759

bawat bayan makikinabang.

02:56:14Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003760

With the overall framework,

02:56:16Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003761

and priorities of the budget established,

02:56:18Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003762

let us now turn to where our most significant investments will be directed,

02:56:22Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003763

and how this will translate into better outcomes for Filipinos.

02:56:27Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003764

Education remains at the center of our investment in human capital.

02:56:31Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003765

The Department of Education will receive the highest allocation at 975.96 billion pesos,

02:56:38Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003766

while 176.5 billion is provided for higher education

02:56:44Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003767

to broaden access to quality,

02:56:46Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003768

and affordable tertiary learning.

02:56:49Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003769

Taken together with the other components of government education spending,

02:56:53Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003770

our proposed investment in basic and higher education reaches 1.326 trillion,

02:57:00Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003771

equivalent to nearly 4% of the GDP,

02:57:03Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003772

and effectively reaching the lower bound of the UNESCO Education 2030 benchmark

02:57:09Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003773

of 4-6% of GDP for education spending for the second time.

02:57:15Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003774

The difference between the two is that, for the first time,

02:57:16Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003775

between 1.314 trillion reflected in the President's budget and the 1.326 trillion presented during the DBCC briefing at the House

02:57:26Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003776

is due to the inclusion of the Tier 2 projections for BARM education agencies which were not yet available when the budget message was prepared and printed.

02:57:36Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003777

By the time of the House briefing, these projections were already available and were therefore included in computing the overall education sector figure.

02:57:46Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003778

So, to be clear, there was no change in the 2027 NEP after its submission.

02:57:51Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003779

The difference simply reflects the more complete BARM education sector figures,

02:57:56Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003780

which is available at the time of the DBCC presentation.

02:58:00Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003781

This is consistent with how we view education as a national commitment,

02:58:04Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003782

one that leaves no learner behind, whether served by our national education agencies, in BARM, and in all communities across the country.

02:58:14Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003783

More importantly,

02:58:16Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003784

these allocations translate into specific investments.

02:58:20Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003785

We are proposing 12.09 billion for the expanded career progression system for public school teachers,

02:58:27Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003786

an increase of almost 6 billion or 96.6% from the current year.

02:58:32Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003787

This is to support the reclassification and career advancement of our teachers.

02:58:37Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003788

Another 10.36 billion allocation next year will also sustain the 10,000 peso teaching allowance under the Kabalika,

02:58:46Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003789

For tertiary education,

02:58:49Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003790

61.1 billion is provided for the universal access to quality tertiary education across state universities and colleges,

02:58:59Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003791

CHED and TESDA,

02:59:00Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003792

supporting free higher education, tertiary education subsidies,

02:59:05Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003793

and free technical vocational education.

02:59:08Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003794

Ultimately,

02:59:09Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003795

the significance of the 1.326 trillion peso budget

02:59:13Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003796

will not be measured by the amount of education.

02:59:15Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003797

This is to support the development of the education sector,

02:59:15Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003798

and to support the development of the education sector.

02:59:15Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003799

It will be measured by better learning outcomes, better supported teachers, wider access to education and training, and more opportunities for Filipino learners to build a future they rightfully deserve.

02:59:31Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003800

The top 10 departments with the largest allocations account for 51.4% of the proposed budget.

02:59:38Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003801

Apart from education, major allocations will go to public works and highways, health, interior and local government, national defense, transportation, agriculture, social welfare and development, higher education, and the judiciary, fully aligned with the administration's priorities and the Philippine development.

03:00:03Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003802

On infrastructure, let me emphasize that infrastructure is more than just the DPWH budget. Under the Build Better More infrastructure program, the government is proposing 1.467 trillion pesos, equivalent to 4.4% of GDP for infrastructure in 2027.

03:00:21Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003803

These investments are distributed across public works, transportation, agriculture, education, defense, health, digital infrastructure, and other sectors.

03:00:34Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003804

Specifically, DPWH will receive 643.95 billion, or the second largest allocation among agencies.

03:00:44Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003805

This is partly to support ongoing locally funded and foreign-assisted infrastructure flagship projects.

03:00:50Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003806

Major projects include the Laguna Lakeshore Road Network Project at 35 billion, Bataan-Cavite Interlink Bridge Project at 22 billion, Davao City Bypass Construction Project Package 1 at 11.9 billion,

03:01:05Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003807

Cebu-Mactan Bridge and Coastal Road Construction Project at 8.5 billion, and Pasig-Marikina River Channel Improvement Project Phase 4 at 8.5 billion pesos.

03:01:17Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003808

Transportation is likewise a major priority.

03:01:20Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003809

With 300.96 billion proposed for the DOTR and its attached agencies.

03:01:26Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003810

This includes 123.84 billion for the North-South Commuter Railway System, 67.44 billion for Phase 1 of the Metro Manila Subway Project, and 1.94 billion for the MRT Line 3 Rehabilitation Project.

03:01:45Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003811

Beyond Metro Manila,

03:01:47Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003812

175.49 million is provided for the Cebu Bus Rapid Transit Project, and 15.08 billion for the Davao Public Transport Modernization Project.

03:01:50Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003813

We are also investing 8.99 billion in the new Cebu International Container Port Project, and 1.41 billion in the new Dumaguete Airport Development Project.

03:02:11Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003814

These investments demonstrate that reducing travel time and logistics costs, connecting regional economies,

03:02:19Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003815

improving the movement of people and goods, and bringing more Filipinos within reach of jobs and economic opportunities are important priorities of this administration.

03:02:31Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003816

Our other major investments pursue the same objective of improving people's security and quality of life.

03:02:39Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003817

Across the agriculture sector, 261.7 billion will support food security, productivity, and the livelihood.

03:02:49Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003818

The proposed fiscal year 2027 budget continues to make quality healthcare more accessible, more affordable, and more responsive to the needs of every Filipino by allocating 353.8 billion for the health sector.

03:03:10Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003819

We are providing 107.29 billion for the operations of DOH regional hospitals and other health facilities.

03:03:19Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003820

Along with 28.19 billion for DOH hospitals and Metro Manila to expand healthcare capacity, modernize facilities, and strengthen specialized medical services.

03:03:33Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003821

This means more Filipinos can access quality healthcare closer to home, while those requiring highly specialized treatment continue to receive world-class care in our major public hospitals.

03:03:45Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003822

To further reduce what Filipino families,

03:03:49Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003823

from out of their own pockets when they are hospitalized,

03:03:53Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003824

we are strengthening the implementation of the universal healthcare through PhilHealth

03:03:57Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003825

with an allocation of 74.45 billion pesos.

03:04:03Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003826

This will support the continued expansion of the PhilHealth's benefit packages,

03:04:08Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003827

including the implementation of zero-balance billing in both DOH and LGU hospitals.

03:04:14Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003828

From only six LGU hospitals this year,

03:04:18Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003829

zero-balance billing will expand to 352 LGU hospitals nationwide next year,

03:04:26Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003830

allowing millions more Filipinos to receive quality hospital care without worrying about the cost.

03:04:33Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003831

More importantly, this means that when illness strikes,

03:04:37Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003832

Filipino families can focus on their loved ones' recovery,

03:04:40Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003833

not on how they will pay the hospital bill.

03:04:44Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003834

This is our commitment to making quality healthcare more accessible,

03:04:48Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003835

more affordable, and more compassionate to every Filipino.

03:04:52Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003836

For social protection, DSWD will receive 241 billion,

03:04:58Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003837

including 99 billion for the implementation of the Pantawid Pamilyang Pilipino Program.

03:05:04Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003838

For national defense, 328.8 billion is proposed,

03:05:09Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003839

including 50 billion for the revised AFP modernization program

03:05:14Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003840

and 10 billion higher than the current year's level.

03:05:17Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003841

The Philippine Coast Guard will receive 45.51 billion,

03:05:22Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003842

while 73.67 billion is proposed for the subsistence allowance

03:05:28Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003843

of our military and uniformed personnel across concerned agencies.

03:05:33Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003844

For the judiciary, 86.27 billion is included

03:05:38Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003845

to support the administration of justice and access to judicial services.

03:05:43Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003846

Consistent with the constitutional principle of judicial independence

03:05:47Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003847

and the provisions of the Judiciary Fiscal Autonomy Act,

03:05:52Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003848

the Supreme Court's original budget proposal has been incorporated into the fiscal year 2027 NEP,

03:06:00Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003849

recognizing the judiciary's fiscal autonomy and constitutional mandate.

03:06:06Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003850

Resilience is likewise integral to the 2027 budget.

03:06:10Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003851

We are proposing 45.67 billion,

03:06:13Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003852

including 14.67 billion for the Disaster Rehabilitation and Reconstruction Assistance Program for LGUs and 1 billion for the People's Survival Fund.

03:06:30Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003853

Taken together, these investments reveal the broader purpose of the 2027 budget

03:06:36Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003854

to protect vulnerable Filipinos, strengthen human capital and food security,

03:06:40Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003855

build productive infrastructure,

03:06:43Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003856

safeguard the nation,

03:06:45Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003857

empower our region,

03:06:46Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003858

and improve our ability to withstand future shocks.

03:06:50Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003859

That commitment extends directly to our local government units.

03:06:54Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003860

1.32 trillion NTA gives LGUs greater resources to perform devolved functions,

03:07:02Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003861

while 115.62 billion will support peace, self-governance,

03:07:08Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003862

and long-term development in the Bangsamoro Autonomous Region in Muslim Mindanao.

03:07:13Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003863

We are likewise proposing 58.53 billion for the Local Government Support Fund,

03:07:19Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003864

covering financial assistance to LGUs, the Growth Equity Fund, and the Barangay Development Program.

03:07:25Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003865

By strengthening local fiscal capacity, we bring resources and decision-making closer to communities

03:07:32Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003866

and give every region a stronger voice in national development.

03:07:37Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003867

This is what people-centered growth means, one that reaches every community,

03:07:42Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003868

creates opportunities

03:07:43Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003869

for every Filipino,

03:07:44Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003870

and ensures that progress is broadly and fairly shared across the country.

03:07:50Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003871

These are only some of the key priorities reflected in the proposed Fiscal Year 2027 National Budget.

03:07:57Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003872

To provide a broader view of the programs and projects we seek to pursue,

03:08:02Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003873

we have also prepared a short video presentation that we can probably share later.

03:08:07Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003874

Mr. Senate President, Mr. Chairperson, and Honorable Members of the Senate,

03:08:11Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003875

the National Expenditure Program,

03:08:13Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003876

before you represents the Executive's best judgment

03:08:17Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003877

of how limited public resources can respond to the country's immediate needs

03:08:22Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003878

while protecting our long-term fiscal and development goals.

03:08:27Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003879

But we also recognize that budget-making process does not end with the submission of the NEP.

03:08:32Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003880

The scrutiny of Congress is an essential part of that process.

03:08:36Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003881

The questions you will raise, the programs you examine,

03:08:40Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003882

and the choices we make together will ultimately,

03:08:43Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003883

We will determine whether the national budget is able to deliver what our people expect from government. On the part of the DBM and the Development Budget Coordination Committee, we come before the Senate prepared to explain our assumptions, account for our recommendations, and engage constructively throughout the deliberations.

03:09:01Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003884

Because behind every number we discuss in this hearing is a consequence beyond these halls, a classroom that may be built, a hospital patient who may receive care, a farmer who may gain better access to markets, a community protected from disaster, or a Filipino family given a better opportunity to move forward.

03:09:24Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003885

That is the standard by which this budget should ultimately be judged, not simply by how much government spends.

03:09:31Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003886

But by how much better government is able to serve.

03:09:36Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003887

We therefore look forward to working with the Senate toward a fiscal year 2027 national budget that is disciplined in its choices, credible in its commitments, transparent in its use, and meaningful in the lives of our people.

03:09:51Source

Acting DBM Secretary Kim Robert C. De Leon

asr-003888

Maraming salamat po.

03:09:53Source

Senator Joseph Victor "JV" G. Ejercito

asr-003889

Okay, thank you, Secretary Kim Robert C. De Leon.

03:09:57Source

Senator Joseph Victor "JV" G. Ejercito

asr-003890

Before we take a short break, the chair would like to acknowledge.

03:10:01Source

Senator Joseph Victor "JV" G. Ejercito

asr-003891

So we'll take a very quick lunch break.

03:10:07Source

Senator Joseph Victor "JV" G. Ejercito

asr-003892

We resume at 1.35 p.m.

03:10:11Source

Senator Joseph Victor "JV" G. Ejercito

asr-003893

Later, sequence.

03:10:14Source

Senator Joseph Victor "JV" G. Ejercito

asr-003894

According to arrival also?

03:10:16Source

Senator Joseph Victor "JV" G. Ejercito

asr-003895

Yes, we'll allow you.

03:10:25Source

Senator Joseph Victor "JV" G. Ejercito

asr-003896

And then rounds.

03:10:27Source

Senator Joseph Victor "JV" G. Ejercito

asr-003897

We'll do the same rounds.

03:10:29Source

Senator Joseph Victor "JV" G. Ejercito

asr-003898

Okay, so we'll take a quick lunch break and we'll resume at 1.35.

03:10:35Source

Senator Joseph Victor "JV" G. Ejercito

asr-003899

Thank you.

03:10:36Source

Senator Joseph Victor "JV" G. Ejercito

asr-003900

Session suspended

03:52:12Source

Senator Joseph Victor "JV" G. Ejercito

asr-003901

Budget hearing is now resumed.

03:52:14Source

Senator Joseph Victor "JV" G. Ejercito

asr-003902

We just finished our presentations.

03:52:16Source

Senator Joseph Victor "JV" G. Ejercito

asr-003903

But before we continue, the chair would like to acknowledge the presence of Senator Joel Villanueva, who just joined us.

03:52:24Source

Senator Joseph Victor "JV" G. Ejercito

asr-003904

So it's now the question portion of each senator, according to arrival.

03:52:32Source

Senator Joseph Victor "JV" G. Ejercito

asr-003905

Since Senator Tulfo is not yet here, each senator will be given 10 minutes each.

03:52:37Source

Senator Joseph Victor "JV" G. Ejercito

asr-003906

So since Senator Tulfo is not yet here, Senator Lacson was next.

03:52:40Source

Senator Pia S. Cayetano

asr-003907

Senators, Chairman, you mentioned earlier, I had preliminary questions just like all the senators had earlier.

03:52:48Source

Senator Joseph Victor "JV" G. Ejercito

asr-003908

Actually, it's because Governor Ramona wanted to be excused.

03:52:55Source

Senator Pia S. Cayetano

asr-003909

Yes, exactly. So for the same reason, I also want to ask questions.

03:52:58Source

Senator Joseph Victor "JV" G. Ejercito

asr-003910

Okay, yes. Of course, to the lady from Taguig.

03:53:02Source

Senator Joseph Victor "JV" G. Ejercito

asr-003911

Senator Cayetano is now recognized.

03:53:06Source

Senator Pia S. Cayetano

asr-003912

So who's here?

03:53:09Source

Senator Joseph Victor "JV" G. Ejercito

asr-003913

General.

03:53:10Source

Senator Joseph Victor "JV" G. Ejercito

asr-003914

Deputy Governor Abenoja, please answer the queries of our senator.

03:53:15Source

Senator Pia S. Cayetano

asr-003915

Since I have the benefit, good afternoon, everyone, of being the last to ask questions and listening intently.

03:53:23Source

Senator Pia S. Cayetano

asr-003916

I was listening online.

03:53:25Source

Senator Pia S. Cayetano

asr-003917

A lot of these are like follow-up questions to the questions of our colleagues to BSP.

03:53:30Source

Senator Pia S. Cayetano

asr-003918

So very quickly, Governor Remolona mentioned the reason for the inflation is the exposure to external risk.

03:53:37Source

Senator Pia S. Cayetano

asr-003919

And then he mentioned Ukraine, etc.

03:53:40Source

Senator Pia S. Cayetano

asr-003920

And then the question, one colleague asked, two colleagues asked,

03:53:44Source

Senator Pia S. Cayetano

asr-003921

So, how is your readiness to adapt to change?

03:53:47Source

Senator Pia S. Cayetano

asr-003922

That was the question.

03:53:48Source

Senator Pia S. Cayetano

asr-003923

And then the answer was, we are adapting.

03:53:50Source

Senator Pia S. Cayetano

asr-003924

Okay.

03:53:51Source

Senator Pia S. Cayetano

asr-003925

So I noted that.

03:53:52Source

Senator Pia S. Cayetano

asr-003926

I want to point out that the Senate has a committee on sustainable development goals, innovation, and futures thinking.

03:54:00Source

Senator Pia S. Cayetano

asr-003927

Secretary Balisakan knows this.

03:54:02Source

Senator Pia S. Cayetano

asr-003928

So futures thinking.

03:54:03Source

Senator Pia S. Cayetano

asr-003929

So in our capacity, during the budget, we chaired the...

03:54:09Source

Senator Pia S. Cayetano

asr-003930

We are...

03:54:09Source

Senator Pia S. Cayetano

asr-003931

We have been vice chair for the Committee on Finance for many years.

03:54:14Source

Senator Pia S. Cayetano

asr-003932

We were able to make amendments to the budget of certain agencies, namely DOH, DepEd, and DOST.

03:54:22Source

Senator Pia S. Cayetano

asr-003933

And this is the creation of futures thinking offices for them.

03:54:25Source

Senator Pia S. Cayetano

asr-003934

So when I heard the discussion and the answer of BSP that we were making, we were adjusting,

03:54:31Source

Senator Pia S. Cayetano

asr-003935

I'd like you to consider if you should have a futures thinking office.

03:54:35Source

Senator Pia S. Cayetano

asr-003936

I did not mention DepEd because it is already embedded in their law,

03:54:39Source

Senator Pia S. Cayetano

asr-003937

that they have a futures thinking office.

03:54:39Source

Senator Pia S. Cayetano

asr-003938

So if you are part of this very important economic team, you may want to seriously consider this.

03:54:46Source

Senator Pia S. Cayetano

asr-003939

Because the job of a futures thinking office is to do nothing but think of the future.

03:54:50Source

Senator Pia S. Cayetano

asr-003940

Just like the departments within your office who will lobby for limited funds,

03:54:55Source

Senator Pia S. Cayetano

asr-003941

they will lobby for a budget that provides security for the future, that future-proofs the Philippines.

03:55:03Source

Senator Pia S. Cayetano

asr-003942

So maybe you can just give me a nod if you will want to consider that.

03:55:07Source

Senator Pia S. Cayetano

asr-003943

Because these key agencies...

03:55:09Source

Senator Pia S. Cayetano

asr-003944

These key agencies that I handled, that's why they have a budget for the futures thinking office.

03:55:15Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-003945

Mr. Chair, this is an important suggestion.

03:55:18Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-003946

It's something that we will be considering seriously.

03:55:23Source

Senator Pia S. Cayetano

asr-003947

Okay. It's just a small thing.

03:55:24Source

Senator Pia S. Cayetano

asr-003948

Because it just requires somebody trained in futures thinking

03:55:27Source

Senator Pia S. Cayetano

asr-003949

and who will be at a fairly high level so that they can participate in the discussions.

03:55:32Source

Senator Pia S. Cayetano

asr-003950

And I want you to know in other countries, they have a system such that they are thinking of seven years hence.

03:55:38Source

Senator Pia S. Cayetano

asr-003951

Sorry, seven generations.

03:55:39Source

Senator Pia S. Cayetano

asr-003952

It's for the benefit of the entire economic team.

03:55:43Source

Senator Pia S. Cayetano

asr-003953

Secretary De Leon, this is also important to you.

03:55:46Source

Senator Pia S. Cayetano

asr-003954

Seven generations hence.

03:55:48Source

Senator Pia S. Cayetano

asr-003955

There are countries that think of that.

03:55:50Source

Senator Pia S. Cayetano

asr-003956

So it's not just for the next storm, it's not just for El Nino that will come in two months.

03:55:55Source

Senator Pia S. Cayetano

asr-003957

Seven generations.

03:55:56Source

Senator Pia S. Cayetano

asr-003958

That's how we have to plan.

03:55:57Source

Senator Pia S. Cayetano

asr-003959

Which goes to my next similar point.

03:55:59Source

Senator Pia S. Cayetano

asr-003960

But another colleague of ours, Senator Robin, asked about the direction on the joint exploration.

03:56:09Source

Senator Pia S. Cayetano

asr-003961

The joint exploration of gas with oil or gas with China.

03:56:13Source

Senator Pia S. Cayetano

asr-003962

And I want to point out that when we heard the bill and passed, which is now a law,

03:56:20Source

Senator Pia S. Cayetano

asr-003963

the Natural Gas Industry Development Act, which I sponsored and defended,

03:56:24Source

Senator Pia S. Cayetano

asr-003964

we established the fact that in no other time, except in the 1970s,

03:56:31Source

Senator Pia S. Cayetano

asr-003965

during the time of the former President Marcos, Sr.,

03:56:36Source

Senator Pia S. Cayetano

asr-003966

did we have oil

03:56:37Source

Senator Pia S. Cayetano

asr-003967

exploration

03:56:38Source

Senator Pia S. Cayetano

asr-003968

at that

03:56:39Source

Senator Pia S. Cayetano

asr-003969

level.

03:56:39Source

Senator Pia S. Cayetano

asr-003970

And so at that level, 150 exploratory explorations were happening.

03:56:45Source

Senator Pia S. Cayetano

asr-003971

Which led to the discovery of Malampaya.

03:56:47Source

Senator Pia S. Cayetano

asr-003972

And that didn't happen again.

03:56:48Source

Senator Pia S. Cayetano

asr-003973

That didn't happen again.

03:56:49Source

Senator Pia S. Cayetano

asr-003974

So if we look now and look at our problems, because what is our planning?

03:56:54Source

Senator Pia S. Cayetano

asr-003975

That's the future's thinking.

03:56:55Source

Senator Pia S. Cayetano

asr-003976

That's the planning.

03:56:56Source

Senator Pia S. Cayetano

asr-003977

So imagine, that was 1970.

03:56:58Source

Senator Pia S. Cayetano

asr-003978

50 years since.

03:57:00Source

Senator Pia S. Cayetano

asr-003979

Hopefully now.

03:57:01Source

Senator Pia S. Cayetano

asr-003980

So when the BSP governor says we don't have our own gas,

03:57:04Source

Senator Pia S. Cayetano

asr-003981

I think what he meant is we have, because we have Malampaya gas.

03:57:07Source

Senator Pia S. Cayetano

asr-003982

But it's negligible.

03:57:08Source

Senator Pia S. Cayetano

asr-003983

That's why he said none.

03:57:09Source

Senator Pia S. Cayetano

asr-003984

Imagine if we had

03:57:13Source

Senator Pia S. Cayetano

asr-003985

Continued with that plan

03:57:14Source

Senator Pia S. Cayetano

asr-003986

So that is what I pose to this

03:57:16Source

Senator Pia S. Cayetano

asr-003987

Entire economic team

03:57:18Source

Senator Pia S. Cayetano

asr-003988

That importance of futures planning

03:57:20Source

Senator Pia S. Cayetano

asr-003989

So that when we sit here

03:57:22Source

Senator Pia S. Cayetano

asr-003990

20-30 years hence, we are ready

03:57:24Source

Senator Pia S. Cayetano

asr-003991

So that doesn't require an answer

03:57:26Source

Senator Pia S. Cayetano

asr-003992

I let the record show that the secretaries

03:57:29Source

Senator Pia S. Cayetano

asr-003993

Were nodding their heads

03:57:30Source

Senator Pia S. Cayetano

asr-003994

And I go on to my next point

03:57:33Source

Senator Pia S. Cayetano

asr-003995

That BSP

03:57:35Source

Senator Pia S. Cayetano

asr-003996

Governor also said

03:57:36Source

Senator Pia S. Cayetano

asr-003997

That something, he noted

03:57:38Source

Senator Pia S. Cayetano

asr-003998

That it's very important that

03:57:40Source

Senator Pia S. Cayetano

asr-003999

Our agricultural output rises

03:57:43Source

Senator Pia S. Cayetano

asr-004000

That's why

03:57:44Source

Senator Pia S. Cayetano

asr-004001

It's not happening because something is going on

03:57:46Source

Senator Pia S. Cayetano

asr-004002

And there are a lot of our colleagues

03:57:48Source

Senator Pia S. Cayetano

asr-004003

That reacted to that, Mr. Chairman

03:57:50Source

Senator Pia S. Cayetano

asr-004004

What is something going on?

03:57:52Source

Senator Pia S. Cayetano

asr-004005

I didn't hear the answer

03:57:53Source

Senator Pia S. Cayetano

asr-004006

So I'm the one who will ask

03:57:54Source

Senator Pia S. Cayetano

asr-004007

Is this agricultural smuggling?

03:57:56Source

Senator Pia S. Cayetano

asr-004008

Is this the mafia in Agri?

03:57:58Source

Senator Pia S. Cayetano

asr-004009

It may be something else

03:57:59Source

Senator Pia S. Cayetano

asr-004010

But I didn't hear that mentioned

03:58:01Source

Senator Pia S. Cayetano

asr-004011

Now you can say let's take it up in the agricultural committee hearing

03:58:04Source

Senator Pia S. Cayetano

asr-004012

But no, because all of you agree

03:58:06Source

Senator Pia S. Cayetano

asr-004013

That agriculture is such an important component

03:58:08Source

Senator Pia S. Cayetano

asr-004014

It's such a driver

03:58:10Source

Senator Pia S. Cayetano

asr-004015

Of economic stability

03:58:11Source

Senator Pia S. Cayetano

asr-004016

Causes, if food causes

03:58:13Source

Senator Pia S. Cayetano

asr-004017

Food inflation

03:58:14Source

Senator Pia S. Cayetano

asr-004018

Drives inflation in general

03:58:16Source

Senator Pia S. Cayetano

asr-004019

So we should be looking at this

03:58:18Source

Senator Pia S. Cayetano

asr-004020

Agricultural smuggling

03:58:19Source

Senator Pia S. Cayetano

asr-004021

We all look at flood control

03:58:22Source

Senator Pia S. Cayetano

asr-004022

And well and good

03:58:23Source

Senator Pia S. Cayetano

asr-004023

But what about the others?

03:58:24Source

Senator Pia S. Cayetano

asr-004024

Where are we drained from?

03:58:26Source

Senator Pia S. Cayetano

asr-004025

My team gave me some numbers

03:58:28Source

Senator Pia S. Cayetano

asr-004026

3.7 billion pesos

03:58:31Source

Senator Pia S. Cayetano

asr-004027

But these are actual seizures of customs only

03:58:34Source

Senator Pia S. Cayetano

asr-004028

How much more is not seized?

03:58:36Source

Senator Pia S. Cayetano

asr-004029

And the only other thing that we got is that

03:58:38Source

Senator Pia S. Cayetano

asr-004030

Very quickly online

03:58:40Source

Senator Pia S. Cayetano

asr-004031

Is in 2014

03:58:41Source

Senator Pia S. Cayetano

asr-004032

So more than 10 years ago

03:58:42Source

Senator Pia S. Cayetano

asr-004033

64 billion is the foregone revenue

03:58:45Source

Senator Pia S. Cayetano

asr-004034

So maybe you can share more figures with us

03:58:48Source

Senator Pia S. Cayetano

asr-004035

Because let's talk about the elephant in the room

03:58:50Source

Senator Pia S. Cayetano

asr-004036

Where are we getting lost here?

03:58:52Source

Senator Pia S. Cayetano

asr-004037

Where are we getting lost?

03:58:54Source

Senator Pia S. Cayetano

asr-004038

Isn't it?

03:58:55Source

Senator Pia S. Cayetano

asr-004039

So I think that has to be discussed

03:58:57Source

Senator Pia S. Cayetano

asr-004040

Maybe we can just get a brief answer at the end

03:59:00Source

Senator Pia S. Cayetano

asr-004041

Later on

03:59:00Source

Senator Pia S. Cayetano

asr-004042

Take it up during my time in the first round

03:59:03Source

Senator Pia S. Cayetano

asr-004043

And then

03:59:04Source

Senator Pia S. Cayetano

asr-004044

BSP governor also mentioned a consumption culture

03:59:08Source

Senator Pia S. Cayetano

asr-004045

So gas consumption

03:59:08Source

Senator Pia S. Cayetano

asr-004046

We have a lot of expenses

03:59:09Source

Senator Pia S. Cayetano

asr-004047

We have a lack of savings

03:59:10Source

Senator Pia S. Cayetano

asr-004048

Okay, I can say so many things about that

03:59:12Source

Senator Pia S. Cayetano

asr-004049

But maybe I'll just mention it

03:59:15Source

Senator Pia S. Cayetano

asr-004050

And maybe since the governor himself is not here

03:59:17Source

Senator Pia S. Cayetano

asr-004051

Of course you will relay it to him

03:59:19Source

Senator Pia S. Cayetano

asr-004052

But I toss this to Secretary Balisakan

03:59:22Source

Senator Pia S. Cayetano

asr-004053

Just a yes or no

03:59:23Source

Senator Pia S. Cayetano

asr-004054

Is the creation of parks

03:59:26Source

Senator Pia S. Cayetano

asr-004055

The creation of boulevards by the seaside

03:59:30Source

Senator Pia S. Cayetano

asr-004056

Our pashalan

03:59:33Source

Senator Pia S. Cayetano

asr-004057

Our sports complex and sports facilities

03:59:37Source

Senator Pia S. Cayetano

asr-004058

Can that help?

03:59:38Source

Senator Pia S. Cayetano

asr-004059

Can the consumption culture be reduced

03:59:41Source

Senator Pia S. Cayetano

asr-004060

Instead of going to the mall

03:59:42Source

Senator Pia S. Cayetano

asr-004061

Going to the park

03:59:44Source

Senator Pia S. Cayetano

asr-004062

Going to the tennis court

03:59:45Source

Senator Pia S. Cayetano

asr-004063

Going to the basketball court

03:59:47Source

Senator Pia S. Cayetano

asr-004064

Going to the volleyball

03:59:48Source

Senator Pia S. Cayetano

asr-004065

Going to the pickleball

03:59:49Source

Senator Pia S. Cayetano

asr-004066

Can that help?

03:59:49Source

DEPDev Secretary Arsenio M. Balisacan

asr-004067

I suppose yes, if it improves objectives.

03:59:58Source

Senator Pia S. Cayetano

asr-004068

Maybe, not supposed to

04:00:00Source

Senator Pia S. Cayetano

asr-004069

Akala ko naman resounding yes.

04:00:01Source

Senator Pia S. Cayetano

asr-004070

What am I supposed, Secretary?

04:00:03Source

DEPDev Secretary Arsenio M. Balisacan

asr-004071

Depende naman, ho.

04:00:04Source

DEPDev Secretary Arsenio M. Balisacan

asr-004072

Let me qualify, ho.

04:00:06Source

DEPDev Secretary Arsenio M. Balisacan

asr-004073

Because it depends where you construct the sports facility.

04:00:11Source

Senator Pia S. Cayetano

asr-004074

So there's a sports facility that will,

04:00:15Source

Senator Pia S. Cayetano

asr-004075

ang main purpose nun would be consumption?

04:00:18Source

Senator Pia S. Cayetano

asr-004076

Hindi naman siguro.

04:00:19Source

Senator Pia S. Cayetano

asr-004077

Ang tanong ko lang naman,

04:00:20Source

Senator Pia S. Cayetano

asr-004078

would it reduce or would it affect,

04:00:22Source

Senator Pia S. Cayetano

asr-004079

would it have a positive effect

04:00:24Source

Senator Pia S. Cayetano

asr-004080

dun sa gusto natin mangyari sa consumption culture?

04:00:26Source

Senator Pia S. Cayetano

asr-004081

Siguro naman, Secretary.

04:00:28Source

Senator Pia S. Cayetano

asr-004082

Papahabain ko pa ba to?

04:00:32Source

DEPDev Secretary Arsenio M. Balisacan

asr-004083

Sa akin, Mr. Chair,

04:00:35Source

DEPDev Secretary Arsenio M. Balisacan

asr-004084

Your Honor, sa akin kasi,

04:00:37Source

DEPDev Secretary Arsenio M. Balisacan

asr-004085

importante yung context.

04:00:39Source

DEPDev Secretary Arsenio M. Balisacan

asr-004086

So if you tell me that

04:00:41Source

DEPDev Secretary Arsenio M. Balisacan

asr-004087

you build a sports facility,

04:00:43Source

DEPDev Secretary Arsenio M. Balisacan

asr-004088

I would want to ask where?

04:00:47Source

DEPDev Secretary Arsenio M. Balisacan

asr-004089

Kasi,

04:00:47Source

Senator Pia S. Cayetano

asr-004090

What area would a sports facility not contribute

04:00:51Source

Senator Pia S. Cayetano

asr-004091

to negate a consumption culture

04:00:54Source

Senator Pia S. Cayetano

asr-004092

where people would be engaging in sports,

04:00:57Source

Senator Pia S. Cayetano

asr-004093

will be healthier,

04:00:58Source

Senator Pia S. Cayetano

asr-004094

will not have to go to the hospital sooner than later

04:01:01Source

Senator Pia S. Cayetano

asr-004095

because yung matatanda, nakakapaglakad,

04:01:03Source

Senator Pia S. Cayetano

asr-004096

we all know, nakakabawas ng diabetes yun,

04:01:05Source

Senator Pia S. Cayetano

asr-004097

yung mga bata, baka hindi na masyado nagvivape

04:01:08Source

Senator Pia S. Cayetano

asr-004098

dahil bawal ang vaping sa sports complex

04:01:10Source

Senator Pia S. Cayetano

asr-004099

at nai-imbibe sila ng mga good habits.

04:01:13Source

Senator Pia S. Cayetano

asr-004100

Tell me a location,

04:01:14Source

Senator Pia S. Cayetano

asr-004101

nasasabihin nyo na dun sa location na yun

04:01:16Source

Senator Pia S. Cayetano

asr-004102

because that's your answer to me.

04:01:18Source

Senator Pia S. Cayetano

asr-004103

Secretary naman, baka naman gusto mo,

04:01:20Source

Senator Pia S. Cayetano

asr-004104

baka gusto mo nang palitan yung answer mo

04:01:22Source

Senator Pia S. Cayetano

asr-004105

para we can move on.

04:01:23Source

DEPDev Secretary Arsenio M. Balisacan

asr-004106

Yeah, accessibility,

04:01:25Source

DEPDev Secretary Arsenio M. Balisacan

asr-004107

that's all that's about it, Your Honor.

04:01:28Source

DEPDev Secretary Arsenio M. Balisacan

asr-004108

What is the answer?

04:01:29Source

DEPDev Secretary Arsenio M. Balisacan

asr-004109

It's the accessibility of the facility,

04:01:31Source

DEPDev Secretary Arsenio M. Balisacan

asr-004110

because it's accessible to the population.

04:01:34Source

Senator Pia S. Cayetano

asr-004111

Siguro pag nilagay natin sa island na walang tao,

04:01:37Source

Senator Pia S. Cayetano

asr-004112

bad yun, ano?

04:01:38Source

Senator Pia S. Cayetano

asr-004113

Pero pag nilagay ko dun sa island na may tao naman,

04:01:42Source

Senator Pia S. Cayetano

asr-004114

baka naman wala silang masyadong ibang facility,

04:01:44Source

Senator Pia S. Cayetano

asr-004115

di ba nakakatulong din sa buhay nila yun?

04:01:46Source

Senator Pia S. Cayetano

asr-004116

I'll give you an example.

04:01:48Source

Senator Pia S. Cayetano

asr-004117

In Dipolog, nagpatayo ng 50 meter,

04:01:51Source

Senator Pia S. Cayetano

asr-004118

sabi ko, wow, may 50 meter dun.

04:01:53Source

Senator Pia S. Cayetano

asr-004119

Nagkataon naman na merong former Olympic coach,

04:01:57Source

Senator Pia S. Cayetano

asr-004120

British Olympic coach,

04:01:59Source

Senator Pia S. Cayetano

asr-004121

na nagpakasal sa isang Pilipinas,

04:02:01Source

Senator Pia S. Cayetano

asr-004122

tinuruan tuloy lahat ng bata dun,

04:02:03Source

Senator Pia S. Cayetano

asr-004123

naging napakagaling na mga swimmer.

04:02:05Source

Senator Pia S. Cayetano

asr-004124

Baka sabi mo, ay, huwag sa Dipolog,

04:02:07Source

Senator Pia S. Cayetano

asr-004125

kasi what's in Dipolog?

04:02:09Source

Senator Pia S. Cayetano

asr-004126

This is what's in Dipolog.

04:02:10Source

Senator Pia S. Cayetano

asr-004127

Human, capital,

04:02:12Source

Senator Pia S. Cayetano

asr-004128

youth that are waiting to be given something better to do

04:02:15Source

Senator Pia S. Cayetano

asr-004129

than to go to the mall.

04:02:17Source

Senator Pia S. Cayetano

asr-004130

So, sorry, but I think medyo naligaw po yung answer nyo dun, ha?

04:02:20Source

Senator Pia S. Cayetano

asr-004131

Kasi I want to give the floor to my colleagues.

04:02:23Source

Senator Pia S. Cayetano

asr-004132

Very last point.

04:02:28Source

Senator Pia S. Cayetano

asr-004133

Yung sinabi po din earlier,

04:02:30Source

Senator Pia S. Cayetano

asr-004134

and I'll just take it up during my time,

04:02:32Source

Senator Pia S. Cayetano

asr-004135

yung importance.

04:02:33Source

Senator Pia S. Cayetano

asr-004136

Pagkatapos po ng ating human capital.

04:02:35Source

Senator Pia S. Cayetano

asr-004137

So, we noted quite a few things in the budget,

04:02:38Source

Senator Pia S. Cayetano

asr-004138

including the increase in PS,

04:02:40Source

Senator Pia S. Cayetano

asr-004139

and we'd like to take it up later on,

04:02:42Source

Senator Pia S. Cayetano

asr-004140

how the importance of health and education,

04:02:46Source

Senator Pia S. Cayetano

asr-004141

and the having a clear path coming from the leadership team

04:02:53Source

Senator Pia S. Cayetano

asr-004142

on how to handle this,

04:02:54Source

Senator Pia S. Cayetano

asr-004143

will greatly affect how we're dealing with the crisis that we have on hand.

04:02:58Source

Senator Pia S. Cayetano

asr-004144

Hindi lang yung hiwalay sa education,

04:03:00Source

Senator Pia S. Cayetano

asr-004145

hiwalay sa health,

04:03:01Source

Senator Pia S. Cayetano

asr-004146

but it's the holistic approach.

04:03:03Source

Senator Pia S. Cayetano

asr-004147

Because, simply put,

04:03:05Source

Senator Pia S. Cayetano

asr-004148

we are in the midst of passing a very important bill,

04:03:10Source

Senator Pia S. Cayetano

asr-004149

yung Presidential Merit Scholarships.

04:03:15Source

Senator Pia S. Cayetano

asr-004150

Very good bill.

04:03:16Source

Senator Pia S. Cayetano

asr-004151

And one of the priority courses there is agriculture.

04:03:21Source

Senator Pia S. Cayetano

asr-004152

So, babalik ko lang,

04:03:23Source

Senator Pia S. Cayetano

asr-004153

papaaral nga tayo sa agriculture,

04:03:25Source

Senator Pia S. Cayetano

asr-004154

tapos mawawala lang sa smuggling,

04:03:26Source

Senator Pia S. Cayetano

asr-004155

hindi man lang umaasense yung agriculture.

04:03:28Source

Senator Pia S. Cayetano

asr-004156

Ba't pa tayo nagpaaral ng agriculture?

04:03:30Source

Senator Pia S. Cayetano

asr-004157

Baka dapat accountant.

04:03:33Source

Senator Pia S. Cayetano

asr-004158

Para mahuli yung mga nanluloko.

04:03:35Source

Senator Pia S. Cayetano

asr-004159

Baka dapat police.

04:03:37Source

Senator Pia S. Cayetano

asr-004160

So, yun lang, import tayo ng import.

04:03:39Source

Senator Pia S. Cayetano

asr-004161

Baka may course naman yung customs.

04:03:41Source

Senator Pia S. Cayetano

asr-004162

Baka customs official na lang yung gawin natin,

04:03:43Source

Senator Pia S. Cayetano

asr-004163

priority course, hindi yung agriculture.

04:03:45Source

Senator Pia S. Cayetano

asr-004164

Because we are not addressing the elephant in the room.

04:03:47Source

Senator Pia S. Cayetano

asr-004165

Yung kalokohan na nangyayari.

04:03:49Source

Senator Pia S. Cayetano

asr-004166

So, yun lang po. I leave it at that.

04:03:51Source

Senator Pia S. Cayetano

asr-004167

Thank you so much. Thank you, Sen. Lacson,

04:03:53Source

Senator Pia S. Cayetano

asr-004168

for allowing me to ask these preliminary questions.

04:03:55Source

Senator Pia S. Cayetano

asr-004169

Thank you.

04:03:56Source

Senator Imee R. Marcos

asr-004170

Sorry, another imposition on Sen. Lacson, Mr. Chair.

04:03:58Source

Senator Imee R. Marcos

asr-004171

Iri-remind ko lang yung BSP, si Deputy Gov. Abenoja.

04:04:02Source

Senator Imee R. Marcos

asr-004172

Kanina, binulong ko na lamang na kung pwede,

04:04:04Source

Senator Imee R. Marcos

asr-004173

mag-submit sila ng accounting nung binenta ng mga ginto.

04:04:10Source

Senator Imee R. Marcos

asr-004174

Kasi ang dahilan nun, high prices.

04:04:12Source

Senator Imee R. Marcos

asr-004175

Sa awa ng Diyos, yung presyo nagdoble na sa binenta ninyo.

04:04:16Source

Senator Imee R. Marcos

asr-004176

Tapos yung sabi ninyo, yung percentage of the entire portfolio na 8 to 10,

04:04:20Source

Senator Imee R. Marcos

asr-004177

na ngayon, sabi, 15 na. Eh bakit magbibenta na ulit?

04:04:23Source

Senator Imee R. Marcos

asr-004178

Paka tapos yung sinasabi, holding and storage,

04:04:26Source

Senator Imee R. Marcos

asr-004179

na napakataas nung singil ng Bank of England at iba pang lugar.

04:04:30Source

Senator Imee R. Marcos

asr-004180

At higit sa lahat,

04:04:31Source

Senator Imee R. Marcos

asr-004181

magkano ba ang na-raise ninyo at na-remit sa National Treasury?

04:04:35Source

Senator Imee R. Marcos

asr-004182

Yun lang po, kung pwedeng i-submit, hindi lamang sa chair at sa committee,

04:04:41Source

Senator Imee R. Marcos

asr-004183

kundi ipaliwanag na rin ninyo sa taong bayan.

04:04:43Source

Senator Imee R. Marcos

asr-004184

Salamat.

04:04:44Source

Senator Joseph Victor "JV" G. Ejercito

asr-004185

Yes, can we ask BSP through Deputy Gov. Abenoja?

04:04:51Source

Senator Joseph Victor "JV" G. Ejercito

asr-004186

to please submit the information being asked by Sen. Marcos,

04:04:56Source

Senator Joseph Victor "JV" G. Ejercito

asr-004187

lalo rin sa gold, ano, no?

04:04:58Source

Senator Joseph Victor "JV" G. Ejercito

asr-004188

The controversial

04:05:01Source

Senator Joseph Victor "JV" G. Ejercito

asr-004189

The sale of gold, no, and other pertinent documents to be submitted to the committee.

04:05:06Source

BSP Deputy Governor Zeno Ronald R. Abenoja

asr-004190

We will prepare, Mr. Chair. Thank you.

04:05:09Source

Senator Joseph Victor "JV" G. Ejercito

asr-004191

Thank you. Thank you to Sen.

04:05:11Source

Senator Joseph Victor "JV" G. Ejercito

asr-004192

Any more questions sa BSP?

04:05:17Source

Senator Joseph Victor "JV" G. Ejercito

asr-004193

Just stay and put. Yeah.

04:05:19Source

Senator Joseph Victor "JV" G. Ejercito

asr-004194

Thank you, Senator Pia. At least yung [unclear] mo, yung advocate for future thinking,

04:05:24Source

Senator Joseph Victor "JV" G. Ejercito

asr-004195

ato rin yung tinatulak ko na master plan, eh. Parang yun ang kulang sa atin, eh.

04:05:28Source

Senator Joseph Victor "JV" G. Ejercito

asr-004196

The blueprint, no, for direction natin in the future.

04:05:32Source

Senator Joseph Victor "JV" G. Ejercito

asr-004197

So I think we really have to always remind our agencies to look 20, 30, 50 years and beyond.

04:05:39Source

Senator Joseph Victor "JV" G. Ejercito

asr-004198

Hindi yung sa seven generations nga, no?

04:05:42Source

Senator Joseph Victor "JV" G. Ejercito

asr-004199

So parang ano dati, because of our political system, laging six years and three years.

04:05:47Source

Senator Joseph Victor "JV" G. Ejercito

asr-004200

Anyway, to resume, Sen. Lacson is on deck. Sen. Lacson, you now have the floor.

04:05:53Source

Senator Panfilo Lacson

asr-004201

Thank you. Thank you, Mr. Chairman.

04:05:55Source

Senator Panfilo Lacson

asr-004202

I will address my questions to any of the members of the DBCC, pero siguro sa DBM.

04:06:00Source

Senator Panfilo Lacson

asr-004203

Secretary, how do I address you? Secretary Kim, Secretary Robert?

04:06:05Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004204

Secretary Kim is fine.

04:06:07Source

Senator Panfilo Lacson

asr-004205

Ah, Secretary Kim. Okay. Good afternoon.

04:06:09Source

Senator Panfilo Lacson

asr-004206

Yeah, you know, my first question or first topic.

04:06:12Source

Senator Panfilo Lacson

asr-004207

While the nominal amount of the expenditure program obviously reflects increases, diba, year on year.

04:06:22Source

Senator Panfilo Lacson

asr-004208

Ayan, nandiyan naman. 2025, nasa 6.39.

04:06:27Source

Senator Panfilo Lacson

asr-004209

2026, 6.793.

04:06:30Source

Senator Panfilo Lacson

asr-004212

Hanggang ngayon, for 2027, 7.2 trillion.

04:06:35Source

Senator Panfilo Lacson

asr-004213

Pero yung ratio ng NEP sa GDP, pa-decline, reverse mode.

04:06:43Source

Senator Panfilo Lacson

asr-004214

Also as shown, no?

04:06:48Source

Senator Panfilo Lacson

asr-004215

Ratio to GDP, 24 percent noong 2025, 22.3 percent 2026.

04:06:56Source

Senator Panfilo Lacson

asr-004216

Tapos 2027, 21.6.

04:06:59Source

Senator Panfilo Lacson

asr-004217

And projected at 20 percent in 2028.

04:07:02Source

Senator Panfilo Lacson

asr-004218

My question is, kung ganito, is this part of your consolidation plan?

04:07:12Source

Senator Panfilo Lacson

asr-004219

Because of, you know, growing deficit, other problems, deliberate ba ito?

04:07:19Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004220

Mr. Chair, Your Honor, we confirm that this is consistent with the fiscal consolidation plan of government.

04:07:25Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004221

While nominally, we are, in fact, as mentioned by the Secretary of Finance a while ago,

04:07:31Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004222

we're looking at the quality of spending.

04:07:33Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004223

Because we are still studying some of the inefficiencies in terms of the budget that we have,

04:07:39Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004224

including among others those that actually passed on to the next year na technically baka hindi naman na kailangan ng mga agency.

04:07:48Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004225

So that's among the things that we're looking into.

04:07:51Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004226

That's why we're looking at this fiscal consolidation strategy.

04:07:54Source

Senator Panfilo Lacson

asr-004227

Okay. So for some specifics, what expenditures or new expenditures are being sacrificed?

04:08:01Source

Senator Panfilo Lacson

asr-004228

Dahil nag-consolidation plan kayo to improve the financial health, di ba?

04:08:08Source

Senator Panfilo Lacson

asr-004229

So mayroong masasakripisyo. Anong mga programa yung sinakripisyo nyo since this is deliberate?

04:08:16Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004230

Well, for one, Mr. Chair, Your Honor, taking off from the aggregates, the total proposals of the agencies are about 11 to 12 trillion.

04:08:27Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004231

So ultimately, from the 7.2 trillion standpoint, we have about 3.8 trillion worth of proposals.

04:08:31Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004232

na hindi po natin na-consider for the NEP for various reasons.

04:08:38Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004233

Well, number one, nandyan po yung may proposal but definitely not fully supported by implementation readiness.

04:08:45Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004234

So there might be whether both infrastructure or non-infrastructure proposals submitted by the agency

04:08:51Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004235

but not necessarily supported by detailed feasibility studies, engineering plans.

04:08:57Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004236

So kasama po yun sa mga hindi natin nakasama.

04:09:01Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004237

Ang malaking bahagi po dyan for DPWH alone, the initial proposal of DPWH was about 2 trillion pesos if I'm not mistaken.

04:09:10Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004238

So doon pa lang po meron na tayong tinitignan ng mga 1.4 trillion pesos worth of projects na hindi po natin na-consider

04:09:18Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004239

precisely because of this implementation readiness measure that we evaluate.

04:09:25Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004240

Ang isa pa po dyan, Your Honor, Mr. Chair, yung operating requirements.

04:09:30Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004241

Kung titignan po natin yung by expense class, bumaba po yung operating expenditure ng government,

04:09:37Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004242

the MOE from previous year to, from the current year to 2027

04:09:42Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004243

because we are looking at optimizing the use of these resources coupled with digitization

04:09:50Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004244

and the process streamlining, removing redundancies in the bureaucracy.

04:09:55Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004245

So kasama po yun, Your Honor, sa ating mga naging considerations.

04:09:58Source

Senator Panfilo Lacson

asr-004246

So not necessarily sektoral.

04:10:00Source

Senator Panfilo Lacson

asr-004247

It cuts across.

04:10:01Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004248

Yes, Your Honor, Mr. Chair.

04:10:02Source

Senator Panfilo Lacson

asr-004249

Lahat ng sektors may tama.

04:10:04Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004250

Yes, Your Honor, Mr. Chair.

04:10:05Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004251

Based on your prioritization lang.

04:10:07Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004252

Yes, Your Honor, that's correct.

04:10:11Source

Senator Panfilo Lacson

asr-004253

Thank you.

04:10:12Source

Senator Panfilo Lacson

asr-004254

Anyway, pagdating na lang ng mga agency budget kami magpumunta ng mga specifics.

04:10:18Source

Senator Panfilo Lacson

asr-004255

Now, we'll go now to the proposed budget by sector.

04:10:23Source

Senator Panfilo Lacson

asr-004256

Meron kayong debt burden, of course, social services, general public services, defense, of course, and economic services.

04:10:30Source

Senator Panfilo Lacson

asr-004257

Yung social services, malaki yung chunk, 34.1%.

04:10:36Source

Senator Panfilo Lacson

asr-004258

Okay.

04:10:37Source

Senator Panfilo Lacson

asr-004259

Pero pag tinignan natin, declining din ito, hindi ba?

04:10:42Source

Senator Panfilo Lacson

asr-004260

From 2.599, ito yung actual for 2026.

04:10:48Source

Senator Panfilo Lacson

asr-004261

Nandito na tayo sa 2.455 trillion in 2027.

04:10:53Source

Senator Panfilo Lacson

asr-004262

Of course, yung sa 2.599, hindi naman ito eksakto.

04:10:58Source

Senator Panfilo Lacson

asr-004263

Kasi may carryover ito from 2025.

04:11:01Source

Senator Panfilo Lacson

asr-004264

So, I want to find out from you, ilan ba yung unspent?

04:11:06Source

Senator Panfilo Lacson

asr-004265

Kasi may continuing appropriations sa 2025, pwede pa magamit sa 2026.

04:11:12Source

Senator Panfilo Lacson

asr-004266

So, I just want my figures to be more accurate.

04:11:16Source

Senator Panfilo Lacson

asr-004267

From 2.599, kung idadagdag mo yung from 2025, ilan actual yung numbers?

04:11:23Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004268

Mr. Chair, Your Honor, you are correct that there are issues.

04:11:29Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004269

There are indeed unused or unreleased allotments, if I may say, from the 2025 GAA that remains valid up to this point.

04:11:39Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004270

And while we're retrieving the figure, it's also the same reason, Your Honor, Mr. Chair,

04:11:44Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004271

why there is an observed decrease if we compare 2026 GAA level for social sector to 2027.

04:11:52Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004272

If I may, Your Honor, very quickly, there's a lot of projects and infrastructure for that matter,

04:11:58Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004273

the social services for 2026 that remained unimplemented in the middle of the year.

04:12:04Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004274

This includes the school buildings, the HFEP, among others.

04:12:09Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004275

That's the reason why medyo meron pong pagbaba, may konting decline po yung social sector for 2027

04:12:16Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004276

because precisely, magsispill over po ito the following year.

04:12:19Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004277

So, for the 2025, for 2025, Your Honor,

04:12:28Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004278

for the NG, although this is total of total unobligated allotments, Your Honor, as of December,

04:12:36Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004279

there's still about 516 billion in unobligated allotments as of end of year 2025 na nag-carry over.

04:12:44Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004280

But we'll have to confirm kasi you're asking, Your Honor, social services alone.

04:12:50Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004281

But this is the aggregate for entire government as of year end.

04:12:54Source

Senator Panfilo Lacson

asr-004282

Never mind, maski aggregate.

04:12:56Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004283

It's 516.6 billion in unobligated allotments from 2025, GAA, Your Honor.

04:13:04Source

Senator Panfilo Lacson

asr-004284

That's unobligated. Ilan yung unreleased?

04:13:07Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004285

Unreleased APRO.

04:13:08Source

Senator Panfilo Lacson

asr-004286

Para mukha natin yung total na unused.

04:13:10Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004287

Unreleased APRO from 2025 from NGAs is at 83 billion, Your Honor.

04:13:18Source

Senator Panfilo Lacson

asr-004288

So, if you will add it up sa 2025 na 2.599,

04:13:24Source

Senator Panfilo Lacson

asr-004289

mas mataas pa rin siya dito sa proposed natin sa 2027?

04:13:30Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004290

Yes, Your Honor. Yes, Your Honor.

04:13:32Source

Senator Panfilo Lacson

asr-004291

By how much?

04:13:33Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004292

Because if I add up the aggregate by, so that's 516 in unobligated allotments plus 83 in unreleased.

04:13:41Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004293

So, that's about 600 billion more.

04:13:43Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004294

So, we will be at 3.199 altogether, Mr. Chair, Your Honor.

04:13:49Source

Senator Panfilo Lacson

asr-004295

What's the primary reason for the unreleased appropriations?

04:13:53Source

Senator Panfilo Lacson

asr-004296

Yes.

04:13:54Source

Senator Panfilo Lacson

asr-004297

Kasi hindi pa ma-obligate.

04:13:56Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004298

For unreleased appropriations, Mr. Chair, Your Honor,

04:14:00Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004299

this means that the agencies are still not able to submit to the DBM the request for the release of the allotments.

04:14:07Source

Senator Panfilo Lacson

asr-004300

Yes, understandable.

04:14:08Source

Senator Panfilo Lacson

asr-004301

So, sa debt service natin, yung interest payments, lalaki ito ng 16.78%.

04:14:15Source

Senator Panfilo Lacson

asr-004302

Pero yung payments for amortization will also rise by 51.5%.

04:14:23Source

Senator Panfilo Lacson

asr-004303

Malaki.

04:14:24Source

Senator Panfilo Lacson

asr-004304

Malaki.

04:14:25Source

Senator Panfilo Lacson

asr-004305

What would attribute to this spike sa debt burden?

04:14:33Source

DOF Secretary Frederick D. Go

asr-004306

Mr. Chair, Your Honor, if I may take the question.

04:14:36Source

Senator Panfilo Lacson

asr-004307

Yes, please.

04:14:37Source

DOF Secretary Frederick D. Go

asr-004308

The difference would be the rollover or debt maturing.

04:14:43Source

Senator Panfilo Lacson

asr-004309

Debt maturing.

04:14:45Source

Senator Panfilo Lacson

asr-004310

Pero sa NEP, hindi naman po kasama yung amortization, di ba?

04:14:49Source

Senator Panfilo Lacson

asr-004311

Yung amortization will come from further borrowings.

04:14:53Source

DOF Secretary Frederick D. Go

asr-004312

Yes.

04:14:54Source

Senator Panfilo Lacson

asr-004313

So, ano yung projected deficit natin?

04:14:56Source

Senator Panfilo Lacson

asr-004314

Ano yung projected borrowings natin?

04:15:00Source

DOF Secretary Frederick D. Go

asr-004315

The total projected borrowings for 2027, Your Honor, is 3.3 trillion against a projected deficit of how much?

04:15:11Source

DOF Secretary Frederick D. Go

asr-004316

Of 1.7 trillion.

04:15:13Source

Senator Panfilo Lacson

asr-004317

You know, I keep asking this every DBCC hearing, you know.

04:15:19Source

Senator Panfilo Lacson

asr-004318

Bakit it seems na we're borrowing much, much more than the projected deficit?

04:15:25Source

Senator Panfilo Lacson

asr-004319

And usually the response of the National Treasurer, classified.

04:15:32Source

DOF Secretary Frederick D. Go

asr-004320

I will gladly answer you, Your Honor, Mr. Chair.

04:15:36Source

DOF Secretary Frederick D. Go

asr-004321

So the difference between the 3.3 trillion and the 1.7 deficit is the maturing loans of 1.6 trillion.

04:15:45Source

Senator Panfilo Lacson

asr-004322

So bakit ang sagot dati ng, hindi naman kayo, no, yung previous,

04:15:50Source

Senator Panfilo Lacson

asr-004323

ayaw sabihin yung reason bakit sobra-sobra yung hihirami natin,

04:15:55Source

Senator Panfilo Lacson

asr-004324

domestic and foreign.

04:15:57Source

Senator Panfilo Lacson

asr-004325

You know, against the projected deficit.

04:16:00Source

Senator Panfilo Lacson

asr-004326

At that time, I could not figure out, bakit classified?

04:16:06Source

Senator Panfilo Lacson

asr-004327

Unless it would affect the sale of treasury bonds,

04:16:10Source

Senator Panfilo Lacson

asr-004328

baka merong mag-speculate or something to that effect.

04:16:14Source

Senator Panfilo Lacson

asr-004329

Pero I could not find any reason bakit classified yung information na yan.

04:16:19Source

Senator Panfilo Lacson

asr-004330

Now that you're giving us the figures, so therefore it's not really classified.

04:16:25Source

Senator Panfilo Lacson

asr-004331

Kasi simple lang naman eh.

04:16:27Source

Senator Panfilo Lacson

asr-004332

Mga general figures lang na mahiningin natin, not the specifics, di ba?

04:16:32Source

Senator Panfilo Lacson

asr-004333

So anyway, yung budgetary change in cash.

04:16:48Source

Senator Panfilo Lacson

asr-004334

Merong tayong mga figures dito, di ba?

04:16:50Source

Senator Panfilo Lacson

asr-004335

May mga negative.

04:16:52Source

Senator Panfilo Lacson

asr-004336

Kindly, for my continuing education, kindly clarify.

04:16:57Source

Senator Panfilo Lacson

asr-004337

Also for the benefit of my other colleagues.

04:17:03Source

Senator Panfilo Lacson

asr-004338

Budgetary change in cash.

04:17:07Source

Senator Panfilo Lacson

asr-004339

Paki-explain lang.

04:17:08Source

Treasurer of the Philippines Sharon P. Almanza

asr-004340

Thank you, Mr. Chair.

04:17:11Source

Treasurer of the Philippines Sharon P. Almanza

asr-004341

It's basically the difference between our gross borrowing and net financing, Mr. Chair.

04:17:18Source

Treasurer of the Philippines Sharon P. Almanza

asr-004342

Which means that if it's positive, then we borrowed for basically cash buffer.

04:17:24Source

Treasurer of the Philippines Sharon P. Almanza

asr-004343

And then if it's negative, it means that we're using our cash buffer,

04:17:29Source

Treasurer of the Philippines Sharon P. Almanza

asr-004344

basically financial asset, to cover the difference between the gross borrowing and the net financing.

04:17:35Source

Senator Panfilo Lacson

asr-004345

Thank you.

04:17:39Source

Senator Panfilo Lacson

asr-004346

Okay, moving on.

04:17:39Source

Senator Panfilo Lacson

asr-004347

Yung proposed budget by recipient sectors or units.

04:17:47Source

Senator Panfilo Lacson

asr-004348

National government, 60.2%.

04:17:50Source

Senator Panfilo Lacson

asr-004349

Local government units, 21.3%.

04:17:55Source

Senator Panfilo Lacson

asr-004350

And so forth and so on.

04:17:56Source

Senator Panfilo Lacson

asr-004351

Nandiyan naman po sa chart natin.

04:18:00Source

Senator Panfilo Lacson

asr-004352

Ang tanong ko po, may we ask for further submission.

04:18:04Source

Senator Panfilo Lacson

asr-004353

List of LGUs highly subsidized or dependent to the national...

04:18:09Source

Senator Panfilo Lacson

asr-004354

On the national government support.

04:18:12Source

Senator Panfilo Lacson

asr-004355

Can you submit that later?

04:18:14Source

Senator Panfilo Lacson

asr-004356

Later, later.

04:18:14Source

Senator Panfilo Lacson

asr-004357

Not necessarily today, no?

04:18:18Source

Senator Panfilo Lacson

asr-004358

And then sa GOCC, bakit may decrease doon sa share ng GOCC?

04:18:27Source

Senator Panfilo Lacson

asr-004359

Yung subsidies.

04:18:30Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004360

Mr. Chair, Your Honor, one of the primary reason for the decrease in the attributed allocation for GOCC,

04:18:38Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004361

the decrease is about 82.9 billion.

04:18:41Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004362

So the biggest one is because of the one-time 60 billion that we return to PhilHealth under the 2026 GAA, Your Honor, Mr. Chair.

04:18:54Source

Senator Panfilo Lacson

asr-004363

Yeah, and what is the...

04:18:56Source

Senator Panfilo Lacson

asr-004364

Ako, I'm not against that.

04:18:57Source

Senator Panfilo Lacson

asr-004365

Yung babasa natin yung subsidy sa GOCC for the simple reason that there are so many non-performing GOCCs.

04:19:06Source

Senator Panfilo Lacson

asr-004366

And I want to find out from you, what is the new policy of the government?

04:19:09Source

Senator Panfilo Lacson

asr-004367

Doon sa mga non-performing GOCCs.

04:19:13Source

Senator Panfilo Lacson

asr-004368

Ito yung year in, year out, sinasubsidize yung national government.

04:19:17Source

Senator Panfilo Lacson

asr-004369

Mukhang wala naman pakinabang.

04:19:19Source

Senator Panfilo Lacson

asr-004370

Unlike the others na nakakakuha tayo from the GOCCs.

04:19:22Source

Senator Panfilo Lacson

asr-004371

Pero yung iba naman, talagang persistently, no?

04:19:27Source

Senator Panfilo Lacson

asr-004372

Walang income, lahat expenses, walang revenues, pero tuloy-tuloy naman yung subsidies.

04:19:33Source

Senator Panfilo Lacson

asr-004373

Why don't we just abolish them?

04:19:35Source

Senator Panfilo Lacson

asr-004374

Or not fund them, for that matter.

04:19:39Source

Senator Panfilo Lacson

asr-004375

If it's not abolished by law, kung hindi nyo ipa-fund, hindi rin makapangsyon, di ba?

04:19:47Source

Senator Panfilo Lacson

asr-004376

So what's the policy?

04:19:50Source

DOF Secretary Frederick D. Go

asr-004377

Mr. Chair, Your Honor, the supervision of the GOCCs are under the GCG.

04:19:58Source

DOF Secretary Frederick D. Go

asr-004378

And the GCG already has on its table currently about 21 GOCCs that they would like to close,

04:20:06Source

DOF Secretary Frederick D. Go

asr-004379

wind down, or be absorbed by other...

04:20:09Source

DOF Secretary Frederick D. Go

asr-004380

agencies, or GOCCs.

04:20:13Source

DOF Secretary Frederick D. Go

asr-004381

The truth of the matter, Your Honor, is that it's a very slow, long, and tedious process to shut down.

04:20:21Source

DOF Secretary Frederick D. Go

asr-004382

But there are currently 21 companies that we would like to shut down.

04:20:27Source

Senator Panfilo Lacson

asr-004383

How much is the total subsidy being provided by the government sa mga non-performing, yung mga negative na GOCCs?

04:20:34Source

Senator Panfilo Lacson

asr-004384

On the average, say, for the past...

04:20:38Source

Senator Panfilo Lacson

asr-004385

From 2013...

04:20:39Source

Senator Panfilo Lacson

asr-004386

From 2022 hanggang 2026, magkano na inaabon na ng national government?

04:20:45Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004387

Mr. Chair...

04:20:45Source

Senator Panfilo Lacson

asr-004388

Kasi nasa very tight ating fiscal space, di ba?

04:20:49Source

Senator Panfilo Lacson

asr-004389

So it's about time that we discuss this and talk about this and implement.

04:20:57Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004390

Mr. Chair, Your Honor, as for the amounts included in the 2027 NEP,

04:21:02Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004391

most of the GOCCs where we provided subsidy are those performing critical social service functions.

04:21:09Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004392

But we will have to check as to the list, Your Honor.

04:21:12Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004393

Mr. Chair, of the definition of non-performing and will gladly provide a listing on the subsidy included for those types of GOCCs.

04:21:21Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004394

Who may not be necessarily performing social service functions, Your Honor.

04:21:25Source

Senator Panfilo Lacson

asr-004395

Yes, thank you.

04:21:26Source

Senator Panfilo Lacson

asr-004396

And of course, I understand the complexities, kasi may mga madidisplaced na mga staff, mga personnel that are manning those GOCCs.

04:21:37Source

Senator Panfilo Lacson

asr-004397

So ano yung plano?

04:21:38Source

Senator Panfilo Lacson

asr-004398

In case we abolish them, ano yung contingency?

04:21:42Source

Senator Panfilo Lacson

asr-004399

Para doon sa mga, of course, their government employees, ano yung contingency?

04:21:48Source

Senator Panfilo Lacson

asr-004400

Maybe that's one of the reasons why you're finding difficulty in abolishing yung ibang GOCCs.

04:21:57Source

Senator Panfilo Lacson

asr-004401

Parang for humanitarian.

04:21:59Source

Senator Panfilo Lacson

asr-004402

Pero we cannot also afford to consider humanitarian reasons in lieu of the very tight fiscal space that we're having now.

04:22:11Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004403

Mr. Chair, Your Honor,

04:22:14Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004404

being also an ex-officio member of the GCG along with the Secretary of Finance,

04:22:19Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004405

when we discussed these matters at the Commission,

04:22:22Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004406

we have this consideration naman po of the separation incentive that might be offered for consideration of possible affected personnel.

04:22:32Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004407

It's such that I agree with the Secretary of Finance that there is this tedious process that we have to undertake

04:22:40Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004408

before we can even submit a recommendation for any action.

04:22:44Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004409

Meaning abolition, merger, or any possible action for the GOCC.

04:22:49Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004410

Your Honor, Mr. Chair, if I may, now that I'm looking at the list of non-performing GOCCs as a sample,

04:22:56Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004411

in fact, I'm very much aware of some of these GOCCs coming back to us when we submitted the NEP and was asking for more.

04:23:04Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004412

But the fundamental principle that we implemented when we finalized the level is that

04:23:09Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004413

if they are not actually performing social service functions,

04:23:12Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004414

the subsidy that we can provide is only limited to their bare operating requirements, meaning their PS.

04:23:19Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004415

Because for their expansion, they should be able to earn for whatever they would like to spend for.

04:23:26Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004416

At least for PS.

04:23:28Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004417

Yes, Your Honor.

04:23:31Source

Senator Panfilo Lacson

asr-004418

Okay, yung regionalized budget against the national.

04:23:37Source

Senator Panfilo Lacson

asr-004419

You know, I'm glad that the President issued the Exceded Order No. 82, diba?

04:23:42Source

Senator Panfilo Lacson

asr-004420

And I remember during...

04:23:44Source

Senator Panfilo Lacson

asr-004421

During the campaign, when he was joining us,

04:23:48Source

Senator Panfilo Lacson

asr-004422

he used to visit the Regional Development Council meetings, or he used to join.

04:23:56Source

Senator Panfilo Lacson

asr-004423

But yung implementation, how is it being implemented now?

04:24:00Source

Senator Panfilo Lacson

asr-004424

Because I remember during the past budget deliberations,

04:24:05Source

Senator Panfilo Lacson

asr-004425

parang naglilinger lang doon sa hovering doon sa 20 to 30 percent lang

04:24:12Source

Senator Panfilo Lacson

asr-004426

yung pakinabang ng mga regents.

04:24:14Source

Senator Panfilo Lacson

asr-004427

Or the output of the Regional Development Councils, of course,

04:24:19Source

Senator Panfilo Lacson

asr-004428

coming from the barangay, municipal, city, municipality, city, and even provincial.

04:24:26Source

Senator Panfilo Lacson

asr-004429

But pag nabuo na yung NEP, nasa mga 20, 25 percent lang yung share nila doon sa output nila.

04:24:33Source

Senator Panfilo Lacson

asr-004430

So what's the use of the Regional Development Councils discussing their regional development plans

04:24:41Source

Senator Panfilo Lacson

asr-004431

when pagdating sa budget call?

04:24:44Source

Senator Panfilo Lacson

asr-004432

Yun pala.

04:24:44Source

Senator Panfilo Lacson

asr-004437

25 percent lang pala yung maipapasok sa NEP.

04:24:48Source

Senator Panfilo Lacson

asr-004438

So now I want to find out from you, Mr. Secretary,

04:24:52Source

Senator Panfilo Lacson

asr-004439

ano yung ratio between yung truly representative of the regional development

04:25:01Source

Senator Panfilo Lacson

asr-004440

doon sa central or sa national government?

04:25:05Source

Senator Panfilo Lacson

asr-004441

Yung actual.

04:25:06Source

Senator Panfilo Lacson

asr-004442

Kasi nakalagay dito, regionalized budget, nasa mga 63.9 percent.

04:25:12Source

Senator Panfilo Lacson

asr-004443

Well and good.

04:25:12Source

Senator Panfilo Lacson

asr-004444

Pero yung actual,

04:25:13Source

Senator Panfilo Lacson

asr-004445

ang nag-implement din dyan, national government, di ba?

04:25:18Source

Senator Panfilo Lacson

asr-004446

Nakasulat lang dito, regionalized, but actually,

04:25:21Source

Senator Panfilo Lacson

asr-004447

hindi naman ito yung nanggaling sa regional or output ng mga regional development councils.

04:25:27Source

Senator Panfilo Lacson

asr-004448

So there goes the disconnect.

04:25:29Source

Senator Panfilo Lacson

asr-004449

Because who would know the needs and priorities of the local government units

04:25:35Source

Senator Panfilo Lacson

asr-004450

more than the LGUs themselves?

04:25:40Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004451

Mr. Chair, Your Honor, we shared the sentiment,

04:25:43Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004452

in terms of the amount of efforts being poured into by our RDCs in screening and examining the budget.

04:25:52Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004453

And I believe our colleagues from DepDev would also give us about 25 to 30 percent still as a figure.

04:26:00Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004454

And that's precisely why we are working together with DepDev to address this matter structurally and on a policy level.

04:26:09Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004455

Because there appears to be a disconnect, Your Honor, Mr. Chair,

04:26:12Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004456

not only in terms of the budget, but also in terms of the budget.

04:26:13Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004457

In terms of the submission and endorsement of agency central offices when it comes to proposals.

04:26:19Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004458

Kasi po yung mga RDCs should be submitting their proposals to the agency central offices.

04:26:25Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004459

And in turn, ang mga agency central offices po yung magpapadala sa DBM nung level that they have endorsed.

04:26:31Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004460

So that's just one of the potential disconnect.

04:26:35Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004461

But the second is also the timing.

04:26:36Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004462

The timeline of the planning between national budgeting and the local planning process

04:26:43Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004463

is also disconnected.

04:26:44Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004464

So these are the two things, Your Honor, Mr. Chair, that we are addressing with DepDev.

04:26:48Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004465

And we're exploring now, one, moving the timelines as well in terms of preparation and endorsement of all these projects.

04:26:58Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004466

And for our two systems to talk to one another to increase the batting average of RDC-endorsed projects

04:27:05Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004467

landing not even in the NEP, but even in the agency central office proposals themselves.

04:27:12Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004468

Because I personally...

04:27:13Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004469

I personally looked into this matter and asked for the same thing, Your Honor.

04:27:17Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004470

But the system right now and the calendar of the preparation of the RDC-endorsed budget

04:27:22Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004471

and the national budget proposal seems to have some disconnect in terms of that submission, Your Honor.

04:27:28Source

Senator Panfilo Lacson

asr-004472

Yeah. I'm glad you raised that point because ito yung perennial problem, lagi ko rin kinu-question.

04:27:35Source

Senator Panfilo Lacson

asr-004473

Since time immemorial, dahil hindi nga in sync ang budget call ninyo.

04:27:42Source

Senator Panfilo Lacson

asr-004474

Mr. Chairman, my time is up.

04:27:43Source

Senator Panfilo Lacson

asr-004475

Pero last point na lang ito.

04:27:45Source

Senator Panfilo Lacson

asr-004476

Please proceed.

04:27:47Source

Senator Panfilo Lacson

asr-004477

Para hindi ma-skip sa mind ko.

04:27:49Source

Senator Panfilo Lacson

asr-004478

Kasi very, very importante.

04:27:52Source

Senator Panfilo Lacson

asr-004479

Yung budget call nyo, nag-start ito mga sometime in February or March.

04:27:56Source

Senator Panfilo Lacson

asr-004480

Budget call, national?

04:27:58Source

Senator Panfilo Lacson

asr-004481

Yes, January, Your Honor.

04:27:59Source

Senator Panfilo Lacson

asr-004482

Okay.

04:28:00Source

Senator Panfilo Lacson

asr-004483

Pero yung DBCC, yung ano, I mean the Regional Development Councils, parang natatapos sila, what, October, November?

04:28:09Source

Senator Panfilo Lacson

asr-004484

Same year, for the same budget year?

04:28:12Source

Senator Panfilo Lacson

asr-004485

So talagang malaki yung disconnect.

04:28:13Source

Senator Panfilo Lacson

asr-004486

Why don't we synchronize na yung for the succeeding budget year, mauna yung RDC para makonsolidate and spare us, you know, spare us legislators from folders being carried by local government officials down to barangay officials?

04:28:32Source

Senator Panfilo Lacson

asr-004487

Yan ang problema namin ngayon. Mag-i-start na yan.

04:28:35Source

Senator Panfilo Lacson

asr-004488

Puno yung hallway namin kasi nga nakaligtaan yung kanilang hindi nadala sa NEP.

04:28:41Source

Senator Panfilo Lacson

asr-004489

So you can, you know, you can spare us from the problems of, you know, facing these local government officials knocking at our doors.

04:28:51Source

Senator Panfilo Lacson

asr-004490

Ako walang problema. Hindi ako pinupuntaan. Alhamdulillah, wala akong, well, wala na yung pork barrel anyway.

04:28:57Source

Senator Panfilo Lacson

asr-004491

So kindly synchronize yung mabuti na andyan ka na, Secretary Kim, kasi ito rin yung lagi naming nire-raise sa previous DBM secretaries, pero hindi na-implement.

04:29:09Source

Senator Panfilo Lacson

asr-004492

Okay.

04:29:10Source

Senator Panfilo Lacson

asr-004493

So with that, thank you, Mr. Chairman.

04:29:12Source

Senator Panfilo Lacson

asr-004494

Mr. Chair, if...

04:29:13Source

Senator Joseph Victor "JV" G. Ejercito

asr-004495

Thank you, Senator Lacson. Please, President.

04:29:16Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004496

Mr. Chair, Your Honor, that's definitely something we're working out with DEP-DEV.

04:29:20Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004497

One is synchronizing the calendar and two, institutionalizing the same through the Philippine Budgeting Code that we are also advocating.

04:29:29Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004498

And in the Senate, it's very much supported by the Senate and led by the good Senate President.

04:29:34Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004499

That includes the vertical alignment in terms of planning and budgeting linkage.

04:29:40Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004500

So, Your Honor, Mr. Chair.

04:29:41Source

Senator Panfilo Lacson

asr-004501

Kung pwede, vertical and horizontal.

04:29:44Source

Senator Joel Villanueva

asr-004502

Mr. Chairman, just 30-second interjection.

04:29:48Source

Senator Joseph Victor "JV" G. Ejercito

asr-004503

Yes, sir. Please proceed, sir.

04:29:49Source

Senator Joel Villanueva

asr-004504

Yes, Mr. Chairman. I was listening attentively to the questions raised by Senator Lacson and we encountered yung mga non-performing GOCCs, Mr. President,

04:30:00Source

Senator Joel Villanueva

asr-004505

I mean, GOCCs, Mr. President, and that's part of what I'm going to tackle later.

04:30:05Source

Senator Joel Villanueva

asr-004506

But let me just ask if we can get a report, Mr. President, latest update vis-a-vis the passage of our Government Optimization Act.

04:30:18Source

Senator Joel Villanueva

asr-004507

Kasi dun sa Government Optimization Act, the Government Optimization Program covers all agencies of the Executive, including GOCCs.

04:30:29Source

Senator Joel Villanueva

asr-004508

Yan po, yung pinakita kanina ni Sen. Lacson, yung mga non-performing, except eco-zones, covered noong Government Optimization.

04:30:39Source

Senator Joel Villanueva

asr-004509

Baka pwede makahingi tayo ng report, update on what we are doing, especially focusing dun sa mga non-performing.

04:30:48Source

Senator Joel Villanueva

asr-004510

Thank you, Mr. Chairman.

04:30:50Source

Senator Joseph Victor "JV" G. Ejercito

asr-004511

Yes, Secretary Kim, can you provide the committee of the information?

04:30:56Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004512

Mr. Chair, your honor, as to the Government Optimization Program,

04:30:59Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004513

we have actually identified 15 GOCCs, some of those are included in the list to be covered by the GOP.

04:31:06Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004514

And as far as timeline is concerned, the deadline for these agencies to submit the respective Government Optimization Plan, your honor, is in fact August 29.

04:31:16Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004515

So, after August 29, we expect to receive all the proposals from all these agencies, GOCCs and NGAs included,

04:31:24Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004516

as to how they intend to optimize the respective operations of the agencies, your honor, Mr. Chair.

04:31:29Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004517

Thank you, thank you.

04:31:30Source

Senator Joseph Victor "JV" G. Ejercito

asr-004518

Thank you, Secretary Kim.

04:31:31Source

Senator Joseph Victor "JV" G. Ejercito

asr-004519

Next to answer, Senator Riza, next to ask questions.

04:31:35Source

Senator Pia S. Cayetano

asr-004520

Mr. Chairman, can I just ask, not ask, quick comment.

04:31:37Source

Senator Pia S. Cayetano

asr-004521

Okay, I did see you.

04:31:38Source

Senator Pia S. Cayetano

asr-004522

Quick comment with the permission of Senator Riza.

04:31:39Source

Senator Pia S. Cayetano

asr-004523

On the top of the list was duty-free Philippines.

04:31:43Source

Senator Pia S. Cayetano

asr-004524

Are you freaking crazy?

04:31:45Source

Senator Pia S. Cayetano

asr-004525

Like, everybody wants to go duty-free shopping.

04:31:48Source

Senator Pia S. Cayetano

asr-004526

Sinabi na lang, sinabi na lang ng Governor of BSP that we are a consumer, ano?

04:31:53Source

Senator Pia S. Cayetano

asr-004527

Tapos, nagsasubsidy pa tayo sa…

04:31:56Source

Senator Joel Villanueva

asr-004528

Mr. Chairman, and…

04:31:57Source

Senator Joel Villanueva

asr-004529

Tama ba?

04:31:58Source

Senator Joel Villanueva

asr-004531

With the permission of Senator Pia…

04:31:59Source

Senator Joel Villanueva

asr-004532

I went there like two weeks ago, nobody's there.

04:32:02Source

Senator Joel Villanueva

asr-004533

Dito sa malapit sa airport, nobody's there.

04:32:09Source

Senator Joel Villanueva

asr-004534

It's a ghost town.

04:32:10Source

Senator Joel Villanueva

asr-004535

And I asked why, because of the dollar rates.

04:32:13Source

Senator Panfilo Lacson

asr-004536

Mr. Chairman, I just need to clarify, that's our list.

04:32:17Source

Senator Panfilo Lacson

asr-004537

And I just asked my staff, sigurado ba tayo dyan, sigurado pa naman.

04:32:21Source

Senator Pia S. Cayetano

asr-004538

At the top, and to note, in other Asian countries na nabibisita natin,

04:32:27Source

Senator Pia S. Cayetano

asr-004539

ang dami pa nilang duty-free shops.

04:32:29Source

Senator Pia S. Cayetano

asr-004540

Outside of the airport, outside of the perimeter of the airport.

04:32:34Source

Senator Pia S. Cayetano

asr-004541

And then, we're a consumer country daw.

04:32:36Source

Senator Pia S. Cayetano

asr-004542

So, yun na nga ang buhay natin.

04:32:39Source

Senator Pia S. Cayetano

asr-004543

Thank you, Mr. Chairman.

04:32:40Source

Senator Joseph Victor "JV" G. Ejercito

asr-004544

Thank you, Senator Pia.

04:32:41Source

Senator Panfilo Lacson

asr-004545

Siguro, pa-validate na rin natin sa kanila, Mr. Chairman.

04:32:44Source

Senator Joseph Victor "JV" G. Ejercito

asr-004546

Please, Secretary Kim, please validate itong concern nila.

04:32:48Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004547

Mr. Chair, your honor, looking at the list, Mr. Chair, your honor,

04:32:50Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004548

if we will look at the subsidies column, if the figure in the subsidies column is zero,

04:32:55Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004549

that means, your honor, we don't provide any subsidy from the GAA.

04:32:59Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004550

But we understand that the table might be presenting GOCCs under two different classifications.

04:33:06Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004551

One is an asking GOCC that receives subsidy from the GAA,

04:33:11Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004552

and another one who is non-asking but also incurring net losses.

04:33:17Source

Senator Joel Villanueva

asr-004553

Ang bottom line, yung binabanggit natin kanina, yung mga government employees,

04:33:23Source

Senator Joel Villanueva

asr-004554

for example, sa duty-free, pumunta ko kayo doon, wala ko silang ginagawa.

04:33:27Source

Senator Joel Villanueva

asr-004555

Nakatambay lang po silang lahat doon.

04:33:29Source

Senator Joel Villanueva

asr-004556

Kasi nagtitinginan lang po sila.

04:33:31Source

Senator Joel Villanueva

asr-004557

Dahil wala naman hong namimili eh.

04:33:34Source

Senator Joel Villanueva

asr-004558

So, again, ang point nitong budget hearings natin is to make government offices more efficient, Mr. Chairman.

04:33:43Source

Senator Joel Villanueva

asr-004559

Thank you.

04:33:44Source

Senator Joel Villanueva

asr-004560

That's a good thing that we were able to tackle it.

04:33:47Source

Senator Joel Villanueva

asr-004561

Thank you.

04:33:47Source

Senator Joseph Victor "JV" G. Ejercito

asr-004562

Thank you.

04:33:48Source

Senator Joseph Victor "JV" G. Ejercito

asr-004563

I think, ang sagot dyan, all of the items now are available elsewhere, you know,

04:33:54Source

Senator Joseph Victor "JV" G. Ejercito

asr-004564

and then malls, anywhere, and cheaper.

04:33:56Source

Senator Joseph Victor "JV" G. Ejercito

asr-004565

So, probably, it's one of the reasons.

04:33:59Source

Senator Joseph Victor "JV" G. Ejercito

asr-004566

So, next.

04:33:59Source

Senator Joseph Victor "JV" G. Ejercito

asr-004567

So, seto rin sa Tiberos.

04:34:01Source

Senator Joseph Victor "JV" G. Ejercito

asr-004568

Ma'am Yun, now have the floor.

04:34:04Source

Senator Risa Hontiveros

asr-004569

Salamat po, Mr. Chair.

04:34:07Source

Senator Risa Hontiveros

asr-004570

Catch up ako sa DepDev, yung presentation kanina.

04:34:13Source

Senator Risa Hontiveros

asr-004571

SecRC, sabi nyo po kanina sa presentation nyo na para makabawi yung ekonomiya natin itong susunod na taong 2027,

04:34:23Source

Senator Risa Hontiveros

asr-004572

kailangan mag-focus tayo sa mga high-impact projects tulad ng catch-up, infra-projects,

04:34:29Source

Senator Risa Hontiveros

asr-004573

at saka buffer stock para sa agri-inputs.

04:34:33Source

Senator Risa Hontiveros

asr-004574

Kaya lang, sa 2027 NEP, nasa 1.1 trillion, sa kabuwa ang 7.1 trillion na budget,

04:34:43Source

Senator Risa Hontiveros

asr-004575

ay nakalaan para lamang sa pagbayad ng debt interest payments.

04:34:48Source

Senator Risa Hontiveros

asr-004576

Tama po ba ito?

04:34:51Source

Senator Risa Hontiveros

asr-004577

Di pa nga sa principal, sa interest pa lang.

04:34:53Source

DEPDev Secretary Arsenio M. Balisacan

asr-004578

Yes.

04:35:02Source

DEPDev Secretary Arsenio M. Balisacan

asr-004579

The first part of your question,

04:35:04Source

DEPDev Secretary Arsenio M. Balisacan

asr-004580

on the high-impact projects that we need to speed up for implementation,

04:35:14Source

DEPDev Secretary Arsenio M. Balisacan

asr-004581

tama yan, I think the infrastructure has a very high multiplier effects.

04:35:21Source

DEPDev Secretary Arsenio M. Balisacan

asr-004582

They are labor-intensive projects,

04:35:25Source

DEPDev Secretary Arsenio M. Balisacan

asr-004583

and so this help employment and help consumption and help improvement,

04:35:34Source

DEPDev Secretary Arsenio M. Balisacan

asr-004584

and other indicate dimensions of welfare.

04:35:37Source

DEPDev Secretary Arsenio M. Balisacan

asr-004585

Now, of course, the budget for 2027, we hope that we can move in that direction.

04:35:50Source

DEPDev Secretary Arsenio M. Balisacan

asr-004586

But as we mentioned earlier, Madam Chair, Mr. Chair, Your Honor,

04:35:58Source

DEPDev Secretary Arsenio M. Balisacan

asr-004587

to us, even if we see a slight decline in the total amount,

04:36:04Source

DEPDev Secretary Arsenio M. Balisacan

asr-004588

for, say, for infrastructure, as long as the quality is so much improved,

04:36:12Source

DEPDev Secretary Arsenio M. Balisacan

asr-004589

I think we can still get better impact.

04:36:15Source

DEPDev Secretary Arsenio M. Balisacan

asr-004590

And we have, of course, the experiences in recent quarters involving corruption scandals

04:36:21Source

DEPDev Secretary Arsenio M. Balisacan

asr-004591

tell us that there's a lot of things that can be fixed to help improve that quality that I'm referring to.

04:36:28Source

DEPDev Secretary Arsenio M. Balisacan

asr-004592

My colleague could answer the interest payment issue.

04:36:31Source

DEPDev Secretary Arsenio M. Balisacan

asr-004593

So, Mr. Chair.

04:36:34Source

Senator Risa Hontiveros

asr-004594

But before we move to SecGo, Mr. Chair, kaya ako tinanong po sa DepDev.

04:36:41Source

Senator Risa Hontiveros

asr-004595

Because kahit makapagpatayo tayo ng, sabi niyo nga, mas kaunti pero mas quality na infra,

04:36:50Source

Senator Risa Hontiveros

asr-004596

hindi pa nga natin na pag-uusapan yung buffer stocks sa agri-side,

04:36:55Source

Senator Risa Hontiveros

asr-004597

kailangan gagastusan siya.

04:36:57Source

Senator Risa Hontiveros

asr-004598

And if we spend about one-seventh nung budget next year para lang sa debt interest payment,

04:37:04Source

Senator Risa Hontiveros

asr-004599

naturally, mababawasan yung para sa infra, mababawasan yung para sa agri.

04:37:09Source

Senator Risa Hontiveros

asr-004600

In fact, mamaya, napansin ko nga po, no, yung budget na kalaan sa pambayad ng interest pa lamang ng utang natin,

04:37:19Source

Senator Risa Hontiveros

asr-004601

mas malaki na dun sa budgets para sa health, agri, at saka social services, all put together.

04:37:27Source

Senator Risa Hontiveros

asr-004602

1.1 trillion pambayad ng interest payment kumpara sa mas maliit na pagsuma nung tatlong.

04:37:34Source

Senator Risa Hontiveros

asr-004603

Pero, so, kinoconfirm nyo po, 1.1 trillion para lamang bayaran ng interest ng utang natin?

04:37:41Source

DEPDev Secretary Arsenio M. Balisacan

asr-004604

I don't have the figure with me, Mr. Chair, but of course, my colleague here has that about that.

04:37:47Source

DEPDev Secretary Arsenio M. Balisacan

asr-004605

I think it's tama.

04:37:50Source

DEPDev Secretary Arsenio M. Balisacan

asr-004606

But I think that what I would like to note, Madam Chair, in response to that,

04:37:55Source

DEPDev Secretary Arsenio M. Balisacan

asr-004607

is I think that interest payments are obligations that we have incurred.

04:38:01Source

DEPDev Secretary Arsenio M. Balisacan

asr-004608

And I guess you have to ask whether postponing or even asking for deferment of the payments will work in a longer term better for us than paying those obligations now.

04:38:17Source

DEPDev Secretary Arsenio M. Balisacan

asr-004609

As we try to do a more efficient fiscal programming so that we don't compromise the quality spending of the entire government.

04:38:29Source

DEPDev Secretary Arsenio M. Balisacan

asr-004610

Thank you very much.

04:38:29Source

DEPDev Secretary Arsenio M. Balisacan

asr-004611

And my own sense words, Mr. Chair, is that I think that it's very important that the investment community would see us as a country that respects contracts.

04:38:47Source

DEPDev Secretary Arsenio M. Balisacan

asr-004612

And that we, to the extent that those obligations have been incurred,

04:38:58Source

DEPDev Secretary Arsenio M. Balisacan

asr-004613

we need to...

04:38:59Source

DEPDev Secretary Arsenio M. Balisacan

asr-004614

I think, but how we finance that, that would be my colleagues at DOF as what is the most efficient way of raising the revenue to finance the payments

04:39:16Source

DEPDev Secretary Arsenio M. Balisacan

asr-004615

because there are ways of addressing that issue without compromising.

04:39:21Source

Senator Risa Hontiveros

asr-004616

And finally, Mr. Chair, before we move to Sego and before the Chair himself interjects,

04:39:26Source

Senator Risa Hontiveros

asr-004617

kaya ako po tinatanong kasi kahit naman sa household,

04:39:29Source

Senator Risa Hontiveros

asr-004618

level, binabalansi talaga na minsan kailangan nating umutang.

04:39:33Source

Senator Risa Hontiveros

asr-004619

Pero may priority tayong pagkakagastusan pa rin.

04:39:36Source

Senator Risa Hontiveros

asr-004620

So, kaya ako tinatanong itong anlaki ng porsyento ng budget para next year sa pagbayad sa interest ng utang.

04:39:44Source

Senator Risa Hontiveros

asr-004621

And then it will impact dun mismo sa sinisabing yung pambawi natin sa ekonomiya, no, infra, and then yung agri nga.

04:39:52Source

Senator Risa Hontiveros

asr-004622

And bago tayo dumako kay Chair and then kay Sego,

04:39:55Source

Senator Risa Hontiveros

asr-004623

so kasi paano nga natin masasabi na...

04:39:59Source

Senator Risa Hontiveros

asr-004624

Kung mas kaunti yung budgets ng health, agri, at social services na pinagsama

04:40:07Source

Senator Risa Hontiveros

asr-004625

kesa pa yung item natin pambayad ng interest sa utang.

04:40:11Source

Senator Risa Hontiveros

asr-004626

So, paano natin masasabing people-centered pa rin yung ganitong klaseng budget?

04:40:15Source

Senator Risa Hontiveros

asr-004627

I think gaya ng argument na sinabi kanina ng my colleagues that

04:40:20Source

Senator Risa Hontiveros

asr-004628

there is so much scope for improving the quality of spending

04:40:25Source

Senator Risa Hontiveros

asr-004629

so that we can still deliver.

04:40:29Source

Senator Risa Hontiveros

asr-004630

Even better services, whether these are for health, for education, for social protection,

04:40:38Source

Senator Risa Hontiveros

asr-004631

even as we are constrained with the total amount.

04:40:43Source

Senator Risa Hontiveros

asr-004632

I guess, I think this is very important moving forward that when we borrow,

04:40:51Source

Senator Risa Hontiveros

asr-004633

and which will result in interest payments later,

04:40:54Source

Senator Risa Hontiveros

asr-004634

we do make sure that what we borrowed is invested, is used properly,

04:40:59Source

Senator Risa Hontiveros

asr-004635

so that it generates much higher value than what we pay later on

04:41:06Source

Senator Risa Hontiveros

asr-004636

in terms of interest payments and amortization.

04:41:09Source

Senator Risa Hontiveros

asr-004637

But I guess if the experience in the last three quarters,

04:41:14Source

Senator Risa Hontiveros

asr-004638

or what we have seen in the scandals,

04:41:15Source

Senator Risa Hontiveros

asr-004639

is that we have borrowed, put them in places where they didn't seem to contribute

04:41:23Source

Senator Risa Hontiveros

asr-004640

to higher capacity for the economy,

04:41:26Source

Senator Risa Hontiveros

asr-004641

then that's really the wrong and inefficient way of using financing.

04:41:36Source

Senator Risa Hontiveros

asr-004642

Before I give way for the interjection of the chair,

04:41:40Source

Senator Risa Hontiveros

asr-004643

precisely, may mga corrections talaga na kailangan namin gagawin dito sa proposed budget.

04:41:48Source

Senator Risa Hontiveros

asr-004644

Scandals aside, at tinututukan din niya ng Senate, pero a much better budget pa po.

04:41:54Source

Senator Risa Hontiveros

asr-004645

Mr. Chair?

04:41:55Source

Senator Joseph Victor "JV" G. Ejercito

asr-004646

Yes, we need to have just...

04:41:56Source

Senator Joseph Victor "JV" G. Ejercito

asr-004647

Senator Diveros, I'll try to interject.

04:41:59Source

Senator Joseph Victor "JV" G. Ejercito

asr-004648

Same point po, the DBCC can answer, of course.

04:42:03Source

Senator Joseph Victor "JV" G. Ejercito

asr-004649

At one point, does DBCC consider itong interest expenditure a serious constraint on development spending?

04:42:15Source

Senator Joseph Victor "JV" G. Ejercito

asr-004650

Parang ano na tayo lagi, parang we're always looking at itong ating financial standing, debt servicing,

04:42:24Source

Senator Joseph Victor "JV" G. Ejercito

asr-004651

to the point na parang we are already sacrificing.

04:42:26Source

Senator Joseph Victor "JV" G. Ejercito

asr-004652

And development spending.

04:42:30Source

Senator Joseph Victor "JV" G. Ejercito

asr-004653

Anybody can answer?

04:42:31Source

Senator Joseph Victor "JV" G. Ejercito

asr-004654

Parang isa ka talaga bali sa akin, or...

04:42:36Source

DEPDev Secretary Arsenio M. Balisacan

asr-004655

If I may, for me, from a development perspective, Mr. Chair,

04:42:45Source

DEPDev Secretary Arsenio M. Balisacan

asr-004656

it doesn't hurt to pay interest payments if the amount we borrowed was able to generate far more incomes

04:42:57Source

DEPDev Secretary Arsenio M. Balisacan

asr-004657

than the interest payments.

04:42:59Source

DEPDev Secretary Arsenio M. Balisacan

asr-004658

And amortization that we paid for.

04:43:04Source

DEPDev Secretary Arsenio M. Balisacan

asr-004659

So, ganun lang ho.

04:43:05Source

DEPDev Secretary Arsenio M. Balisacan

asr-004660

So, we incur interest payments, and those interest payments can rise, but if we are able to guarantee

04:43:12Source

DEPDev Secretary Arsenio M. Balisacan

asr-004661

that those yield better results for the economy, then that should not be a concern.

04:43:19Source

Senator Joseph Victor "JV" G. Ejercito

asr-004662

So, we have not become too focused naman on keeping our finances in order, that we have

04:43:23Source

Senator Joseph Victor "JV" G. Ejercito

asr-004663

under-invested in infrastructure, kasi parang nahuli na tayo eh.

04:43:27Source

Senator Joseph Victor "JV" G. Ejercito

asr-004664

We're just spending on average...

04:43:29Source

Senator Joseph Victor "JV" G. Ejercito

asr-004665

We're just spending on average of 2% through the how many decades as compared to our ASEAN

04:43:35Source

Senator Joseph Victor "JV" G. Ejercito

asr-004666

neighbors who are spending 5% or more.

04:43:38Source

Senator Joseph Victor "JV" G. Ejercito

asr-004667

Diba?

04:43:38Source

Senator Joseph Victor "JV" G. Ejercito

asr-004668

Parang tayo nasa 2%.

04:43:39Source

Senator Joseph Victor "JV" G. Ejercito

asr-004669

So, but now, a little bit higher, tumaas ng 6%.

04:43:44Source

Senator Joseph Victor "JV" G. Ejercito

asr-004670

Previous administration, bumaba na naman ngayon.

04:43:47Source

Senator Joseph Victor "JV" G. Ejercito

asr-004671

So, yun lang ang concern natin.

04:43:50Source

Senator Joseph Victor "JV" G. Ejercito

asr-004672

Probably later on my timeline, I would just pursue this.

04:43:55Source

Senator Joseph Victor "JV" G. Ejercito

asr-004673

So, Tertuberas, please continue.

04:43:57Source

Senator Risa Hontiveros

asr-004674

Salamat, Mr. Chair.

04:43:58Source

Senator Risa Hontiveros

asr-004675

So, moving up to...

04:43:59Source

Senator Risa Hontiveros

asr-004676

To SECGO, yung debt ng bansa natin ngayon, 19.07 trillion pesos.

04:44:09Source

Senator Risa Hontiveros

asr-004677

At lambas na po ito sa end of year, 2026 targets, at nasa Agosto pa lang po tayo.

04:44:16Source

Senator Risa Hontiveros

asr-004678

So, maaari nyo po bang i-detalye kung aling mga agency programs ang nabawasan

04:44:22Source

Senator Risa Hontiveros

asr-004679

ng mga budgets dahil sa lumiit na fiscal space natin ngayong taon?

04:44:27Source

Senator Risa Hontiveros

asr-004680

Or bawat taon?

04:44:29Source

Senator Risa Hontiveros

asr-004681

Mr. Chair.

04:44:30Source

DOF Secretary Frederick D. Go

asr-004682

Mr. Chair, Your Honor, I'm confirming that our total debt today is 19 trillion pesos.

04:44:36Source

DOF Secretary Frederick D. Go

asr-004683

But when it comes to the budget, I would have to defer to my colleague from the DBM to answer.

04:44:42Source

Senator Risa Hontiveros

asr-004684

Before we move, Mr. Chair, to Secde Leon, would the Secretary like to comment on how can we call this a people-centered budget?

04:44:51Source

Senator Risa Hontiveros

asr-004685

Kung mga one-seventh ng budget ay gagastusin natin sa debt interest payments pa lamang.

04:44:58Source

Senator Risa Hontiveros

asr-004686

And a bigger item.

04:45:00Source

Senator Risa Hontiveros

asr-004687

than all the budgets of health, agri, and social services put together.

04:45:08Source

DOF Secretary Frederick D. Go

asr-004688

Mr. Chair, Your Honor, if I can answer from a fiscal point of view,

04:45:13Source

DOF Secretary Frederick D. Go

asr-004689

which is why I am a strong advocate of fiscal consolidation.

04:45:17Source

DOF Secretary Frederick D. Go

asr-004690

When the administration started, the deficit to GDP was 7.3%.

04:45:25Source

DOF Secretary Frederick D. Go

asr-004691

We've narrowed that down to 6.2%, then 5.7%, last year 5.6%,

04:45:32Source

DOF Secretary Frederick D. Go

asr-004692

and this year we are trying to target 5.45% deficit to GDP.

04:45:37Source

DOF Secretary Frederick D. Go

asr-004693

Which means that we are becoming more efficient in collection of revenue.

04:45:42Source

DOF Secretary Frederick D. Go

asr-004694

And ideally, we start looking at our expenditure to spend smartly rather than volume.

04:45:52Source

DOF Secretary Frederick D. Go

asr-004695

It's the quality rather than the volume.

04:45:55Source

DOF Secretary Frederick D. Go

asr-004696

And I just want to point out that as far as expenditure goes,

04:46:01Source

DOF Secretary Frederick D. Go

asr-004697

if I compare to our regional neighbors, roughly, I'm oversimplifying the numbers,

04:46:06Source

DOF Secretary Frederick D. Go

asr-004698

but if our revenues are roughly 16% of GDP, we are at par or better than our neighbors.

04:46:15Source

DOF Secretary Frederick D. Go

asr-004699

However, our expenditure at 22% of GDP is much higher than our neighbors.

04:46:25Source

DOF Secretary Frederick D. Go

asr-004700

So, hence, we are creating a deficit,

04:46:28Source

DOF Secretary Frederick D. Go

asr-004701

which is why the economic team has created a fiscal framework, a plan, a path,

04:46:34Source

DOF Secretary Frederick D. Go

asr-004702

to keep reducing that fiscal deficit.

04:46:37Source

DOF Secretary Frederick D. Go

asr-004703

And as pointed out by my colleague earlier, these are already obligations of the government.

04:46:44Source

DOF Secretary Frederick D. Go

asr-004704

When the administration started, we had a total of 12.8 trillion pesos already in debt.

04:46:50Source

DOF Secretary Frederick D. Go

asr-004705

We had to start with that.

04:46:52Source

DOF Secretary Frederick D. Go

asr-004706

And we have obligations to...

04:46:55Source

DOF Secretary Frederick D. Go

asr-004707

to pay those.

04:46:58Source

DOF Secretary Frederick D. Go

asr-004708

And hence, we need to maintain our good credit rating globally,

04:47:04Source

DOF Secretary Frederick D. Go

asr-004709

which will allow us to borrow, continuously borrow, to fund priority programs of the government.

04:47:14Source

DOF Secretary Frederick D. Go

asr-004710

But, Secretary, since the brand of the budget for next year is a people-centered budget,

04:47:22Source

DOF Secretary Frederick D. Go

asr-004711

when can you start really using...

04:47:26Source

DOF Secretary Frederick D. Go

asr-004712

the higher levels of revenues of our economy?

04:47:30Source

DOF Secretary Frederick D. Go

asr-004713

For, first of all, the urgent recovery of the economy,

04:47:34Source

DOF Secretary Frederick D. Go

asr-004714

the infra and buffer stocking for Agri, high impact.

04:47:42Source

DOF Secretary Frederick D. Go

asr-004715

And then for the priority programs that are being called,

04:47:47Source

DOF Secretary Frederick D. Go

asr-004716

but ironically, for next year,

04:47:48Source

DOF Secretary Frederick D. Go

asr-004717

it was proposed that the health, Agri, and social services will be smaller.

04:47:55Source

DOF Secretary Frederick D. Go

asr-004718

And social services.

04:47:56Source

DOF Secretary Frederick D. Go

asr-004719

So, we can't recombine compared to the item for debt interest payments.

04:48:02Source

DOF Secretary Frederick D. Go

asr-004720

Even year-on-year, can't we adjust that to make the pesos and centavos really clearly more people-centered

04:48:11Source

DOF Secretary Frederick D. Go

asr-004721

while not completely letting go of our obligations to be good debtors?

04:48:17Source

DOF Secretary Frederick D. Go

asr-004722

Mr. Chair, Your Honor,

04:48:21Source

DOF Secretary Frederick D. Go

asr-004723

I believe that when we said that the budget is people-centered,

04:48:28Source

DOF Secretary Frederick D. Go

asr-004724

that means that the budget was very well scrutinized and chosen

04:48:32Source

DOF Secretary Frederick D. Go

asr-004725

so that the projects and programs that the government will implement

04:48:37Source

DOF Secretary Frederick D. Go

asr-004726

are those with the greatest multiplier effects,

04:48:40Source

DOF Secretary Frederick D. Go

asr-004727

well curated, and checked properly.

04:48:45Source

DOF Secretary Frederick D. Go

asr-004728

On your question of changing our debt obligations,

04:48:52Source

DOF Secretary Frederick D. Go

asr-004729

unfortunately, most...

04:48:53Source

DOF Secretary Frederick D. Go

asr-004730

Hindi naman po.

04:48:54Source

DOF Secretary Frederick D. Go

asr-004731

I recognize the debt obligations,

04:48:57Source

DOF Secretary Frederick D. Go

asr-004732

but doing a better balancing act of using yung sinabi nyo,

04:49:00Source

DOF Secretary Frederick D. Go

asr-004733

higher revenues natin,

04:49:02Source

DOF Secretary Frederick D. Go

asr-004734

vis-a-vis GDP as compared to our regional neighbors,

04:49:05Source

DOF Secretary Frederick D. Go

asr-004735

using those revenues more for the high-impact projects na pambawi sa economic downturn natin,

04:49:15Source

DOF Secretary Frederick D. Go

asr-004736

and then also for the developmental and social protection programs,

04:49:22Source

DOF Secretary Frederick D. Go

asr-004737

then parang priority kasi kung sa absolute numbers lang,

04:49:26Source

DOF Secretary Frederick D. Go

asr-004738

priority to pay yung debt interest,

04:49:30Source

DOF Secretary Frederick D. Go

asr-004739

rest obligations natin.

04:49:35Source

DOF Secretary Frederick D. Go

asr-004740

Mr. Chair, Your Honor,

04:49:36Source

DOF Secretary Frederick D. Go

asr-004741

I think the DBM is in a better position to explain the process of how they come up with the budget,

04:49:41Source

DOF Secretary Frederick D. Go

asr-004742

but I believe there are contractual obligations or automatic appropriations

04:49:49Source

DOF Secretary Frederick D. Go

asr-004743

that are always labeled first.

04:49:52Source

DOF Secretary Frederick D. Go

asr-004744

And I believe that interest payments, the NTA,

04:49:56Source

DOF Secretary Frederick D. Go

asr-004745

the NTA is even higher, Mr. Chair, Your Honor.

04:50:00Source

DOF Secretary Frederick D. Go

asr-004746

The interest payments are 1.1 trillion,

04:50:02Source

DOF Secretary Frederick D. Go

asr-004747

but the NTA is 1.3 trillion this year.

04:50:07Source

DOF Secretary Frederick D. Go

asr-004748

So all the automatic appropriations are allocated first,

04:50:13Source

DOF Secretary Frederick D. Go

asr-004749

if I may use that term.

04:50:14Source

DOF Secretary Frederick D. Go

asr-004750

So it's an automatic appropriation, Mr. Chair, Your Honor.

04:50:20Source

Senator Risa Hontiveros

asr-004751

I understand, Mr. Chair, Secretary,

04:50:22Source

Senator Risa Hontiveros

asr-004752

and partly that's our historic problem about automatic appropriations.

04:50:27Source

Senator Risa Hontiveros

asr-004753

But sige po, dumako tayo kay Sec de Leona.

04:50:31Source

Senator Risa Hontiveros

asr-004754

I understand about...

04:50:32Source

Senator Risa Hontiveros

asr-004755

how the budget is proposed to Congress.

04:50:35Source

Senator Risa Hontiveros

asr-004756

But can you tell the committee better,

04:50:37Source

Senator Risa Hontiveros

asr-004757

paano natin tatawagin pa rin itong people-centered budget,

04:50:42Source

Senator Risa Hontiveros

asr-004758

given the way the proposed appropriations for the different items stack up

04:50:47Source

Senator Risa Hontiveros

asr-004759

when compared to each other?

04:50:49Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004760

Mr. Chair, Your Honor,

04:50:52Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004761

well, as mentioned by the Secretary of Finance,

04:50:54Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004762

the premise why we are saying that the budget is still people-centered

04:50:58Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004763

is precisely because the biggest chunk of the budget

04:51:01Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004764

will still go to the people-centered budget.

04:51:01Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004765

It will still go to the social sector taken together.

04:51:04Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004766

And when we look at social sector,

04:51:07Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004767

it encompasses several different subsectors

04:51:11Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004768

from education, health, social security,

04:51:13Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004769

even housing and other social services.

04:51:17Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004770

And again, this sector receives the biggest chunk of the budget,

04:51:21Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004771

hence that we gave the priority to this sector.

04:51:25Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004772

But then again, if we compare it to our 2026 level,

04:51:29Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004773

there might be some nominal decrease,

04:51:31Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004774

precisely because of some inefficiencies encountered

04:51:34Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004775

by the implementing agencies for their current year's budget.

04:51:38Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004776

To name a few, Your Honor,

04:51:40Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004777

for health, HFEP, for agriculture, farm-to-market roads,

04:51:45Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004778

for DepEd classrooms,

04:51:46Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004779

all of these are infra which are not fully implemented

04:51:49Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004780

even at the middle of the year.

04:51:51Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004781

That's why this is a major consideration

04:51:53Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004782

while we have continued to provide budgets for these programs for 2027.

04:51:58Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004783

The amount is not at the same level

04:52:01Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004784

because...

04:52:01Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004785

Because precisely, the remaining balance by the end of this year

04:52:05Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004786

will have to be carried over for 2027.

04:52:09Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004787

One thing we'd also like to highlight, Mr. Chair, Your Honor,

04:52:12Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004788

is that for 2027, we tried to do some correcting measures

04:52:16Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004789

in terms of addressing some spending inefficiencies.

04:52:21Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004790

We noted during our presentation before we had lunch

04:52:25Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004791

that for the 2027 budget,

04:52:28Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004792

our revenue will be able,

04:52:31Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004793

to cover for PS and MOOE requirement,

04:52:35Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004794

which is not always the case in the previous year's budget.

04:52:39Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004795

So that actually raises some concern

04:52:41Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004796

on possible sustainability of implementing a budget

04:52:44Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004797

wherein we take on additional borrowings

04:52:47Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004798

and yet we just borrow for our regular operating requirements.

04:52:51Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004799

So at least the parameter that we use as the economic managers

04:52:55Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004800

is that if we resort to borrowings,

04:52:58Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004801

at least it will go to high-impact infrastructure

04:53:01Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004802

projects that will give us greater return

04:53:04Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004803

than the interest that we'll be paying eventually

04:53:07Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004804

to our creditors in the long term, Mr. Chair, Your Honor.

04:53:12Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004805

And Secretary De Leon,

04:53:15Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004806

so given nga yung automatic appropriations,

04:53:19Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004807

results also, especially in years like this one,

04:53:23Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004808

yung tighter fiscal space,

04:53:25Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004809

and yun na nga na-exceed nung interest payments,

04:53:30Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004810

yung...

04:53:30Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004811

budgets po together ng tatlong

04:53:32Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004812

importanteng department,

04:53:35Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004813

pwede nyo pa bang i-detalye sa committee

04:53:37Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004814

aling mga budget items

04:53:38Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004815

ang nabawasan sa mga agencies

04:53:43Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004816

dahil dito sa lumiliit na fiscal space natin

04:53:46Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004817

nitong mga taon?

04:53:49Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004818

Mr. Chair, Your Honor,

04:53:50Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004819

aside from the three items that I have already mentioned,

04:53:54Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004820

particularly for DepEd classroom building,

04:53:58Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004821

health under HPEP,

04:54:00Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004822

agriculture for farm to market,

04:54:02Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004823

they receive a lower amount for the 2027 NEP

04:54:09Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004824

if we compare it to the 2026 GAA

04:54:12Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004825

precisely because of the continuing balance that they receive.

04:54:17Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004826

We also noted, Mr. Chair, Your Honor,

04:54:20Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004827

that there is also an observed decrease

04:54:25Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004828

in the level of the budget for some of the subsidy items,

04:54:29Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004829

particularly for...

04:54:32Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004830

If we compare the 2027 NEP level

04:54:38Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004831

from the 2026 GAA,

04:54:42Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004832

but why are we proposing a decrease?

04:54:45Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004833

Because precisely, Mr. Chair, Your Honor,

04:54:48Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004834

for the health sector,

04:54:49Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004835

and I believe this is also something that we have discussed

04:54:52Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004836

with the new Secretary of Health

04:54:54Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004837

when he was still President of PhilHealth,

04:54:56Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004838

we also have to address the spending inefficiency

04:54:59Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004839

within the sector,

04:55:00Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004840

wherein we will be concentrating

04:55:02Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004841

our resources to PhilHealth

04:55:05Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004842

as the unified payer

04:55:07Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004843

as envisioned by the universal healthcare law

04:55:10Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004844

so that PhilHealth and DOH

04:55:12Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004845

will not be competing from the same basket,

04:55:15Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004846

from the same pool of resources.

04:55:17Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004847

So while there is a decrease

04:55:19Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004848

in terms of the MAIFIP level of DOH,

04:55:22Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004849

there is an increase that we provided to PhilHealth

04:55:25Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004850

precisely to cover the continuous implementation

04:55:28Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004851

of zero-balance billing

04:55:30Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004852

and better benefit packages,

04:55:32Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004853

not only to DOH hospitals,

04:55:34Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004854

but also including local government hospitals alone.

04:55:37Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004855

Because we see investment to PhilHealth

04:55:39Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004856

also as investment to all our hospitals

04:55:42Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004857

because definitely the fund that we provide to PhilHealth

04:55:45Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004858

will eventually be cascaded to our hospitals.

04:55:49Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004859

Another one with a reduction, Your Honor,

04:55:51Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004860

if we compare from the current year's GAA budget

04:55:55Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004861

is a reduction,

04:55:57Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004862

one-off reduction from the Office of the President,

04:56:00Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004863

mainly because of expenditures

04:56:02Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004864

attributed to our ASEAN hosting this year.

04:56:06Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004865

So we have provisions for ASEAN hosting for 2026

04:56:10Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004866

which will not necessarily be needed anymore for 2027.

04:56:15Source

Acting DBM Secretary Kim Robert C. De Leon

asr-004867

Hence, the reduction, Your Honor.

04:56:18Source

Senator Risa Hontiveros

asr-004868

I note ko lang, Sek, at Mr. Chair,

04:56:20Source

Senator Risa Hontiveros

asr-004869

bagamat pinopropose niyong dagdagan ang PhilHealth

04:56:23Source

Senator Risa Hontiveros

asr-004870

which is always welcome,

04:56:25Source

Senator Risa Hontiveros

asr-004871

pero may double whammy pa rin on the health side

04:56:27Source

Senator Risa Hontiveros

asr-004872

dahil parehong you propose to reduce the funding,

04:56:32Source

Senator Risa Hontiveros

asr-004873

including to HFEP and pati sa MAIFIP,

04:56:36Source

Senator Risa Hontiveros

asr-004874

both institutional and social protection input

04:56:40Source

Senator Risa Hontiveros

asr-004875

sa kabuang pag-achieve natin ng universal healthcare.

04:56:43Source

Senator Risa Hontiveros

asr-004876

But I'm sure the Chair and I and other colleagues here

04:56:47Source

Senator Risa Hontiveros

asr-004877

will work on that at the proper time.

04:56:51Source

Senator Risa Hontiveros

asr-004878

If I still have time, Mr. Chair,

04:56:54Source

Senator Risa Hontiveros

asr-004879

gusto kong balikan yung slide number.

04:56:56Source

Senator Risa Hontiveros

asr-004880

Can I interject?

04:56:57Source

Senator Joel Villanueva

asr-004881

Yes, Mr. Chair.

04:56:58Source

Senator Joel Villanueva

asr-004882

With the indulgence of our distinguished guest.

04:57:02Source

Senator Joel Villanueva

asr-004883

One, I didn't hear yung

04:57:04Source

Senator Joel Villanueva

asr-004884

sa big cut on the education budget for CHED and SUCs kasi.

04:57:13Source

Senator Joel Villanueva

asr-004885

SUCs about 3 billion from last year in the NEP

04:57:17Source

Senator Joel Villanueva

asr-004886

and then for CHED, I think at least about 15 billion.

04:57:21Source

Senator Joel Villanueva

asr-004887

But anyway, I'm not going to pursue that right now.

04:57:25Source

Senator Joel Villanueva

asr-004888

I know this is not my time.

04:57:26Source

Senator Joel Villanueva

asr-004889

I just want to put on record and perhaps just raise one question.

04:57:30Source

Senator Joel Villanueva

asr-004890

Given the 19...

04:57:32Source

Senator Joel Villanueva

asr-004891

0.07 trillion national debt,

04:57:36Source

Senator Joel Villanueva

asr-004892

which is 66% of our GDP as of June of 2026,

04:57:40Source

Senator Joel Villanueva

asr-004893

siguro magandang ma-raise dito sa DBCC budget.

04:57:45Source

Senator Joel Villanueva

asr-004894

Yung primary balance, what primary balance does the DBCC estimate

04:57:51Source

Senator Joel Villanueva

asr-004895

is necessary to put in the debt-to-GDP ratio

04:57:56Source

Senator Joel Villanueva

asr-004896

on a firmly declining path?

04:58:02Source

Senator Joel Villanueva

asr-004897

In terms of timeline, kailan po ba ito mangyayari?

04:58:04Source

Senator Joel Villanueva

asr-004898

Kasi parang pag tinitignan natin, every budget,

04:58:08Source

Senator Joel Villanueva

asr-004899

hindi ho bumababa, no?

04:58:11Source

Senator Joel Villanueva

asr-004900

How sensitive is that trajectory to slower GDP growth,

04:58:17Source

Senator Joel Villanueva

asr-004901

higher interest rates, or a weaker peso, Mr. Chairman?

04:58:50Source

Senator Joseph Victor "JV" G. Ejercito

asr-004902

Anyone can answer?

04:58:53Source

Treasurer of the Philippines Sharon P. Almanza

asr-004903

Yeah, Mr. Chair.

04:58:55Source

Treasurer of the Philippines Sharon P. Almanza

asr-004904

The debt-stabilizing primary balance,

04:58:58Source

Treasurer of the Philippines Sharon P. Almanza

asr-004905

based on our debt...

04:58:59Source

Treasurer of the Philippines Sharon P. Almanza

asr-004906

Our debt sustainability analysis computation, it's about 0.9% of GDP, Mr. Chair.

04:59:06Source

Senator Joseph Victor "JV" G. Ejercito

asr-004907

Primary balance or primary deficit.

04:59:17Source

Senator Joel Villanueva

asr-004908

So dapat po 0.9% of?

04:59:20Source

Treasurer of the Philippines Sharon P. Almanza

asr-004909

0.9% of GDP primary deficit.

04:59:32Source

Senator Risa Hontiveros

asr-004910

Thank you.

04:59:33Source

Senator Joseph Victor "JV" G. Ejercito

asr-004911

Thank you, Senator Riz.

04:59:35Source

Senator Risa Hontiveros

asr-004912

Yes, salamat, Mr. Chair.

04:59:36Source

Senator Risa Hontiveros

asr-004913

So slide 18 pala po, sorry.

04:59:39Source

Senator Risa Hontiveros

asr-004914

Balikan po natin yung slide 18 ng DEP-DEV tungkol dun sa external risks at internal

04:59:44Source

Senator Risa Hontiveros

asr-004915

or domestic risks na hadlang sa pag-abot natin sa mga targets sa mga susunod na taon.

04:59:51Source

Senator Risa Hontiveros

asr-004916

So, yan.

04:59:54Source

Senator Risa Hontiveros

asr-004917

Totoo po yung weak consumer and business sentiment.

04:59:58Source

Senator Risa Hontiveros

asr-004918

So di gumagastos yung...

05:00:00Source

Senator Risa Hontiveros

asr-004919

maraming pamilya

05:00:01Source

Senator Risa Hontiveros

asr-004920

kasi ubos na yung ipon. Kanina nabanggit din

05:00:04Source

Senator Risa Hontiveros

asr-004921

yung very low savings rate

05:00:06Source

Senator Risa Hontiveros

asr-004922

at di rin lumalaki yung

05:00:08Source

Senator Risa Hontiveros

asr-004923

kita ng mga working people.

05:00:10Source

Senator Risa Hontiveros

asr-004924

So, slide ng

05:00:11Source

Senator Risa Hontiveros

asr-004925

DepDev, pero tanong ko sa

05:00:13Source

Senator Risa Hontiveros

asr-004926

DOF, paano magbibigay

05:00:16Source

Senator Risa Hontiveros

asr-004927

ng confidence itong

05:00:17Source

Senator Risa Hontiveros

asr-004928

proposed 2027 budget?

05:00:20Source

Senator Risa Hontiveros

asr-004929

Paano nito ma-empower

05:00:22Source

Senator Risa Hontiveros

asr-004930

yung mga Pilipino na

05:00:23Source

Senator Risa Hontiveros

asr-004931

mas gumastos at

05:00:25Source

Senator Risa Hontiveros

asr-004932

mas mag-invest din?

05:00:34Source

DEPDev Secretary Arsenio M. Balisacan

asr-004933

May I file?

05:00:36Source

Senator Joseph Victor "JV" G. Ejercito

asr-004934

Yes, please, SecRC.

05:00:37Source

DEPDev Secretary Arsenio M. Balisacan

asr-004935

Just to clarify,

05:00:40Source

DEPDev Secretary Arsenio M. Balisacan

asr-004936

Your Honor, Mr. Chair, that

05:00:41Source

DEPDev Secretary Arsenio M. Balisacan

asr-004937

primarily the weak

05:00:44Source

DEPDev Secretary Arsenio M. Balisacan

asr-004938

consumer and business sentiment

05:00:45Source

DEPDev Secretary Arsenio M. Balisacan

asr-004939

has

05:00:47Source

DEPDev Secretary Arsenio M. Balisacan

asr-004940

arisen from

05:00:50Source

DEPDev Secretary Arsenio M. Balisacan

asr-004941

the two factors.

05:00:52Source

DEPDev Secretary Arsenio M. Balisacan

asr-004942

The high inflation

05:00:53Source

DEPDev Secretary Arsenio M. Balisacan

asr-004943

that

05:00:54Source

DEPDev Secretary Arsenio M. Balisacan

asr-004944

started in

05:00:57Source

DEPDev Secretary Arsenio M. Balisacan

asr-004945

March this year when

05:00:59Source

DEPDev Secretary Arsenio M. Balisacan

asr-004946

the Middle East conflict

05:01:01Source

DEPDev Secretary Arsenio M. Balisacan

asr-004947

erupted.

05:01:03Source

DEPDev Secretary Arsenio M. Balisacan

asr-004948

That significantly

05:01:04Source

DEPDev Secretary Arsenio M. Balisacan

asr-004949

reduced the purchasing power

05:01:07Source

DEPDev Secretary Arsenio M. Balisacan

asr-004950

of households.

05:01:10Source

DEPDev Secretary Arsenio M. Balisacan

asr-004951

Then, on the business

05:01:11Source

DEPDev Secretary Arsenio M. Balisacan

asr-004952

side, I think

05:01:13Source

DEPDev Secretary Arsenio M. Balisacan

asr-004953

it's the scandals

05:01:15Source

DEPDev Secretary Arsenio M. Balisacan

asr-004954

that are associated with the

05:01:18Source

DEPDev Secretary Arsenio M. Balisacan

asr-004955

infrastructure mess

05:01:19Source

DEPDev Secretary Arsenio M. Balisacan

asr-004956

also

05:01:20Source

DEPDev Secretary Arsenio M. Balisacan

asr-004957

reduced

05:01:22Source

DEPDev Secretary Arsenio M. Balisacan

asr-004958

their confidence

05:01:26Source

DEPDev Secretary Arsenio M. Balisacan

asr-004959

and sentiment.

05:01:28Source

DEPDev Secretary Arsenio M. Balisacan

asr-004960

So, those two sides,

05:01:29Source

DEPDev Secretary Arsenio M. Balisacan

asr-004961

two factors, Madam Chair.

05:01:32Source

DEPDev Secretary Arsenio M. Balisacan

asr-004962

It's really the inflation,

05:01:34Source

DEPDev Secretary Arsenio M. Balisacan

asr-004963

the sharp increase in inflation,

05:01:36Source

DEPDev Secretary Arsenio M. Balisacan

asr-004964

which also,

05:01:38Source

DEPDev Secretary Arsenio M. Balisacan

asr-004965

together with the

05:01:39Source

DEPDev Secretary Arsenio M. Balisacan

asr-004966

Middle East conflict,

05:01:41Source

DEPDev Secretary Arsenio M. Balisacan

asr-004967

had led to a slowing down,

05:01:43Source

DEPDev Secretary Arsenio M. Balisacan

asr-004968

as I said, of growth and that

05:01:45Source

DEPDev Secretary Arsenio M. Balisacan

asr-004969

affected also the employment opportunities.

05:01:48Source

DEPDev Secretary Arsenio M. Balisacan

asr-004970

Unemployment rate

05:01:49Source

DEPDev Secretary Arsenio M. Balisacan

asr-004971

pick up a bit.

05:01:51Source

DEPDev Secretary Arsenio M. Balisacan

asr-004972

And so, again, that impacted

05:01:52Source

DEPDev Secretary Arsenio M. Balisacan

asr-004973

on the consumption

05:01:55Source

DEPDev Secretary Arsenio M. Balisacan

asr-004974

side of the economy.

05:01:57Source

Senator Risa Hontiveros

asr-004975

Kaya nga po, Sec,

05:01:59Source

Senator Risa Hontiveros

asr-004976

Mr. Chair, itong

05:02:01Source

Senator Risa Hontiveros

asr-004977

high inflation

05:02:03Source

Senator Risa Hontiveros

asr-004978

at saka,

05:02:04Source

Senator Risa Hontiveros

asr-004979

yung impact

05:02:05Source

Senator Risa Hontiveros

asr-004980

ng corruption

05:02:07Source

Senator Risa Hontiveros

asr-004981

scandals, created or

05:02:09Source

Senator Risa Hontiveros

asr-004982

exacerbated this domestic risk

05:02:11Source

Senator Risa Hontiveros

asr-004983

na mahina yung

05:02:13Source

Senator Risa Hontiveros

asr-004984

consumer sentiment at mahina

05:02:15Source

Senator Risa Hontiveros

asr-004985

din yung business or investment

05:02:17Source

Senator Risa Hontiveros

asr-004986

sentiment. So, kung ito yung

05:02:19Source

Senator Risa Hontiveros

asr-004987

domestic risk, isang domestic risk na hinahanap

05:02:21Source

Senator Risa Hontiveros

asr-004988

natin, ang tanong ko,

05:02:23Source

Senator Risa Hontiveros

asr-004989

paano itong proposed 2027

05:02:25Source

Senator Risa Hontiveros

asr-004990

budget mag-a-address dyan?

05:02:27Source

Senator Risa Hontiveros

asr-004991

Paano yung 27 budget,

05:02:30Source

Senator Risa Hontiveros

asr-004992

2027 budget,

05:02:32Source

Senator Risa Hontiveros

asr-004993

mas mag-i-inspire ng

05:02:33Source

Senator Risa Hontiveros

asr-004994

confidence,

05:02:34Source

Senator Risa Hontiveros

asr-004995

sa mga pamilyang Pilipino

05:02:36Source

Senator Risa Hontiveros

asr-004996

na gumastos, paano yung

05:02:38Source

Senator Risa Hontiveros

asr-004997

2027 budget,

05:02:40Source

Senator Risa Hontiveros

asr-004998

mas gagawing confident yung mga

05:02:41Source

Senator Risa Hontiveros

asr-004999

domestic investors natin na mag-invest

05:02:44Source

Senator Risa Hontiveros

asr-005000

as a way of addressing

05:02:45Source

Senator Risa Hontiveros

asr-005001

this domestic risk?

05:02:48Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005002

Mr. Chair, Your Honor,

05:02:50Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005003

we have noted that the slide

05:02:51Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005004

particularly specified

05:02:54Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005005

governance concerns as

05:02:55Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005006

driver for this weak consumer and

05:02:57Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005007

business sentiment. And if we look at

05:02:59Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005008

the 2027 budget,

05:03:02Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005009

what we can actually say is that,

05:03:04Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005010

all items that have landed in

05:03:06Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005011

the NEP actually underwent

05:03:07Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005012

strict scrutiny from our level,

05:03:10Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005013

then the level of the Cabinet, the

05:03:11Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005014

President, and we can assure that

05:03:14Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005015

the DBM has available

05:03:15Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005016

data on all

05:03:18Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005017

the project profiles.

05:03:20Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005018

Not to mention, number one, DPWH

05:03:22Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005019

project. It took us really a while

05:03:24Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005020

to ensure and to

05:03:26Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005021

skim all the

05:03:27Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005022

sets of documents, bundles of

05:03:30Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005023

documents that we really require

05:03:32Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005024

DPWH to

05:03:34Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005025

submit to DBM to ensure

05:03:36Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005026

that those projects will

05:03:38Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005027

really be a thing of the past. So,

05:03:40Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005028

that's one thing that we can assure

05:03:42Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005029

the Filipino people that the budget

05:03:44Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005030

that we are proposing really underwent

05:03:46Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005031

strict scrutiny.

05:03:47Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005032

And if spent properly,

05:03:50Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005033

we'll be able to give multiplier effect

05:03:52Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005034

in terms of jobs, generation,

05:03:54Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005035

and other economic activities, Your Honor,

05:03:56Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005036

Mr. Chair.

05:03:57Source

Senator Risa Hontiveros

asr-005037

Mr. Chair, go first before my

05:04:00Source

Senator Risa Hontiveros

asr-005038

follow-up.

05:04:01Source

DOF Secretary Frederick D. Go

asr-005039

Mr. Chair, Your Honor,

05:04:03Source

DOF Secretary Frederick D. Go

asr-005040

I understand you're asking about

05:04:04Source

DOF Secretary Frederick D. Go

asr-005041

what we're doing to improve business sentiment.

05:04:07Source

Senator Risa Hontiveros

asr-005042

Consumer sentiment po,

05:04:09Source

Senator Risa Hontiveros

asr-005043

it means greater spending,

05:04:11Source

Senator Risa Hontiveros

asr-005044

and yes, investor confidence

05:04:13Source

Senator Risa Hontiveros

asr-005045

through the 2027

05:04:15Source

Senator Risa Hontiveros

asr-005046

budget to address this weak

05:04:16Source

Senator Risa Hontiveros

asr-005047

consumer and business sentiment.

05:04:20Source

DOF Secretary Frederick D. Go

asr-005048

Let's stand here.

05:04:22Source

Senator Risa Hontiveros

asr-005049

Yes, sir.

05:04:24Source

DOF Secretary Frederick D. Go

asr-005050

Sorry, my answer would have been what we

05:04:26Source

DOF Secretary Frederick D. Go

asr-005051

are doing to improve investments

05:04:28Source

DOF Secretary Frederick D. Go

asr-005052

and the business sentiment, but not

05:04:30Source

DOF Secretary Frederick D. Go

asr-005053

through the budget. All right, sir.

05:04:32Source

Senator Risa Hontiveros

asr-005054

But maybe later, we would

05:04:34Source

Senator Risa Hontiveros

asr-005055

also appreciate that. But just to continue

05:04:36Source

Senator Risa Hontiveros

asr-005056

for now, Mr. Chair, sa

05:04:37Source

Senator Risa Hontiveros

asr-005057

DBM, para mas konkreto pa, pwede

05:04:40Source

Senator Risa Hontiveros

asr-005058

bang i-point out yung ilang

05:04:42Source

Senator Risa Hontiveros

asr-005059

items dun sa proposed

05:04:43Source

Senator Risa Hontiveros

asr-005060

2027 budget na

05:04:46Source

Senator Risa Hontiveros

asr-005061

bibigyan ng higit na kumpiyansa

05:04:48Source

Senator Risa Hontiveros

asr-005062

yung Filipino consumer na

05:04:50Source

Senator Risa Hontiveros

asr-005063

gumastos? Una,

05:04:52Source

Senator Risa Hontiveros

asr-005064

increase yung purchasing power nila,

05:04:54Source

Senator Risa Hontiveros

asr-005065

at pangalawa, mas gawing

05:04:55Source

Senator Risa Hontiveros

asr-005066

confidence sila na gumastos.

05:04:59Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005067

Well, number one,

05:05:01Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005068

Your Honor, Mr. Chair,

05:05:02Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005069

when we look at,

05:05:04Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005070

our infrastructure target

05:05:06Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005071

spending, we always look at the greatest

05:05:08Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005072

multiplier as this generates

05:05:10Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005073

job for our people. And hence, once we

05:05:12Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005074

are able to give them jobs, they will

05:05:14Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005075

have improved purchasing power.

05:05:16Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005076

So, we will be able to roll

05:05:18Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005077

out this infrastructure

05:05:20Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005078

projects on time because

05:05:21Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005079

it's also the same reason why economic

05:05:24Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005080

growth has slowed down for

05:05:25Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005081

2026 precisely because of the

05:05:28Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005082

delayed implementation of our infrastructure

05:05:30Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005083

projects. But with the

05:05:32Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005084

readiness of all the

05:05:34Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005085

documents necessary to ensure

05:05:36Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005086

immediate implementation of the

05:05:38Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005087

projects, in fact, not only

05:05:40Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005088

DPWH, but all the agencies

05:05:42Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005089

with the respective infrastructure projects

05:05:44Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005090

can already undertake early

05:05:46Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005091

procurement for all these projects

05:05:48Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005092

so that once the GAA is enacted

05:05:50Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005093

as early as January, works

05:05:52Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005094

can actually commence, jobs may be

05:05:54Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005095

generated, and those who

05:05:56Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005096

may be employed by government projects

05:05:58Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005097

may have additional purchasing

05:06:00Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005098

power to spend more

05:06:02Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005099

and contribute to economic

05:06:04Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005100

activities.

05:06:05Source

Senator Risa Hontiveros

asr-005101

And lastly, Sek,

05:06:06Source

Senator Risa Hontiveros

asr-005102

leading back to Sekgo also, but

05:06:09Source

Senator Risa Hontiveros

asr-005103

particularly through the budget,

05:06:12Source

Senator Risa Hontiveros

asr-005104

paano niyo dadagdagan yung confidence

05:06:13Source

Senator Risa Hontiveros

asr-005105

yung mga domestic

05:06:14Source

Senator Risa Hontiveros

asr-005106

investors at ibang businesses

05:06:17Source

Senator Risa Hontiveros

asr-005107

to put their money

05:06:19Source

Senator Risa Hontiveros

asr-005108

into this

05:06:21Source

Senator Risa Hontiveros

asr-005109

moving forward?

05:06:23Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005110

Your Honor,

05:06:24Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005111

Mr. Chair, we continue to implement

05:06:27Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005112

governance reforms.

05:06:30Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005113

We continue to improve not only

05:06:32Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005114

from the budget preparation perspective,

05:06:34Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005115

so even at the budget execution

05:06:36Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005116

and accountability perspective,

05:06:38Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005117

we are continuously

05:06:40Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005118

working on ways and means

05:06:42Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005119

how we can make the implementation

05:06:44Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005120

of the budget more accountable

05:06:45Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005121

to improve confidence of

05:06:48Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005122

investors and businesses.

05:06:50Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005123

In fact, we have launched

05:06:51Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005124

as well the DBM Compass

05:06:54Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005125

which you can access through

05:06:56Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005126

compass.dbm.gov.ph

05:06:58Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005127

which will enable

05:06:59Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005128

an ordinary citizen, a business

05:07:02Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005129

owner to track government

05:07:03Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005130

allotments, allocations,

05:07:06Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005131

cash releases in an almost

05:07:07Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005132

near real-time basis.

05:07:09Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005133

We're also linking this with our

05:07:11Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005134

digital monitoring and evaluation

05:07:13Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005135

to assure our people that

05:07:15Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005136

their hard-earned money paid

05:07:17Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005137

through taxes actually goes to

05:07:19Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005138

projects by utilizing technology.

05:07:22Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005139

We will not just simply be relying

05:07:23Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005140

on paper

05:07:25Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005141

photos

05:07:27Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005142

that a project has actually been

05:07:29Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005143

completed because we can already validate

05:07:31Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005144

those through satellite

05:07:33Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005145

imagery through Project DIME.

05:07:35Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005146

So these things at the governance level,

05:07:38Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005147

Your Honor, Mr. Chair,

05:07:39Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005148

we are trying to improve

05:07:41Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005149

to assure our people,

05:07:43Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005150

business alike and civil society

05:07:45Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005151

that government is doing everything

05:07:47Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005152

to give them the best

05:07:49Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005153

value for every peso that we manage.

05:07:52Source

Senator Risa Hontiveros

asr-005154

Lastly, Mr. Chair,

05:07:53Source

Senator Risa Hontiveros

asr-005155

if I still have half a minute,

05:07:55Source

Senator Risa Hontiveros

asr-005156

just another

05:07:57Source

Senator Risa Hontiveros

asr-005157

follow-up.

05:07:59Source

Senator Risa Hontiveros

asr-005158

Kasi gusto kong sundan

05:08:01Source

Senator Risa Hontiveros

asr-005159

yung point that you raised about

05:08:03Source

Senator Risa Hontiveros

asr-005160

sinusuportahan nyo dito sa proposed

05:08:05Source

Senator Risa Hontiveros

asr-005161

budget, yung infraspending

05:08:07Source

Senator Risa Hontiveros

asr-005162

in the middle of a slowdown.

05:08:10Source

Senator Risa Hontiveros

asr-005163

So actually talaga,

05:08:11Source

Senator Risa Hontiveros

asr-005164

bumagsak yung construction.

05:08:13Source

Senator Risa Hontiveros

asr-005165

So nabangit din kanina ng

05:08:15Source

Senator Risa Hontiveros

asr-005166

Banko Sentral na hindi lang

05:08:17Source

Senator Risa Hontiveros

asr-005167

langis, or kaugnay nung

05:08:19Source

Senator Risa Hontiveros

asr-005168

nabangit nila, actually hindi lang langis at

05:08:21Source

Senator Risa Hontiveros

asr-005169

AI ang kulang.

05:08:23Source

Senator Risa Hontiveros

asr-005170

Ang isa pa talagang bumagsak nga sa atin

05:08:25Source

Senator Risa Hontiveros

asr-005171

ay yung public construction.

05:08:28Source

Senator Risa Hontiveros

asr-005172

32 by 32.4%

05:08:31Source

Senator Risa Hontiveros

asr-005173

at yung puhunan sa apat

05:08:33Source

Senator Risa Hontiveros

asr-005174

na magkakasunod na quarters.

05:08:36Source

Senator Risa Hontiveros

asr-005175

Dahil sa skandalo nga

05:08:37Source

Senator Risa Hontiveros

asr-005176

ng flood control na binanggit

05:08:39Source

Senator Risa Hontiveros

asr-005177

around the table ng DBCC,

05:08:41Source

Senator Risa Hontiveros

asr-005178

nawala ng katiyakan yung procurement

05:08:43Source

Senator Risa Hontiveros

asr-005179

at nabawasan ang mga bidders

05:08:45Source

Senator Risa Hontiveros

asr-005180

sa infrastructure project.

05:08:47Source

Senator Risa Hontiveros

asr-005181

At wala namang barkong

05:08:49Source

Senator Risa Hontiveros

asr-005182

humarang sa Hormuz ang gumawa nito.

05:08:51Source

Senator Risa Hontiveros

asr-005183

It was really in relation to that

05:08:53Source

Senator Risa Hontiveros

asr-005184

other big factor.

05:08:55Source

Senator Risa Hontiveros

asr-005185

So huling tanong ko sa DBM sa ngayon,

05:08:58Source

Senator Risa Hontiveros

asr-005186

paano mapapabalik

05:08:59Source

Senator Risa Hontiveros

asr-005187

at mapapabilis ang

05:09:01Source

Senator Risa Hontiveros

asr-005188

disbursement sa infrastructure project?

05:09:03Source

Senator Risa Hontiveros

asr-005189

Sa papasok na taon.

05:09:06Source

Senator Risa Hontiveros

asr-005190

Paano tayo makakasiguro na

05:09:08Source

Senator Risa Hontiveros

asr-005191

law abiding ang sasali

05:09:09Source

Senator Risa Hontiveros

asr-005192

na contractors?

05:09:11Source

Senator Risa Hontiveros

asr-005193

Hindi magiging failed ang bidding?

05:09:13Source

Senator Risa Hontiveros

asr-005194

At tugma sa master plan

05:09:16Source

Senator Risa Hontiveros

asr-005195

yung mga proyektong ito?

05:09:19Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005196

Mr. Chair,

05:09:20Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005197

Your Honor, we are approaching it

05:09:22Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005198

in multiple fronts.

05:09:23Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005199

Number one, in terms of budget preparation

05:09:25Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005200

as we have said. Ngayon pa lang po,

05:09:27Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005201

as early as now,

05:09:29Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005202

ayos na po ang mga program of works,

05:09:32Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005203

detail engineering,

05:09:33Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005204

nang lahat po ng proyekto

05:09:34Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005205

na nasa 2027.

05:09:37Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005206

We would admit

05:09:39Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005207

there was some level of adjustment

05:09:42Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005208

at the level of the DPWH

05:09:43Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005209

when we required this level of details

05:09:46Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005210

but we really had to

05:09:48Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005211

require all of them because

05:09:49Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005212

not only we will improve accountability

05:09:51Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005213

in terms of budget preparation

05:09:53Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005214

but this will also improve execution

05:09:55Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005215

because once all these program of works

05:09:58Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005216

are actually ready, they can do

05:09:59Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005217

early procurement, publish it early

05:10:02Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005218

and

05:10:03Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005219

award it as early as January.

05:10:05Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005220

So that's an assurance that we can give

05:10:06Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005221

once the budget is passed.

05:10:08Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005222

And this is also complemented by the continuous reforms

05:10:11Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005223

that we are introducing

05:10:12Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005224

with the implementation of the new government

05:10:14Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005225

procurement act. With several transparency

05:10:17Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005226

measures already provided for

05:10:19Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005227

in the law, we have now

05:10:21Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005228

more transparency in terms of

05:10:23Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005229

the procurement proceedings,

05:10:25Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005230

the live streaming of the

05:10:27Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005231

procurement proceedings and more

05:10:28Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005232

requirements for the agencies to

05:10:30Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005233

publicize the respective activities.

05:10:33Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005234

As to safeguarding the budget

05:10:35Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005235

from scrupulous contractors,

05:10:38Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005236

we continue working together

05:10:40Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005237

with other oversight agencies,

05:10:42Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005238

the DBM being also the

05:10:44Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005239

ex-officio chair of the

05:10:46Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005240

Government Procurement Policy Board.

05:10:48Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005241

We are working closely with other oversight agencies

05:10:51Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005242

like the Securities and Exchange Commission

05:10:53Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005243

in order to improve the level of governance

05:10:57Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005244

that's being required, particularly from

05:10:59Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005245

contractors who are participating

05:11:02Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005246

into public policy.

05:11:03Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005247

Public works contracts or infrastructure

05:11:05Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005248

works contracts by the government.

05:11:07Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005249

So we're addressing it in various fronts,

05:11:09Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005250

Your Honor, Mr. Chair.

05:11:10Source

Senator Risa Hontiveros

asr-005251

Mr. Chair, as I close my participation

05:11:13Source

Senator Risa Hontiveros

asr-005252

in this round, I can hear murmurs around the table

05:11:15Source

Senator Risa Hontiveros

asr-005253

and Senator Ping would like to interject.

05:11:17Source

Senator Panfilo Lacson

asr-005254

Kunti interjection because interestingly,

05:11:20Source

Senator Panfilo Lacson

asr-005255

ang sabi niyo po, Secretary,

05:11:22Source

Senator Panfilo Lacson

asr-005256

yung budget preparation

05:11:24Source

Senator Panfilo Lacson

asr-005257

ay

05:11:25Source

Senator Panfilo Lacson

asr-005258

execution ready.

05:11:28Source

Senator Panfilo Lacson

asr-005259

Merong programs of work,

05:11:30Source

Senator Panfilo Lacson

asr-005260

etc.

05:11:30Source

Senator Panfilo Lacson

asr-005261

Pero may nakita kaming

05:11:32Source

Senator Panfilo Lacson

asr-005262

180.

05:11:33Source

Senator Panfilo Lacson

asr-005263

million each.

05:11:35Source

Senator Panfilo Lacson

asr-005264

Intended.

05:11:36Source

Senator Panfilo Lacson

asr-005265

Lamsang po ito eh kasi intended

05:11:38Source

Senator Panfilo Lacson

asr-005266

for all 17 regions.

05:11:41Source

Senator Panfilo Lacson

asr-005267

Evacuation centers.

05:11:42Source

Senator Panfilo Lacson

asr-005268

Eh walang malang

05:11:44Source

Senator Panfilo Lacson

asr-005269

nakaspecify saan lugar sa region.

05:11:47Source

Senator Panfilo Lacson

asr-005270

Ilan ba yung regions na marami

05:11:48Source

Senator Panfilo Lacson

asr-005271

na evacuation centers? Walang specifics.

05:11:51Source

Senator Panfilo Lacson

asr-005272

So,

05:11:52Source

Senator Panfilo Lacson

asr-005273

much as I would like to believe you,

05:11:57Source

Senator Panfilo Lacson

asr-005274

iba naman ang sinasabi doon sa NEP.

05:12:00Source

Senator Panfilo Lacson

asr-005275

Ayan o.

05:12:01Source

Senator Panfilo Lacson

asr-005276

180 million each.

05:12:03Source

Senator Panfilo Lacson

asr-005277

And mind you,

05:12:05Source

Senator Panfilo Lacson

asr-005278

it's not only for 2027.

05:12:09Source

Senator Panfilo Lacson

asr-005279

Nakakita rin kami ng

05:12:09Source

Senator Panfilo Lacson

asr-005280

100 million each for 2026.

05:12:12Source

Senator Panfilo Lacson

asr-005281

Ganyan din po.

05:12:13Source

Senator Panfilo Lacson

asr-005282

And of course, sa DPWS na namin

05:12:16Source

Senator Panfilo Lacson

asr-005283

tatanungin yan. Pero since

05:12:17Source

Senator Panfilo Lacson

asr-005284

this is also part of policy,

05:12:20Source

Senator Panfilo Lacson

asr-005285

bakit yung pinayagan sa

05:12:21Source

Senator Panfilo Lacson

asr-005286

DBCC na magkaroon ng

05:12:24Source

Senator Panfilo Lacson

asr-005287

budget ng item

05:12:26Source

Senator Panfilo Lacson

asr-005288

eh halos blanco.

05:12:28Source

Senator Panfilo Lacson

asr-005289

May amount, walang

05:12:30Source

Senator Panfilo Lacson

asr-005290

specs.

05:12:30Source

Senator Panfilo Lacson

asr-005291

Thank you.

05:12:33Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005292

Mr. Chair,

05:12:34Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005293

your honor, if we may respond,

05:12:37Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005294

these items actually correspond

05:12:39Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005295

to the amounts necessary

05:12:41Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005296

to implement Republic Act

05:12:43Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005297

12076

05:12:44Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005298

or the Ligtas Pinoy Centers Act.

05:12:47Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005299

So that's why these are

05:12:48Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005300

evacuation centers.

05:12:52Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005301

But ultimately, your honor, if these are

05:12:54Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005302

the projects, at the

05:12:57Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005303

time it was proposed, as per

05:12:58Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005304

the representation of the DPWH,

05:13:01Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005305

OCD still has to

05:13:03Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005306

finalize the list. But

05:13:04Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005307

I'm not saying this is an exception

05:13:06Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005308

from the earlier statement.

05:13:09Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005309

But items like this, meaning

05:13:11Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005310

those that are generic or what we call

05:13:13Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005311

centrally managed

05:13:15Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005312

items, are not included

05:13:16Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005313

in those projects that can be

05:13:18Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005314

procured early. Because we still require

05:13:21Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005315

the agencies as part of the

05:13:23Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005316

management function of the DBM

05:13:24Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005317

for the centrally managed items

05:13:27Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005318

to still submit to us the

05:13:28Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005319

final details before this

05:13:31Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005320

gets to be implemented.

05:13:33Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005321

So this one, your honor, Mr.

05:13:35Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005322

Chair, as the nature of

05:13:37Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005323

the projects,

05:13:39Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005324

they are still being identified by the

05:13:41Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005325

OCD, but we'll be working with

05:13:42Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005326

the DPWH if

05:13:44Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005327

possible during the course of the

05:13:46Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005328

discussion of the budget, the list can

05:13:48Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005329

already be provided, your honor.

05:13:51Source

Senator Panfilo Lacson

asr-005330

Di po po dapat sa budget preparation?

05:13:54Source

Senator Panfilo Lacson

asr-005331

Naando na yun.

05:13:56Source

Senator Panfilo Lacson

asr-005332

Submitted na.

05:13:57Source

Senator Panfilo Lacson

asr-005333

This would

05:13:59Source

Senator Panfilo Lacson

asr-005334

amount to something like

05:14:00Source

Senator Panfilo Lacson

asr-005335

3.60 or

05:14:02Source

Senator Panfilo Lacson

asr-005336

3.06 billion

05:14:04Source

Senator Panfilo Lacson

asr-005337

pesos. Now,

05:14:06Source

Senator Panfilo Lacson

asr-005338

nag-sampling po kami kasi yung

05:14:08Source

Senator Panfilo Lacson

asr-005339

dati, yung PDRF. Alam ni

05:14:10Source

Senator Panfilo Lacson

asr-005340

Yusek Rosito

05:14:12Source

Senator Panfilo Lacson

asr-005341

kasi we worked with her

05:14:14Source

Senator Panfilo Lacson

asr-005342

sa Yolanda.

05:14:16Source

Senator Panfilo Lacson

asr-005343

Ang isang evacuation center

05:14:18Source

Senator Panfilo Lacson

asr-005344

in 2013,

05:14:22Source

Senator Panfilo Lacson

asr-005345

2014,

05:14:23Source

Senator Panfilo Lacson

asr-005346

ayan o, hanggang ngayon,

05:14:24Source

Senator Panfilo Lacson

asr-005347

ganyan pa, itsura niyan, 12.77

05:14:26Source

Senator Panfilo Lacson

asr-005348

million. Ilang evacuation

05:14:28Source

Senator Panfilo Lacson

asr-005349

centers following

05:14:30Source

Senator Panfilo Lacson

asr-005350

this model,

05:14:31Source

Senator Panfilo Lacson

asr-005351

ang mapapagawa ng

05:14:33Source

Senator Panfilo Lacson

asr-005352

3.06 billion.

05:14:36Source

Senator Panfilo Lacson

asr-005353

12 points,

05:14:37Source

Senator Panfilo Lacson

asr-005354

i-incorporate na natin, i-input na

05:14:39Source

Senator Panfilo Lacson

asr-005355

natin yung 75

05:14:41Source

Senator Panfilo Lacson

asr-005356

centavos na lamang

05:14:43Source

Senator Panfilo Lacson

asr-005357

ang

05:14:44Source

Senator Panfilo Lacson

asr-005358

equivalent ng 1 peso

05:14:47Source

Senator Panfilo Lacson

asr-005359

noong 2018. And probably,

05:14:50Source

Senator Panfilo Lacson

asr-005360

kung 2014,

05:14:52Source

Senator Panfilo Lacson

asr-005361

baka 60 centavos

05:14:53Source

Senator Panfilo Lacson

asr-005362

na lang ngayon, ang equivalent.

05:14:56Source

Senator Panfilo Lacson

asr-005363

Kung i-incorporate pa rin

05:14:57Source

Senator Panfilo Lacson

asr-005364

natin yun, i-input natin yun,

05:15:00Source

Senator Panfilo Lacson

asr-005365

Ang daming evacuation center niyan,

05:15:01Source

Senator Panfilo Lacson

asr-005366

Mr. Secretary.

05:15:03Source

Senator Panfilo Lacson

asr-005367

Anyway, so much for that.

05:15:04Source

Senator Panfilo Lacson

asr-005368

We'll discuss it with the DPWD officials

05:15:07Source

Senator Panfilo Lacson

asr-005369

pagka dating ng budget.

05:15:09Source

Senator Panfilo Lacson

asr-005370

Pinoint out ko lang para lang

05:15:11Source

Senator Panfilo Lacson

asr-005371

sa budget preparation

05:15:13Source

Senator Panfilo Lacson

asr-005372

kasi this is within your jurisdiction.

05:15:17Source

Senator Panfilo Lacson

asr-005373

Eh, sabi mo kasi kanina,

05:15:18Source

Senator Panfilo Lacson

asr-005374

execution ready.

05:15:20Source

Senator Panfilo Lacson

asr-005375

So, you know,

05:15:21Source

Senator Panfilo Lacson

asr-005376

napareact lang ako.

05:15:22Source

Senator Panfilo Lacson

asr-005377

Thank you.

05:15:24Source

Senator Risa Hontiveros

asr-005378

Mr. Chair, I'll wait for the third round.

05:15:26Source

Senator Joseph Victor "JV" G. Ejercito

asr-005379

Thank you.

05:15:26Source

Senator Joseph Victor "JV" G. Ejercito

asr-005380

Next is Senator Aquino

05:15:28Source

Senator Joseph Victor "JV" G. Ejercito

asr-005381

then Senator Joel Villalueva

05:15:29Source

Senator Joseph Victor "JV" G. Ejercito

asr-005382

because he's leaving at 3.30.

05:15:32Source

Senator Panfilo Lacson

asr-005383

Ay, Mr. Chairman,

05:15:35Source

Senator Panfilo Lacson

asr-005384

i-add ko lang.

05:15:36Source

Senator Panfilo Lacson

asr-005385

Ang estimate pala ng OCD,

05:15:38Source

Senator Panfilo Lacson

asr-005386

75 million per evacuation center.

05:15:41Source

Senator Panfilo Lacson

asr-005387

Ang layo sa 12,

05:15:43Source

Senator Panfilo Lacson

asr-005388

even inputting the inflation

05:15:46Source

Senator Panfilo Lacson

asr-005389

or inflation,

05:15:48Source

Senator Panfilo Lacson

asr-005390

sobra pa rin yung 75

05:15:49Source

Senator Panfilo Lacson

asr-005391

per evacuation center.

05:15:54Source

Senator Joseph Victor "JV" G. Ejercito

asr-005392

Please proceed, Senator Aquino.

05:15:57Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005393

Maraming salamat, Mr. Chairman.

05:15:59Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005394

I guess si Secretary Kim

05:16:01Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005395

can answer my questions

05:16:02Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005396

but you can of course ask your colleagues

05:16:04Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005397

to jump in, no?

05:16:07Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005398

Ang goal ho natin,

05:16:08Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005399

ang sasabihin ko po

05:16:09Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005400

pagkatapos ng tanungan,

05:16:11Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005401

what's right with Secretary Kim,

05:16:13Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005402

hindi what's wrong with Secretary Kim.

05:16:16Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005403

Kung di nyo alam,

05:16:17Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005404

di kayo nanood ng K-drama.

05:16:19Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005405

Di mo alam yun?

05:16:19Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005406

Di nyo alam?

05:16:20Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005407

Marami yung may alam dito.

05:16:22Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005408

Okay, so I will focus my questions

05:16:25Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005409

on the SONA highlights, no?

05:16:27Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005410

If you remember the SONA of the President,

05:16:29Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005411

very specific yung mga,

05:16:31Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005412

nabanggit niya,

05:16:32Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005413

ito yung mga nangibabaw,

05:16:34Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005414

ito yung mga umikot rin sa balita.

05:16:37Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005415

So I was very happy to see

05:16:39Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005416

that for the second year,

05:16:41Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005417

education was still the priority, no?

05:16:43Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005418

This was stated in 2025,

05:16:45Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005419

again in 2026.

05:16:48Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005420

So my question, Secretary Kim,

05:16:50Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005421

are you aware of the

05:16:51Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005422

10-year education plan of EDCOM?

05:16:54Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005423

Yes, Your Honor.

05:16:56Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005424

We are aware of the

05:16:57Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005425

output of the EDCOM, Your Honor.

05:16:59Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005426

Yes, so we submitted this,

05:17:01Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005427

in February,

05:17:02Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005428

I think Secretary Balisakan was,

05:17:03Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005429

might have been there also.

05:17:06Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005430

It maps out the 10-year plan for education,

05:17:10Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005431

which includes legislative measures

05:17:12Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005432

and budget requirements.

05:17:15Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005433

So I'm hoping,

05:17:16Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005434

and I know you're new, Secretary Kim,

05:17:18Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005435

but I'm hoping as we move forward,

05:17:21Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005436

pwede niyong ilapat

05:17:27Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005437

yung budgeting natin

05:17:28Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005438

with regard to the needs for education,

05:17:30Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005439

for the next 10 years.

05:17:33Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005440

Kasi yung spending ho natin

05:17:35Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005441

at the current level

05:17:36Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005442

or previous to 2026

05:17:38Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005443

is simply not enough, no?

05:17:40Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005444

To really make a dent

05:17:41Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005445

in our education space.

05:17:43Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005446

And thankfully, in 2026,

05:17:45Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005447

nagkaroon ng malaking jump,

05:17:47Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005448

umabot tayo sa 4%.

05:17:48Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005449

Our computation shows us

05:17:50Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005450

at 3.78%.

05:17:52Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005451

Your computation is 3.99%.

05:17:54Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005452

We're going to find out

05:17:56Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005453

ano yung difference.

05:17:57Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005454

I'm sure we will reach 4%, no?

05:17:59Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005455

With the commitments

05:18:00Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005456

of our colleagues here.

05:18:02Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005457

Pero maganda,

05:18:03Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005458

kung nakalapat ito,

05:18:05Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005459

based on the reforms that are happening,

05:18:08Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005460

for example,

05:18:09Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005461

si Secretary Arcee,

05:18:10Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005462

pinakita niya yung mga

05:18:11Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005463

LEDAC measures on education,

05:18:14Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005464

yung isa doon,

05:18:14Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005465

yung Enhanced National Nutrition Program,

05:18:18Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005466

which we're currently finalizing here,

05:18:20Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005467

that program will mandate

05:18:22Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005468

that feeding becomes universal

05:18:25Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005469

for K, Grade 1, Grade 2, and Grade 3.

05:18:28Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005470

Ngayon,

05:18:29Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005471

it's Kinder and Grade 3.

05:18:30Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005472

When this law is passed,

05:18:32Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005473

and again, it's a LEDAC measure,

05:18:34Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005474

madadagdagan ng Grade 2 and Grade 3

05:18:36Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005475

universal feeding.

05:18:39Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005476

That's about 3.5 to 4 million students.

05:18:42Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005477

Which means that the budget required for that

05:18:44Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005478

will also increase, no?

05:18:46Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005479

That's not taken into consideration

05:18:49Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005480

in the current NEP.

05:18:50Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005481

And we will try to increase it

05:18:52Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005482

through Congress and the Senate.

05:18:54Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005483

Pero maganda siguro, moving forward,

05:18:56Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005484

is that our economic managers,

05:18:58Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005485

since binanggit naman

05:18:59Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005486

ng education ang priority,

05:19:02Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005487

makita natin yung spending

05:19:03Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005488

based on the reforms that we need to do,

05:19:05Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005489

not just based on previous years' spending.

05:19:09Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005490

Because the reforms that we need to do,

05:19:10Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005491

napakarami niya,

05:19:12Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005492

malaki yung mga bump up natin,

05:19:14Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005493

and it would make our lives easier

05:19:16Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005494

if from the NEP,

05:19:18Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005495

nakapasok na yung mga reformang

05:19:20Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005496

tinatrabaho nating lahat.

05:19:23Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005497

And this is not just initiative

05:19:24Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005498

ng Senado at ng Kongreso,

05:19:25Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005499

because this measure is in the LEDAC.

05:19:27Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005500

So, ibig sabihin yan,

05:19:29Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005501

everyone here is expecting

05:19:31Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005502

that this will get passed.

05:19:33Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005503

If we expect it to get implemented,

05:19:35Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005504

we need to show that the budget is there for it.

05:19:38Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005505

Para hindi na ho kami yung magahanap pa na

05:19:41Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005506

at magbabawas-bawas kung saan-saan,

05:19:43Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005507

maganda kung galing na po sa inyo

05:19:44Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005508

kung saan po ito napupondohan.

05:19:46Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005509

Now, pagating sa edukasyon,

05:19:48Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005510

we're lower now by 60 billion pesos.

05:19:53Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005511

In the Senate, at least,

05:19:55Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005512

we are talking about how to restore this.

05:19:57Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005513

I hope you can work with us,

05:19:58Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005514

Secretary Kim.

05:19:59Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005515

On where we can look for budget to restore this

05:20:02Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005516

so we can again hit the mandated

05:20:05Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005517

or the prescribed 4% of GDP

05:20:08Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005518

which is the minimum spending for education

05:20:10Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005519

for any country.

05:20:12Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005520

So, we hope to reach that.

05:20:14Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005521

Nakikita ho kasi namin na

05:20:16Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005522

kung hindi natin

05:20:17Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005523

imemaintain yung ganong klaseng spending,

05:20:20Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005524

we might backslide.

05:20:21Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005525

And the reforms that are being done,

05:20:23Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005526

and to be fair, marami pong reformang ginagawa,

05:20:26Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005527

ay baka mawala ulit

05:20:27Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005528

kung kumonti ulit yung spending natin.

05:20:29Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005529

Now, pagating po sa classrooms,

05:20:32Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005530

we've had hearings on this.

05:20:33Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005531

I'm sure nakamonitor rin kayo.

05:20:34Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005532

Si Yusek Merian was our guest during that time.

05:20:38Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005533

Alam natin na to date,

05:20:40Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005534

mababa pa rin yung utilization nila.

05:20:42Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005535

Although, hinahabol po yan nila

05:20:43Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005536

Secretary Angara, no?

05:20:46Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005537

But, one thing that was raised by Yusek Merian

05:20:48Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005538

is that many of these funds

05:20:50Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005539

naka-FLR siya.

05:20:52Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005540

Kumbaga po, yung malaking pondo para sa classroom,

05:20:55Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005541

naka-for late release po siya.

05:20:57Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005542

So, do we have commitment

05:20:58Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005543

that if,

05:20:59Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005544

the MOAs are signed,

05:21:01Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005545

and the LGUs are,

05:21:03Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005546

well, the LGUs have been ready since February, honestly,

05:21:06Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005547

kung ito'y mababa sa mga LGU

05:21:08Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005548

at mabuo yung mga MOA,

05:21:10Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005549

that you will release these funds.

05:21:12Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005550

Kasi yung nakai,

05:21:14Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005551

tama ba to Yusek Merian?

05:21:15Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005552

Yung nakai,

05:21:17Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005553

yung nakai DepEd lang is 28 billion, right?

05:21:19Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005554

Diba?

05:21:20Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005555

While the budget is really 67 billion.

05:21:23Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005556

Yung balance po nun,

05:21:24Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005557

nasa inyo.

05:21:25Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005558

At hindi pa daw siya nakarelease.

05:21:27Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005559

So, may I get your commitment,

05:21:29Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005560

Secretary Kim,

05:21:30Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005561

that this will be released

05:21:31Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005562

so that we can have the utilization

05:21:34Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005563

so we can again fund classrooms for next year.

05:21:36Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005564

Go ahead.

05:21:37Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005565

Mr. Chair,

05:21:38Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005566

your honor to respond to the various points

05:21:40Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005567

of the good champion of the education sector.

05:21:44Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005568

Well, number one,

05:21:44Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005569

consistent with the message of the President,

05:21:47Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005570

we're really giving priority to education.

05:21:50Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005571

As a matter of fact,

05:21:51Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005572

I didn't highlight this

05:21:52Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005573

during the earlier presentation,

05:21:54Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005574

but if we didn't notice,

05:21:56Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005575

in the top 10,

05:21:57Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005576

there are actually two entries,

05:21:58Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005577

and this might be the first time

05:22:01Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005578

that we are seeing two entries for education

05:22:03Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005579

in the top 10.

05:22:04Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005580

Because previously,

05:22:06Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005581

there's just one aggregate entry for education,

05:22:09Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005582

which just means,

05:22:10Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005583

even if we separate higher education

05:22:12Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005584

from the basic education,

05:22:15Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005585

it still receives a significant amount

05:22:17Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005586

from the budget.

05:22:18Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005587

So, that's one manifestation

05:22:19Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005588

that the administration

05:22:21Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005589

really puts premium on education.

05:22:24Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005590

And we commit to fully support

05:22:27Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005591

these reforms

05:22:28Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005592

as

05:22:29Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005593

enshrined in the

05:22:30Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005594

development plan of

05:22:31Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005595

EDCOM.

05:22:33Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005604

As a matter of fact,

05:22:34Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005605

unlike other programs in the GAA,

05:22:38Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005606

which was introduced after the NEP,

05:22:40Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005607

we have actually retained the provisions

05:22:42Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005608

for the feeding program of DepEd,

05:22:45Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005609

although you may not see it

05:22:47Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005610

within the DepEd budget

05:22:48Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005611

because we have placed it directly

05:22:50Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005612

under the budget of the implementing agencies.

05:22:53Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005613

And I'm referring to the Philippine Carabao Center,

05:22:57Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005614

the National Dairy Authority,

05:22:58Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005615

so we have placed it under...

05:23:00Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005616

That's only the milk program,

05:23:01Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005617

that's not the main feeding program.

05:23:03Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005618

Yes, Your Honor.

05:23:04Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005619

While keeping the main feeding program budget

05:23:06Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005620

within DepEd.

05:23:07Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005621

So we have actually retained that

05:23:09Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005622

despite it not being part of the original NEP of 2026

05:23:13Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005623

because we believe in the power

05:23:14Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005624

of that particular intervention.

05:23:17Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005625

We also commit to provide,

05:23:19Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005626

Your Honor,

05:23:20Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005627

with the breakdown as to how we were able

05:23:22Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005628

to come up with a 3.99% claim

05:23:26Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005629

as to the total educational spending

05:23:28Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005630

budget.

05:23:31Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005631

As to the classroom budget,

05:23:34Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005632

we are glad to share to the Senate

05:23:37Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005633

that as I report to you this afternoon,

05:23:40Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005634

out of the 85 billion appropriations

05:23:43Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005635

for basic education facilities,

05:23:44Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005636

we have already released the allotments

05:23:46Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005637

about 60.5 billion to DepEd.

05:23:50Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005638

And I think I can say that

05:23:52Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005639

we work closely with Secretary Sonny,

05:23:54Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005640

with Yusek Edson.

05:23:56Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005641

In fact,

05:23:57Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005642

ang sabi ko nga po,

05:23:58Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005643

baka ako po yung,

05:23:58Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005644

unang DBM Sekretary,

05:24:00Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005645

na ako pa po yung nagre-request,

05:24:02Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005646

na i-request na po nila

05:24:03Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005647

yung mga allotments nila

05:24:06Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005648

precisely because we really would like

05:24:08Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005649

to facilitate all these priority interventions.

05:24:13Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005650

To be fair,

05:24:14Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005651

that was the same answer of Yusek Mary Ann

05:24:16Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005652

in the hearing, no?

05:24:17Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005653

So nabigay na po yung 60 plus out of,

05:24:20Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005654

was that 60 out of 80?

05:24:21Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005655

85, Your Honor.

05:24:22Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005656

60 out of 85.

05:24:24Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005657

But this is just released, no?

05:24:26Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005658

Hindi pa ito utilization.

05:24:27Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005659

Iba pa yung utilization ng DepEd.

05:24:28Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005660

That's correct, Your Honor.

05:24:29Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005661

So we have released the allotment

05:24:30Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005662

so DepEd can now facilitate

05:24:32Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005663

downloading of the funds to the LGUs

05:24:35Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005664

where they have memorandum of agreement

05:24:37Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005665

or proceed with the implementation

05:24:39Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005666

if this is in-house implementation

05:24:41Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005667

or for DPWH can already start

05:24:45Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005668

the procurement process.

05:24:46Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005669

Yes.

05:24:48Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005670

So if you can kindly work with us

05:24:51Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005671

to ensure that the utilization of DepEd

05:24:55Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005672

by the end of the year

05:24:56Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005673

is something acceptable to everyone.

05:24:58Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005674

So we can have a valid push

05:25:00Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005675

to have even more funding for next year

05:25:02Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005676

or at least funding that approximates

05:25:04Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005677

the funding that we have for this year.

05:25:06Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005678

Certainly, Your Honor.

05:25:07Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005679

But we would just like to add as well

05:25:09Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005680

that one of the considerations

05:25:10Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005681

for classroom budget for 2027

05:25:13Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005682

is not only because of the current year's budget

05:25:15Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005683

but we're also mindful

05:25:17Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005684

that there is a slated PPP project

05:25:19Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005685

for classroom building

05:25:21Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005686

which we target to award

05:25:23Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005687

and to start by 2027 as well.

05:25:26Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005688

But we commit to work with,

05:25:28Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005689

with Your Honor's office

05:25:29Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005690

to ensure that we have some sufficient funding

05:25:33Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005691

for more classrooms

05:25:34Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005692

because we acknowledge

05:25:35Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005693

that the gap is still big

05:25:36Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005694

and the first PPP project

05:25:38Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005695

may not be able to cover everything.

05:25:41Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005696

160,000.

05:25:44Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005697

So, see, Senator Ping was asking

05:25:47Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005698

what the shortage is, no?

05:25:48Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005699

When I entered the Senate, it was 160,000.

05:25:53Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005700

The national government only built 99 classrooms in 2025.

05:25:57Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005701

That was in our hearing.

05:25:58Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005702

That was in our hearing. That was in our hearing.

05:25:58Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005703

Secretary Dizon was, I think, two weeks old.

05:26:02Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005704

And he was also shocked by that number.

05:26:05Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005705

There's a commitment for almost 30,000 classrooms

05:26:07Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005706

by the President in the 2025 SONA,

05:26:09Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005707

if I'm not mistaken.

05:26:11Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005708

There's a huge budget for the first time

05:26:13Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005709

for classrooms in the 2026 budget

05:26:15Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005710

at 67 billion pesos.

05:26:17Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005711

Iba pa yan sa ibang BEFF

05:26:19Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005712

or Basic Education Facilities.

05:26:21Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005713

But we just haven't gotten it done.

05:26:25Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005714

Again, Yusek Merian was at our hearing.

05:26:27Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005715

Maraming reasons kung bakit sinabing delayed tayo.

05:26:30Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005716

But I'm hoping, Mr. Secretary,

05:26:33Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005717

we can do a push.

05:26:34Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005718

And again, binabanggit ko ulit yung 10-year education plan.

05:26:37Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005719

Kasi dyan natin makikita na kung hindi tayo pupondo

05:26:39Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005720

ng ganito kalaki for 10 years,

05:26:42Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005721

hindi natin mapupunuan yung kakulangan.

05:26:44Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005722

No?

05:26:44Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005723

The funding can't be 1 year or 2 years.

05:26:46Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005724

It has to be 10 years.

05:26:48Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005725

We're scratching the surface with 67 billion.

05:26:50Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005726

That's only about 20,000 classrooms.

05:26:52Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005727

The gap is 160,000 classrooms.

05:26:55Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005728

By the way, this gap was almost zero

05:26:57Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005729

in 2018, if I'm not mistaken.

05:27:01Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005730

So for the last 6 or 7 years,

05:27:03Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005731

this gap has ballooned.

05:27:04Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005732

And every time na umuulan,

05:27:06Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005733

every time nagkakalindol,

05:27:07Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005734

every time nagkakabaha,

05:27:09Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005735

1,000 classrooms at a time nasisira.

05:27:12Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005736

So we really need to fund this, Mr. Secretary.

05:27:14Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005737

Okay, let me move to something else.

05:27:16Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005738

Yung isa pong highlight in the SONA

05:27:18Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005739

was yung pagbanggit na gagawing tax exempt

05:27:22Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005740

ang 350,000 annual,

05:27:26Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005741

ang annual,

05:27:27Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005742

annual gross revenue of 350,000 and below

05:27:31Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005743

gagawing ng tax exempt.

05:27:33Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005744

Secretary Goh, may I know

05:27:34Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005745

what is the fiscal hit

05:27:36Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005746

through this measure?

05:27:42Source

DOF Secretary Frederick D. Go

asr-005747

Mr. Chair, Your Honor,

05:27:43Source

DOF Secretary Frederick D. Go

asr-005748

about 60 billion pesos.

05:27:45Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005749

60 billion.

05:27:46Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005750

Now, here in the Senate,

05:27:48Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005751

I think it's Senator Gatchalian's bill,

05:27:50Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005752

brings it up to 400,000.

05:27:53Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005753

My bill is actually at 480.

05:27:55Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005754

Would you have the differences?

05:27:57Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005755

Kunyari po, we did 400,

05:27:59Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005756

instead of 350,

05:28:00Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005757

or we did 480 instead of 350.

05:28:04Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005758

What would be the fiscal hit?

05:28:05Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005759

Para lang we have a better understanding, no?

05:28:08Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005760

Why do I say this?

05:28:11Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005761

When you look at,

05:28:11Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005762

and I will sound like a broken record here,

05:28:14Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005763

last year, pinag-usapan namin ni SecRC yung living wage.

05:28:17Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005764

I think if I'm not mistaken,

05:28:18Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005765

living wage in 2026 is about,

05:28:21Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005766

it's close to 40,000 for a family of five.

05:28:23Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005767

Tama po ba, Secretary Arsi?

05:28:30Source

DEPDev Secretary Arsenio M. Balisacan

asr-005768

Let... let...

05:28:31Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005769

You'll check, you'll check.

05:28:32Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005770

My understanding is,

05:28:33Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005771

that it's anywhere from 36,000 to 40,000 pesos

05:28:36Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005772

ang living wage for a family of four,

05:28:40Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005773

or family of five, no?

05:28:42Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005774

So, tinapat ko po yung 40,000 dun sa 480,

05:28:45Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005775

kasi 40,000 times 12 is 480.

05:28:48Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005776

So, I know that government is supporting 350.

05:28:52Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005777

We have other measures at 400 and 480.

05:28:56Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005778

Could you tell us what the fiscal hit would be

05:28:58Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005779

kung tinaas po natin yan?

05:29:00Source

DOF Secretary Frederick D. Go

asr-005780

Yes, Mr. Chair, Your Honor.

05:29:01Source

DOF Secretary Frederick D. Go

asr-005781

The fiscal hit at 400,000,

05:29:03Source

DOF Secretary Frederick D. Go

asr-005782

on the first year would be about 133 billion.

05:29:08Source

DOF Secretary Frederick D. Go

asr-005783

So, double?

05:29:08Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005784

Double the 350?

05:29:10Source

DOF Secretary Frederick D. Go

asr-005785

Yeah, more than double.

05:29:12Source

DOF Secretary Frederick D. Go

asr-005786

Okay.

05:29:12Source

DOF Secretary Frederick D. Go

asr-005787

More than double.

05:29:13Source

DOF Secretary Frederick D. Go

asr-005788

And at 480,000,

05:29:15Source

DOF Secretary Frederick D. Go

asr-005789

the fiscal hit would be 143 billion pesos.

05:29:19Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005790

So, from 400 to 480, maliit lang,

05:29:21Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005791

mas maliit yung gap,

05:29:22Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005792

but the 350 to 400 is actually a huge gap.

05:29:26Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005793

Is that correct?

05:29:27Source

DOF Secretary Frederick D. Go

asr-005794

Ah, but, sorry, in the one,

05:29:31Source

DOF Secretary Frederick D. Go

asr-005795

because what we did is we copied off your,

05:29:33Source

DOF Secretary Frederick D. Go

asr-005796

your proposed bill.

05:29:35Source

DOF Secretary Frederick D. Go

asr-005797

So, the one for SP,

05:29:37Source

DOF Secretary Frederick D. Go

asr-005798

Wayne Gatchal yan,

05:29:38Source

DOF Secretary Frederick D. Go

asr-005799

it has a 150k bonus exemption pa.

05:29:40Source

DOF Secretary Frederick D. Go

asr-005800

Ah, okay.

05:29:41Source

DOF Secretary Frederick D. Go

asr-005801

With the others.

05:29:42Source

DOF Secretary Frederick D. Go

asr-005802

Yeah.

05:29:43Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005803

Okay.

05:29:44Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005804

But, roughly,

05:29:45Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005805

it's double.

05:29:46Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005806

From 350 to 400,

05:29:47Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005807

it's double.

05:29:48Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005808

The fiscal hit will be double.

05:29:49Source

DOF Secretary Frederick D. Go

asr-005809

More than double.

05:29:50Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005810

Okay.

05:29:50Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005811

Thank you.

05:29:51Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005812

And for the record,

05:29:53Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005813

DOF is supporting 350.

05:29:55Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005814

Are you amenable to the 400 and the 480?

05:29:59Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005815

Or you're confused?

05:30:00Source

DOF Secretary Frederick D. Go

asr-005816

My position has always been the same, Your Honor, Mr. Chair.

05:30:05Source

DOF Secretary Frederick D. Go

asr-005817

I am neutral to any tax erosion measure as long as we can be presented a tax revenue-generating measure.

05:30:17Source

DOF Secretary Frederick D. Go

asr-005818

So we're neutral as long as you can point us to another source.

05:30:21Source

DOF Secretary Frederick D. Go

asr-005819

So we're okay to remove a source of tax collection as long as you point us to another source of tax collection.

05:30:29Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005820

Okay.

05:30:30Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005821

Mr. Secretary, another highlight in the SONA was the systems loss, when the President talked about systems loss.

05:30:41Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005822

I know the goal there, the most we're looking for there, is to lower the price of electricity.

05:30:47Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005823

At the proper time, not here, but during the hearing, during the EPIRA amendment, which is also in the LEDAC,

05:30:55Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005824

some of us here want to propose

05:30:59Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005825

instead of the systems loss, or aside from the systems loss, VAT on electricity for residential.

05:31:07Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005826

My understanding is that the fiscal hit for this is less than 1%, just for residential.

05:31:14Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005827

So for, maybe this is something you can look at.

05:31:18Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005828

If we remove the VAT on electricity for residential, meaning not for businesses or factories, but just residential,

05:31:27Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005829

this could mean a bigger drop.

05:31:29Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005830

in the electricity bill of our citizens, and as a whole, it might be less.

05:31:35Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005831

because we're looking only at residential and not all consumers of electricity.

05:31:40Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005832

Is that something you can also take a look at or help us compute, Secretary?

05:31:45Source

DOF Secretary Frederick D. Go

asr-005833

Oh, it would be our pleasure, Your Honor, to compute that for you.

05:31:47Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005834

Uh-oh.

05:31:48Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005835

So we're limiting the coverage.

05:31:49Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005836

It's not all the systems loss, just residential and then VAT, which is 12% because the systems loss is only about 5% to 6%.

05:31:58Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005837

With the VAT, it's a two-year period.

05:31:58Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005838

It's another, maybe goes up to 6, 6.5%.

05:32:02Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005839

Pero yung VAT on electricity is 12% right away from the electricity bill.

05:32:08Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005840

Baka this is something we can also look at.

05:32:10Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005841

Okay, I'm out of time, but just as a last question, yung Paxilica.

05:32:17Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005842

Paxilica was also mentioned in the SONA.

05:32:20Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005843

I know that in previous press releases and meetings, government has talked about this

05:32:26Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005844

as a major push for advanced manufacturing.

05:32:29Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005845

Many of us want to see this manufacturing site up.

05:32:32Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005846

Alam nyo po, ang Paxilica area is 1,600 hectares.

05:32:37Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005847

BGC is only 240 hectares.

05:32:40Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005848

Anim na BGC po, ang laki nito.

05:32:43Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005849

Ang potential na laki nito.

05:32:45Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005850

And many of us just want to be sure na kung gagawin nga natin ito,

05:32:50Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005851

na yung gains ng Pilipinas, ramdam na ramdam.

05:32:53Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005852

Sa trabaho, sa teknolohiya, at iba pa.

05:32:55Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005853

Now, in a previous press release,

05:32:56Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005854

in a previous hearing, headed by Senator Tulfo,

05:33:00Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005855

nalaman ho natin, there are about 70 to 200 families that will be affected.

05:33:07Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005856

In the exact area where Paxilica is.

05:33:10Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005857

I'm handling lang.

05:33:12Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005858

Yes, lang.

05:33:13Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005859

I'm handling the budget of BCDA.

05:33:17Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005860

In the budget of BCDA, nandun na po ba yung tulong para sa mga pamilyang to

05:33:23Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005861

para mabigyan ho natin sila ng sapat na tulong

05:33:26Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005862

para pwede na pong makita talaga yung pagsimula ng advanced manufacturing natin.

05:33:34Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005863

Is that already there, Secretary Kim?

05:33:37Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005864

Mr. Chair, Your Honor, the 2027 budget across agencies does not have anything

05:33:44Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005865

or provision for the implementation of Pax Silica.

05:33:48Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005866

But if you're looking at possibly compensation, maybe not within the subsidy of the BCDA,

05:33:54Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005867

but probably within their corporate funds.

05:33:56Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005868

If ever.

05:33:57Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005869

But I cannot answer for certain, Your Honor.

05:33:59Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005870

So it wouldn't be a budget item, but they could be spending for it separately.

05:34:03Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005871

Yes.

05:34:04Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005872

Because yung posisyon po ng marami ko sa amin, gusto ho namin makita yung facility na ito nakatayo.

05:34:10Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005873

After all, there was a commitment already that this would be advanced manufacturing

05:34:13Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005874

and not hyperscaler data centers.

05:34:17Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005875

So we want to see the advanced manufacturing.

05:34:19Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005876

We want to see the industrialization.

05:34:20Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005877

Pero ayaw ho natin na yung pinakamayihirap, yung magsasaka,

05:34:25Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005878

yung mga IP na nandun.

05:34:26Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005879

Ay masagasaan.

05:34:28Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005880

Again, we're talking about 1,600 hectares.

05:34:31Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005881

Siguro naman po we can look for space and look for support for them

05:34:35Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005882

to make sure that these families, hindi ho sila mapeperwisyo.

05:34:40Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005883

So we can look for that budget in the BCDA funds, not necessarily in the GAA.

05:34:45Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005884

Yes, Your Honor.

05:34:46Source

Acting DBM Secretary Kim Robert C. De Leon

asr-005885

Not in their subsidy from the NEP, Your Honor.

05:34:48Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005886

Okay.

05:34:49Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005887

As a final point, yung isa rin pong highlight in the SONA was about restoring trust.

05:34:55Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005888

Yes.

05:34:56Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005889

And trying to put an end to corruption in our country.

05:35:01Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005890

So as a final measure, I just want to go back and say,

05:35:04Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005891

sana po we pass the Kadena Law.

05:35:07Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005892

This is something I think that at some point, all of us were supportive of it.

05:35:11Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005893

I'm wondering why the support has suddenly left the building.

05:35:15Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005894

There's an urgency to this.

05:35:16Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005895

Ayaw na po natin makita na uulan ulit, babagyo ulit, babaha ulit,

05:35:21Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005896

na wala pang resolusyon sa mga problema natin.

05:35:24Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005897

Just for the record,

05:35:26Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005898

yung pinagkaiba ng FOI tsaka nito.

05:35:29Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005899

Maganda po yung FOI, we're supporting this as well.

05:35:31Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005900

But sa FOI, kailangan magtanong yung citizen para makuha po yung data.

05:35:36Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005901

Sa Kadena Law, lahat ng data nakalabas na ahead of time.

05:35:40Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005902

At nakamandato ang mga ahensya na ilabas ito as part of their work.

05:35:45Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005903

At kung hindi nila ilalabas ito, pwede silang makasuhan.

05:35:49Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005904

Ano po yung data?

05:35:51Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005905

Hindi lang po yung budget na nagsisimula of course with DBM hanggang sa kontrata,

05:35:55Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005906

sa kontraktor, sa dupa ba yun?

05:35:58Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005907

Dupa o anong tawag doon?

05:36:00Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005908

Yung magkano yung mga simesimento, unit prices, lahat po yan, may lalabas po yan.

05:36:10Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005909

And again, Secretary Kim, before he was a secretary, he was in NCPAG,

05:36:14Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005910

humihi po kami ng advice sa kanya.

05:36:16Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005911

Yung isang pahina po sa batas na yun, kung ano yung mga dokumentong kailangang ilabas,

05:36:21Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005912

nanggaling rin po yan kay Secretary Kim de Leon, kaya we're thankful for that.

05:36:25Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005913

So I'm hoping that if we pass this law, Secretary Kim and many of the members here,

05:36:30Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005914

all were supportive, whether they were in or out of government,

05:36:34Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005915

sana po may tulak natin itong pagbabago ng sistema.

05:36:38Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005916

And we can really make a dent against corruption.

05:36:40Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005917

So I hope we can reconsider that and make it again a priority with regard to legislation.

05:36:48Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005918

So ano po, SECRC, I hope we can reconsider that also.

05:36:52Source

Senator Paolo Benigno "Bam" Aquino IV

asr-005919

Thank you very much, Mr. Chairman. Maraming salamat.

05:36:55Source

Senator Joseph Victor "JV" G. Ejercito

asr-005920

Thank you, Senator Aquino.

05:36:58Source

Senator Joseph Victor "JV" G. Ejercito

asr-005921

Actually, next is supposedly Senator Marcos, but the Senator Joel was requesting to go ahead

05:37:05Source

Senator Joseph Victor "JV" G. Ejercito

asr-005922

because he has to go.

05:37:09Source

Senator Joseph Victor "JV" G. Ejercito

asr-005923

Actually, dapat si SP or me, pero but we have, we chose to give away.

05:37:12Source

Senator Joseph Victor "JV" G. Ejercito

asr-005924

Okay, please, Senator Joel.

05:37:18Source

Senator Joel Villanueva

asr-005925

I'll be very quick.

05:37:21Source

Senator Joel Villanueva

asr-005926

I don't know how to define quick.

05:37:26Source

Senator Joel Villanueva

asr-005927

Anyway.

05:37:28Source

Senator Joel Villanueva

asr-005928

So, Mr. Chairman, kanina, when I asked that question regarding the,

05:37:32Source

Senator Joel Villanueva

asr-005929

yung primary balance na hinahanap natin for DBCC to estimate the necessary,

05:37:39Source

Senator Joel Villanueva

asr-005930

to put yung debt to GDP ratio,

05:37:43Source

Senator Joel Villanueva

asr-005931

nagtanong po sa akin, may mga nag-text,

05:37:44Source

Senator Joel Villanueva

asr-005932

hindi nasagot yata yung tanong mo,

05:37:46Source

Senator Joel Villanueva

asr-005933

pero sabi ko naman, nasagot hindi lang kompleto,

05:37:50Source

Senator Joel Villanueva

asr-005934

but just to put on record because a lot of people are also monitoring what we're doing here,

05:37:56Source

Senator Joel Villanueva

asr-005935

yung sagot po is 0.9%

05:37:58Source

Senator Joel Villanueva

asr-005936

ng deficit to GDP ratio. Right now, ang 2026 deficit is 5.45%. The target for 2028 is 3%. But the primary balance at makita natin na tumaas na papunta to that direction should be 0.9%.

05:38:22Source

Senator Joel Villanueva

asr-005937

So, yung part of my other question kanina is,

05:38:26Source

Senator Joel Villanueva

asr-005938

ano yung timeline?

05:38:28Source

Senator Joel Villanueva

asr-005939

Kailan natin?

05:38:28Source

Senator Joel Villanueva

asr-005940

Kailan natin makikita at ma-accomplish yung declining path na ito?

05:38:36Source

Senator Joel Villanueva

asr-005941

Parang hindi natin malaman at sana meron tayong vision and projection para makita natin,

05:38:45Source

Senator Joel Villanueva

asr-005942

that indeed hope springs eternal.

05:38:49Source

Senator Joel Villanueva

asr-005943

Let me go straight to the point, Mr. President, Mr. Chairman.

05:38:54Source

Senator Joel Villanueva

asr-005944

Puntahan ko unang-una yung binabanggit na,

05:38:58Source

Senator Joel Villanueva

asr-005945

living wage.

05:39:00Source

Senator Joel Villanueva

asr-005946

Article 13, Section 3 of the Constitution guarantees that all workers shall be entitled to a living wage.

05:39:09Source

Senator Joel Villanueva

asr-005947

Pero unahin ko po yung nangyayari ngayon.

05:39:12Source

Senator Joel Villanueva

asr-005948

Dito sa NCR, naki-alamang korte,

05:39:15Source

Senator Joel Villanueva

asr-005949

ang Senado nagpasa ng sense of the Senate na resolution,

05:39:20Source

Senator Joel Villanueva

asr-005950

questioning, because alam niyo ho,

05:39:22Source

Senator Joel Villanueva

asr-005951

antagal ko nang naging chair ng Senate Committee on Labor,

05:39:26Source

Senator Joel Villanueva

asr-005952

pero ngayon ko lang nakita,

05:39:28Source

Senator Joel Villanueva

asr-005953

verbatim na vinayulate ng korte yung eksaktong nakalagay sa Article 126 ng ating Labor Code.

05:39:40Source

Senator Joel Villanueva

asr-005954

Verbatim nakalagay ho doon,

05:39:41Source

Senator Joel Villanueva

asr-005955

wag makielam, wag mag-issue ng injunction,

05:39:44Source

Senator Joel Villanueva

asr-005956

wag mag-issue ng temporary restraining order.

05:39:49Source

Senator Joel Villanueva

asr-005957

Pero hanggang ngayon po, nakabimbin po ito.

05:39:51Source

Senator Joel Villanueva

asr-005958

So ang question ko una,

05:39:54Source

Senator Joel Villanueva

asr-005959

perhaps the Dept. Department can help us with this.

05:39:58Source

Senator Joel Villanueva

asr-005960

Ano ba yung position nyo dito?

05:39:59Source

Senator Joel Villanueva

asr-005961

Kasi until now, kawawan naman yung ating minimum wage earners naman po ito.

05:40:05Source

Senator Joel Villanueva

asr-005962

In fact, ano ba yung projected real purchasing power gain

05:40:13Source

Senator Joel Villanueva

asr-005963

after itong electricity, transport, rent, and food inflation through 2027?

05:40:21Source

Senator Joel Villanueva

asr-005964

Tumataas nga po yung inflation.

05:40:23Source

Senator Joel Villanueva

asr-005965

Ito nga, tinaas yung ng wage board,

05:40:26Source

Senator Joel Villanueva

asr-005966

pero may...

05:40:28Source

Senator Joel Villanueva

asr-005967

May injunction, mayroong TRO.

05:40:30Source

Senator Joel Villanueva

asr-005968

Pero kung titignan nyo naman po, kulang pa rin po eh.

05:40:33Source

Senator Joel Villanueva

asr-005969

Kulang pa rin po eh.

05:40:36Source

Senator Joel Villanueva

asr-005970

What can you say?

05:40:37Source

Senator Joel Villanueva

asr-005971

Can we get a reaction from the Department,

05:40:41Source

Senator Joel Villanueva

asr-005972

from Dept. on this particular matter?

05:40:45Source

DEPDev Secretary Arsenio M. Balisacan

asr-005973

Our position, Mr. Chair, Your Honor,

05:40:48Source

DEPDev Secretary Arsenio M. Balisacan

asr-005974

is that wages, minimum wages have to be decided

05:40:56Source

DEPDev Secretary Arsenio M. Balisacan

asr-005975

at the level of the...

05:40:58Source

DEPDev Secretary Arsenio M. Balisacan

asr-005976

at the level of the...

05:40:59Source

DEPDev Secretary Arsenio M. Balisacan

asr-005977

regional tripartite bodies.

05:41:02Source

DEPDev Secretary Arsenio M. Balisacan

asr-005978

So...

05:41:03Source

Senator Joel Villanueva

asr-005979

So you support the regional tripartite bodies decision?

05:41:06Source

DEPDev Secretary Arsenio M. Balisacan

asr-005980

That's our position,

05:41:09Source

DEPDev Secretary Arsenio M. Balisacan

asr-005981

that this regional tripartite bodies,

05:41:13Source

DEPDev Secretary Arsenio M. Balisacan

asr-005982

which are represented by various stakeholders,

05:41:17Source

DEPDev Secretary Arsenio M. Balisacan

asr-005983

including government.

05:41:18Source

Senator Joel Villanueva

asr-005984

Sir, I don't have much time,

05:41:20Source

Senator Joel Villanueva

asr-005985

I'll go straight to the point.

05:41:22Source

Senator Joel Villanueva

asr-005986

The minimum wage for NCR is 755.

05:41:27Source

Senator Joel Villanueva

asr-005987

And

05:41:28Source

Senator Joel Villanueva

asr-005991

In fact, dun sa bagong nilabas ng board, P840.

05:41:35Source

Senator Joel Villanueva

asr-005992

Let's look at this, NCR.

05:41:38Source

Senator Joel Villanueva

asr-005993

Will inflation erode the value of the wage increase?

05:41:43Source

DEPDev Secretary Arsenio M. Balisacan

asr-005994

Well, the fact of the matter is, in the last two or three years,

05:41:49Source

DEPDev Secretary Arsenio M. Balisacan

asr-005995

the increases in the minimum wages for NCR have outpaced inflation.

05:41:56Source

DEPDev Secretary Arsenio M. Balisacan

asr-005996

Substantially.

05:42:26Source

Senator Joel Villanueva

asr-005997

We'll provide a more lasting, and perhaps we couldn't use the word rational standard,

05:42:33Source

Senator Joel Villanueva

asr-005998

for determining the right pay for Filipinos to afford a decent life.

05:42:39Source

Senator Joel Villanueva

asr-005999

What is the position of our economic managers on legislating a living wage?

05:42:45Source

Senator Joel Villanueva

asr-006000

Because, okay, there's a tripartite, there's a wage board,

05:42:52Source

Senator Joel Villanueva

asr-006001

but they are not all...

05:42:56Source

Senator Joel Villanueva

asr-006002

focused on that particular direction of being there,

05:43:03Source

Senator Joel Villanueva

asr-006003

in that position of having a living wage,

05:43:06Source

Senator Joel Villanueva

asr-006004

which would be fair, humane, and commensurate with the actual cost of living in this country.

05:43:14Source

DEPDev Secretary Arsenio M. Balisacan

asr-006005

I have always taken the position, Mr. Chair, Your Honor,

05:43:17Source

DEPDev Secretary Arsenio M. Balisacan

asr-006006

that legislating a wage that applies for the entire country is not the right thing to do.

05:43:23Source

DEPDev Secretary Arsenio M. Balisacan

asr-006007

I'm sorry?

05:43:24Source

DEPDev Secretary Arsenio M. Balisacan

asr-006008

I'm sorry.

05:43:25Source

DEPDev Secretary Arsenio M. Balisacan

asr-006009

Legislating a...

05:43:26Source

DEPDev Secretary Arsenio M. Balisacan

asr-006010

A minimum wage that applies for the entire country is not the right thing to do.

05:43:30Source

Senator Joel Villanueva

asr-006011

I agree.

05:43:31Source

DEPDev Secretary Arsenio M. Balisacan

asr-006012

Okay.

05:43:31Source

DEPDev Secretary Arsenio M. Balisacan

asr-006013

And I think that our focus should be in enhancing the employability of the workers,

05:43:42Source

DEPDev Secretary Arsenio M. Balisacan

asr-006014

and enhancing...

05:43:43Source

DEPDev Secretary Arsenio M. Balisacan

asr-006015

There are two sides, because you know, for the earnings of workers,

05:43:47Source

DEPDev Secretary Arsenio M. Balisacan

asr-006016

the employability of the workers,

05:43:49Source

DEPDev Secretary Arsenio M. Balisacan

asr-006017

and the quality of jobs available in the market.

05:43:56Source

DEPDev Secretary Arsenio M. Balisacan

asr-006018

And that means...

05:43:56Source

DEPDev Secretary Arsenio M. Balisacan

asr-006019

And that means...

05:43:57Source

DEPDev Secretary Arsenio M. Balisacan

asr-006020

Better investment.

05:43:58Source

DEPDev Secretary Arsenio M. Balisacan

asr-006021

You have to get those two things together.

05:44:00Source

DEPDev Secretary Arsenio M. Balisacan

asr-006022

Otherwise, creating a minimum wage will just create havoc in the economy.

05:44:05Source

Senator Joel Villanueva

asr-006023

I agree.

05:44:06Source

Senator Joel Villanueva

asr-006024

But for me, I think it's important that we ensure that we are in one direction,

05:44:13Source

Senator Joel Villanueva

asr-006025

one page of talking about the importance of coming up with a living wage policy,

05:44:18Source

Senator Joel Villanueva

asr-006026

because that's enshrined in our Constitution.

05:44:20Source

Senator Joel Villanueva

asr-006027

Now, let's go to your point, Secretary Arcee.

05:44:23Source

Senator Joel Villanueva

asr-006028

And that's the main reason why we push for...

05:44:26Source

Senator Joel Villanueva

asr-006029

The Trabajo para sa Bayan Act.

05:44:28Source

Senator Joel Villanueva

asr-006030

And we're very happy about the developments going on.

05:44:34Source

Senator Joel Villanueva

asr-006031

We were just talking about the difference or the importance of quantity versus quality.

05:44:41Source

Senator Joel Villanueva

asr-006032

When we launched the Trabajo para sa Bayan plan in May of 2025,

05:44:48Source

Senator Joel Villanueva

asr-006033

may we ask now, how are the desired outcomes and specific targets reflected...

05:44:56Source

Senator Joel Villanueva

asr-006034

in this proposed...

05:44:58Source

Senator Joel Villanueva

asr-006035

Specifically, in this proposed...

05:45:00Source

Senator Joel Villanueva

asr-006036

2027 budget.

05:45:02Source

Senator Joel Villanueva

asr-006037

For example lang po, yung TPB

05:45:03Source

Senator Joel Villanueva

asr-006038

yung TPB plan,

05:45:06Source

Senator Joel Villanueva

asr-006039

it seeks to encourage investments in priority

05:45:08Source

Senator Joel Villanueva

asr-006040

sectors or industries with high

05:45:09Source

Senator Joel Villanueva

asr-006041

potential for job generation.

05:45:12Source

Senator Joel Villanueva

asr-006042

Gusto lang natin malaman,

05:45:13Source

Senator Joel Villanueva

asr-006043

Mr. Chairman, yung significant steps

05:45:16Source

Senator Joel Villanueva

asr-006044

that we are taking

05:45:17Source

Senator Joel Villanueva

asr-006045

next year in this direction.

05:45:20Source

Senator Joel Villanueva

asr-006046

Kasi yung priority strategies,

05:45:22Source

Senator Joel Villanueva

asr-006047

nakalinya na po doon,

05:45:23Source

Senator Joel Villanueva

asr-006048

naka-plan

05:45:25Source

Senator Joel Villanueva

asr-006049

siya na, labor demand, labor

05:45:27Source

Senator Joel Villanueva

asr-006050

supply, labor market governance.

05:45:29Source

Senator Joel Villanueva

asr-006051

So gusto lang po natin makita.

05:45:31Source

Senator Joel Villanueva

asr-006052

And because

05:45:32Source

Senator Joel Villanueva

asr-006053

Senator Ayme is looking at me, I will

05:45:34Source

Senator Joel Villanueva

asr-006054

just ask for

05:45:36Source

Senator Joel Villanueva

asr-006055

a report, probably.

05:45:40Source

Senator Joel Villanueva

asr-006056

The reason

05:45:41Source

Senator Joel Villanueva

asr-006057

for being Senator Ayme is that

05:45:42Source

Senator Joel Villanueva

asr-006058

when the time comes that this is being

05:45:44Source

Senator Joel Villanueva

asr-006059

deliberated on the floor,

05:45:46Source

Senator Joel Villanueva

asr-006060

as Vice Chairperson

05:45:49Source

Senator Joel Villanueva

asr-006061

of this committee, I cannot longer ask.

05:45:50Source

Senator Joel Villanueva

asr-006062

So that's the reason why I'm asking

05:45:52Source

Senator Joel Villanueva

asr-006063

now. And one thing that

05:45:54Source

Senator Joel Villanueva

asr-006064

I have to make sure I'm going

05:45:56Source

Senator Joel Villanueva

asr-006065

to ask is my favorite

05:45:58Source

Senator Joel Villanueva

asr-006066

question every year, yung

05:46:00Source

Senator Joel Villanueva

asr-006067

sa jobs, no? But siguro

05:46:02Source

Senator Joel Villanueva

asr-006068

yun na lang po, yung hihingin ko na lang

05:46:04Source

Senator Joel Villanueva

asr-006069

sa depth-depth. So I can go to my last

05:46:06Source

Senator Joel Villanueva

asr-006070

point, dahil I

05:46:08Source

Senator Joel Villanueva

asr-006071

wanted to give the floor to

05:46:10Source

Senator Joel Villanueva

asr-006072

Senator Ayme. So I

05:46:12Source

Senator Joel Villanueva

asr-006073

will be expecting Senator

05:46:14Source

Senator Joel Villanueva

asr-006074

RC, Secretary RC

05:46:16Source

Senator Joel Villanueva

asr-006075

of the report

05:46:18Source

Senator Joel Villanueva

asr-006076

na lang, Mr.

05:46:21Source

Senator Joel Villanueva

asr-006077

Chairman, na pe-pressure ako

05:46:22Source

Senator Joel Villanueva

asr-006078

kay Senator Ayme.

05:46:26Source

Senator Joel Villanueva

asr-006079

Every year, for the past so many years,

05:46:28Source

Senator Joel Villanueva

asr-006080

I ask these questions, no?

05:46:30Source

Senator Joel Villanueva

asr-006081

The

05:46:31Source

Senator Joel Villanueva

asr-006082

fiscal year 2027,

05:46:34Source

Senator Joel Villanueva

asr-006083

staffing summary, if we can

05:46:35Source

Senator Joel Villanueva

asr-006084

flash this on the screen, it shows

05:46:38Source

Senator Joel Villanueva

asr-006085

nearly 164,000

05:46:41Source

Senator Joel Villanueva

asr-006086

unfilled

05:46:42Source

Senator Joel Villanueva

asr-006087

permanent positions

05:46:44Source

Senator Joel Villanueva

asr-006088

in the national government.

05:46:46Source

Senator Joel Villanueva

asr-006089

164,000.

05:46:48Source

Senator Joel Villanueva

asr-006090

Yung latest

05:46:50Source

Senator Joel Villanueva

asr-006091

data na binigay sa atin ng

05:46:52Source

Senator Joel Villanueva

asr-006092

CSC inventory report,

05:46:55Source

Senator Joel Villanueva

asr-006093

more than 1 million

05:46:56Source

Senator Joel Villanueva

asr-006094

na ho. Pataas nang pataas

05:46:58Source

Senator Joel Villanueva

asr-006095

din po ito. Nagsimula ako, 250

05:47:00Source

Senator Joel Villanueva

asr-006096

thousand lang ito. I was still a

05:47:02Source

Senator Joel Villanueva

asr-006097

congressman. Ngayon, 1

05:47:04Source

Senator Joel Villanueva

asr-006098

million, JO,

05:47:06Source

Senator Joel Villanueva

asr-006099

contract of service workers.

05:47:08Source

Senator Joel Villanueva

asr-006100

And every year,

05:47:09Source

Senator Joel Villanueva

asr-006101

ang DBCC, every year,

05:47:11Source

Senator Joel Villanueva

asr-006102

I point this out. In fact, every

05:47:13Source

Senator Joel Villanueva

asr-006103

year, I also get the same answer

05:47:15Source

Senator Joel Villanueva

asr-006104

from DBM, DOF,

05:47:18Source

Senator Joel Villanueva

asr-006105

I know,

05:47:20Source

Senator Joel Villanueva

asr-006106

mga bago po yung

05:47:21Source

Senator Joel Villanueva

asr-006107

nakaupo na kaharap

05:47:23Source

Senator Joel Villanueva

asr-006108

natin ngayon, Mr. Chairman, but

05:47:25Source

Senator Joel Villanueva

asr-006109

I just want to put this on record

05:47:27Source

Senator Joel Villanueva

asr-006110

again, again and again.

05:47:30Source

Senator Joel Villanueva

asr-006111

These

05:47:30Source

Senator Joel Villanueva

asr-006112

figures

05:47:33Source

Senator Joel Villanueva

asr-006113

na nakikita po natin,

05:47:35Source

Senator Joel Villanueva

asr-006114

iniindicate po ba ito that government lacks

05:47:37Source

Senator Joel Villanueva

asr-006115

plantilla position?

05:47:39Source

Senator Joel Villanueva

asr-006116

I will repeat the same question. Plantilla position?

05:47:42Source

Senator Joel Villanueva

asr-006117

Lacking plantilla positions?

05:47:43Source

Senator Joel Villanueva

asr-006118

Or that existing positions

05:47:45Source

Senator Joel Villanueva

asr-006119

no longer match the

05:47:47Source

Senator Joel Villanueva

asr-006120

functions and the skills

05:47:49Source

Senator Joel Villanueva

asr-006121

that the agencies actually

05:47:51Source

Senator Joel Villanueva

asr-006122

need?

05:47:53Source

Senator Joel Villanueva

asr-006123

Nagpasa na din tayo ng batas

05:47:55Source

Senator Joel Villanueva

asr-006124

itong

05:47:56Source

Senator Joel Villanueva

asr-006125

RA 12231.

05:48:00Source

Senator Joel Villanueva

asr-006126

Na mag-a-address

05:48:02Source

Senator Joel Villanueva

asr-006127

nitong mismatch, particularly

05:48:03Source

Senator Joel Villanueva

asr-006128

the long-serving JOs,

05:48:06Source

Senator Joel Villanueva

asr-006129

COS workers, performing

05:48:08Source

Senator Joel Villanueva

asr-006130

continuing

05:48:09Source

Senator Joel Villanueva

asr-006131

government functions. So last year,

05:48:12Source

Senator Joel Villanueva

asr-006132

1 out of 10

05:48:13Source

Senator Joel Villanueva

asr-006133

na permanent government positions

05:48:15Source

Senator Joel Villanueva

asr-006134

remained unfilled. Nag-improve

05:48:18Source

Senator Joel Villanueva

asr-006135

naman, Mr. Chairman,

05:48:20Source

Senator Joel Villanueva

asr-006136

ngayon, 1 out of 13.

05:48:21Source

Senator Joel Villanueva

asr-006137

But still, 164,000

05:48:24Source

Senator Joel Villanueva

asr-006138

pa rin ang

05:48:25Source

Senator Joel Villanueva

asr-006139

permanent positions

05:48:28Source

Senator Joel Villanueva

asr-006140

na vacant. So,

05:48:30Source

Senator Joel Villanueva

asr-006141

I don't know

05:48:32Source

Senator Joel Villanueva

asr-006142

if we are improving

05:48:33Source

Senator Joel Villanueva

asr-006143

if we are

05:48:35Source

Senator Joel Villanueva

asr-006144

going to accept

05:48:37Source

Senator Joel Villanueva

asr-006145

again the answers

05:48:39Source

Senator Joel Villanueva

asr-006146

that we will be eliciting from our

05:48:42Source

Senator Joel Villanueva

asr-006147

DBCC

05:48:42Source

Senator Joel Villanueva

asr-006148

officials. But

05:48:45Source

Senator Joel Villanueva

asr-006149

the truth of the matter, and it's a fact,

05:48:47Source

Senator Joel Villanueva

asr-006150

figures don't lie.

05:48:50Source

Senator Joel Villanueva

asr-006151

Perhaps we can

05:48:51Source

Senator Joel Villanueva

asr-006152

hear

05:48:53Source

Senator Joel Villanueva

asr-006153

Secretary Kim. I will no longer

05:48:55Source

Senator Joel Villanueva

asr-006154

call you acting. Secretary Kim, please.

05:48:57Source

Senator Joel Villanueva

asr-006155

Thank you.

05:49:00Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006156

As for the

05:49:02Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006157

policy of government for job order

05:49:03Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006158

and contract of service, I think the

05:49:05Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006159

1 million figure that was presented by

05:49:07Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006160

the good senator covers

05:49:10Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006161

the entire Philippines, and that includes

05:49:11Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006162

local government units. But if I

05:49:14Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006163

may just

05:49:14Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006164

exact the data, particularly

05:49:18Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006165

for national government agencies,

05:49:20Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006166

the data that we have

05:49:22Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006167

right now is that there is

05:49:24Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006168

a 13% reduction

05:49:25Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006169

in terms of the number of

05:49:27Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006170

job order and contract of service

05:49:30Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006171

personnel for national government

05:49:32Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006172

agencies and state

05:49:33Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006173

universities and colleges. And we

05:49:35Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006174

are doing several things to address

05:49:38Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006175

this. Number one, we continue to

05:49:39Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006176

as you have

05:49:41Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006177

said, probably the plantilla positions

05:49:44Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006178

that are vacant may not

05:49:45Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006179

necessarily be relevant to the

05:49:48Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006180

actual requirement of the agencies.

05:49:50Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006181

That's why we continue to

05:49:51Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006182

recommend them to propose

05:49:53Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006183

a scrap and build so that the required

05:49:55Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006184

plantilla will be

05:49:57Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006185

attuned to their requirement. As a matter

05:50:00Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006186

of fact, Your Honor, there are a number

05:50:02Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006187

of additional positions that have

05:50:03Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006188

been recently created

05:50:05Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006189

pursuant to additional laws that was

05:50:07Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006190

passed by Congress as well.

05:50:09Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006191

A big chunk of this is for

05:50:11Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006192

DSWD, like for instance

05:50:13Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006193

the institutionalization of

05:50:15Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006194

the Four Peace Bureau

05:50:17Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006195

and we gave

05:50:19Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006196

particular note in the approval letters

05:50:21Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006197

that priority should be given

05:50:23Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006198

to all existing job order and

05:50:25Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006199

contract of service personnel for

05:50:27Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006200

these new positions that the DBM has

05:50:29Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006201

been creating for the national

05:50:31Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006202

government. Another thing, Your Honor, is

05:50:33Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006203

we mentioned about the government

05:50:35Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006204

optimization program and the

05:50:37Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006205

deadline will be

05:50:39Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006206

August 29 and particularly the

05:50:41Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006207

guidelines note that we can

05:50:43Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006208

give preference, we're giving preference

05:50:45Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006209

to those who have been job

05:50:47Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006210

order and contract of service for

05:50:49Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006211

the past 10 years for the

05:50:51Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006212

number of positions that may be

05:50:53Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006213

proposed by the agencies in

05:50:55Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006214

their respective government optimization

05:50:57Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006215

plan. So, Your Honor, we're

05:50:59Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006216

doing it in several fronts. One,

05:51:01Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006217

the continuous conversion and creation

05:51:03Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006218

of positions presently and

05:51:05Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006219

moving forward, we're taking the

05:51:08Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006220

existing stack of

05:51:09Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006221

number of contract of service and job

05:51:11Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006222

order workers to be considered in the

05:51:13Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006223

government optimization plan, Your Honor.

05:51:16Source

Senator Joel Villanueva

asr-006224

I will stop you there,

05:51:17Source

Senator Joel Villanueva

asr-006225

sir. Thank you very much. I appreciate it

05:51:19Source

Senator Joel Villanueva

asr-006226

and I'm happy about the

05:51:21Source

Senator Joel Villanueva

asr-006227

13%. It means that

05:51:23Source

Senator Joel Villanueva

asr-006228

something's going on.

05:51:25Source

Senator Joel Villanueva

asr-006229

But again, let me point out

05:51:28Source

Senator Joel Villanueva

asr-006230

164,000,

05:51:29Source

Senator Joel Villanueva

asr-006231

unfilled positions. Baka pwedeng

05:51:31Source

Senator Joel Villanueva

asr-006232

bigyan na lang po kami ng report. Alin po

05:51:33Source

Senator Joel Villanueva

asr-006233

dito sa 164,000

05:51:35Source

Senator Joel Villanueva

asr-006234

yung locks,

05:51:37Source

Senator Joel Villanueva

asr-006235

yung plantilia positions

05:51:39Source

Senator Joel Villanueva

asr-006236

na nandun lang pero wala talagang

05:51:41Source

Senator Joel Villanueva

asr-006237

hindi mapopondohan. Alin din naman

05:51:43Source

Senator Joel Villanueva

asr-006238

dito yung existing

05:51:45Source

Senator Joel Villanueva

asr-006239

positions na

05:51:47Source

Senator Joel Villanueva

asr-006240

hindi nagmamatch dun sa functions

05:51:49Source

Senator Joel Villanueva

asr-006241

and skills na kailangan

05:51:51Source

Senator Joel Villanueva

asr-006242

ng ahensya. So, yun lang po. Ihingin

05:51:53Source

Senator Joel Villanueva

asr-006243

ko lang po yun and at the same time

05:51:55Source

Senator Joel Villanueva

asr-006244

let me put on record.

05:51:57Source

Senator Joel Villanueva

asr-006245

Malaki ang utang sa akin.

05:51:59Source

Senator Imee R. Marcos

asr-006245-split-2

Hindi, kaya nga po.

05:51:59Source

Senator Imee R. Marcos

asr-006246

Oo na eh. Tumitigil na eh.

05:52:01Source

Senator Imee R. Marcos

asr-006247

Let me put on record kasi I'm also

05:52:03Source

Senator Imee R. Marcos

asr-006248

going to defend the budget

05:52:05Source

Senator Imee R. Marcos

asr-006249

of OMB CFO

05:52:08Source

Senator Imee R. Marcos

asr-006250

na ako mismo

05:52:09Source

Senator Imee R. Marcos

asr-006251

naniniwala na dapat

05:52:11Source

Senator Imee R. Marcos

asr-006252

i-abolish na.

05:52:14Source

Senator Imee R. Marcos

asr-006253

So,

05:52:15Source

Senator Imee R. Marcos

asr-006254

that's my problem.

05:52:17Source

Senator Imee R. Marcos

asr-006255

Actually, Mr. Chairman,

05:52:19Source

Senator Imee R. Marcos

asr-006256

and I don't know what

05:52:21Source

Senator Imee R. Marcos

asr-006257

do we do about this. So, again, I just

05:52:23Source

Senator Imee R. Marcos

asr-006258

want to put that on record.

05:52:25Source

Senator Imee R. Marcos

asr-006259

Thank you, Secretary. Thank you,

05:52:27Source

Senator Joseph Victor "JV" G. Ejercito

asr-006260

Senator Aimee. Maraming

05:52:29Source

Senator Joseph Victor "JV" G. Ejercito

asr-006261

salamat sa five minutes. Thank you.

05:52:31Source

Senator Joel Villanueva

asr-006262

Mr. Chairman.

05:52:32Source

Senator Joseph Victor "JV" G. Ejercito

asr-006262-split-2

Thank you,

05:52:33Source

Senator Joseph Victor "JV" G. Ejercito

asr-006263

Senator Joel. Yes, our Senate President.

05:52:35Source

Senator Sherwin "Win" T. Gatchalian

asr-006264

Very quick lang, Mr. Chairman, kasi

05:52:37Source

Senator Sherwin "Win" T. Gatchalian

asr-006265

na-mention yung Optical Media Board.

05:52:39Source

Senator Sherwin "Win" T. Gatchalian

asr-006266

We, in fact, placed a

05:52:40Source

Senator Sherwin "Win" T. Gatchalian

asr-006267

special provision to

05:52:43Source

Senator Sherwin "Win" T. Gatchalian

asr-006268

wind down

05:52:44Source

Senator Sherwin "Win" T. Gatchalian

asr-006269

the Optical Media Board. So, in other words,

05:52:47Source

Senator Sherwin "Win" T. Gatchalian

asr-006270

dapat hindi na siya

05:52:49Source

Senator Sherwin "Win" T. Gatchalian

asr-006271

nagpa-function.

05:52:51Source

Senator Sherwin "Win" T. Gatchalian

asr-006272

So, because during the budget

05:52:53Source

Senator Sherwin "Win" T. Gatchalian

asr-006273

deliberation and maraming

05:52:55Source

Senator Sherwin "Win" T. Gatchalian

asr-006274

nag-agree na obsolete na

05:52:57Source

Senator Sherwin "Win" T. Gatchalian

asr-006275

yung kanilang mandate. Wala nang gumagamit

05:52:59Source

Senator Sherwin "Win" T. Gatchalian

asr-006276

na CD.

05:53:00Source

Senator Sherwin "Win" T. Gatchalian

asr-006277

So, kaya linagay na namin doong

05:53:03Source

Senator Sherwin "Win" T. Gatchalian

asr-006278

ito wind down. Nabigyan ba siya

05:53:05Source

Senator Sherwin "Win" T. Gatchalian

asr-006279

ng budget?

05:53:07Source

Senator Sherwin "Win" T. Gatchalian

asr-006280

Secretary Kim?

05:53:09Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006281

Mr. Chair, Mr. Senate

05:53:11Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006282

President, we took note of the

05:53:13Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006283

initial observation

05:53:15Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006284

for the Optical Media Board, and in fact,

05:53:17Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006285

it's one of the priority agencies

05:53:19Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006286

being considered by the Committee

05:53:20Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006287

on the Optimization of the Executive

05:53:23Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006288

Branch, and we are already

05:53:25Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006289

in the final stage of the

05:53:27Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006290

documentary requirements to effect the final

05:53:29Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006291

winding down of the OMB,

05:53:31Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006292

Your Honor.

05:53:34Source

Senator Sherwin "Win" T. Gatchalian

asr-006293

Pero nasa NEP pa siya.

05:53:35Source

Senator Sherwin "Win" T. Gatchalian

asr-006294

I guess, kasi bine-defend na.

05:53:38Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006295

We still have a small portion,

05:53:40Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006296

Your Honor, in the NEP

05:53:42Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006297

for the regular and

05:53:44Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006298

recurring expenses of

05:53:46Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006299

the OMB.

05:53:47Source

Senator Sherwin "Win" T. Gatchalian

asr-006299-split-2

When the time comes,

05:53:49Source

Senator Sherwin "Win" T. Gatchalian

asr-006300

si Senator Joel will

05:53:50Source

Senator Sherwin "Win" T. Gatchalian

asr-006301

make sure that the special

05:53:52Source

Senator Sherwin "Win" T. Gatchalian

asr-006302

provision will be implemented.

05:53:57Source

Senator Sherwin "Win" T. Gatchalian

asr-006303

Natanong ni Sen. Ping kung may

05:53:58Source

Senator Sherwin "Win" T. Gatchalian

asr-006304

confidential funds raw.

05:54:00Source

Senator Sherwin "Win" T. Gatchalian

asr-006305

Ang OMB. Wala naman siguro.

05:54:02Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006306

It's the Optical Media Board. Wala po, Your Honor.

05:54:05Source

Senator Sherwin "Win" T. Gatchalian

asr-006307

So, when the time comes,

05:54:06Source

Senator Sherwin "Win" T. Gatchalian

asr-006308

silang will effect the special

05:54:08Source

Senator Sherwin "Win" T. Gatchalian

asr-006309

provision.

05:54:10Source

Senator Joseph Victor "JV" G. Ejercito

asr-006310

Thank you, Senator, our Senate President.

05:54:12Source

Senator Joseph Victor "JV" G. Ejercito

asr-006311

Next, Sen. Imee Marcos.

05:54:15Source

Senator Joseph Victor "JV" G. Ejercito

asr-006312

Finally.

05:54:16Source

Senator Imee R. Marcos

asr-006313

Maraming salamat. Hindi naman sa

05:54:18Source

Senator Imee R. Marcos

asr-006314

ayoko mag-intay kay Joel,

05:54:20Source

Senator Imee R. Marcos

asr-006315

at alam ko na una naman si

05:54:22Source

Senator Imee R. Marcos

asr-006316

SP at saka si Chairman.

05:54:25Source

Senator Imee R. Marcos

asr-006317

Ang gusto ko lang

05:54:26Source

Senator Imee R. Marcos

asr-006318

sana kasi,

05:54:28Source

Senator Imee R. Marcos

asr-006319

balikan ang pangunahing

05:54:30Source

Senator Imee R. Marcos

asr-006320

paksa na dapat talakayin natin

05:54:32Source

Senator Imee R. Marcos

asr-006321

sa araw na ito. And yun yun,

05:54:34Source

Senator Imee R. Marcos

asr-006322

yung macroeconomic assumptions.

05:54:36Source

Senator Imee R. Marcos

asr-006323

Gusto ko talaga bumalik doon

05:54:38Source

Senator Imee R. Marcos

asr-006324

dahil sa pakiwariin namin,

05:54:40Source

Senator Imee R. Marcos

asr-006325

ang koleksyon ay hindi

05:54:42Source

Senator Imee R. Marcos

asr-006326

angkop sa gastusin.

05:54:44Source

Senator Imee R. Marcos

asr-006327

The 2027 NEP

05:54:46Source

Senator Imee R. Marcos

asr-006328

is anchored on a

05:54:48Source

Senator Imee R. Marcos

asr-006329

GDP growth of 5 to 6 percent.

05:54:51Source

Senator Imee R. Marcos

asr-006330

When in fact,

05:54:52Source

Senator Imee R. Marcos

asr-006331

we know that the second quarter

05:54:54Source

Senator Imee R. Marcos

asr-006332

only registered 2.3 percent.

05:54:56Source

Senator Imee R. Marcos

asr-006333

Today, we got the bad news

05:54:58Source

Senator Imee R. Marcos

asr-006334

that even Moody's has,

05:55:00Source

Senator Imee R. Marcos

asr-006335

uh, downgraded us to

05:55:02Source

Senator Imee R. Marcos

asr-006336

a mere 3 percent for the entire

05:55:04Source

Senator Imee R. Marcos

asr-006337

year. Significantly

05:55:06Source

Senator Imee R. Marcos

asr-006338

lower than 2025.

05:55:09Source

Senator Imee R. Marcos

asr-006339

How confident

05:55:10Source

Senator Imee R. Marcos

asr-006340

is the administration that the

05:55:11Source

Senator Imee R. Marcos

asr-006341

2027 growth target

05:55:14Source

Senator Imee R. Marcos

asr-006342

remains achievable? Given

05:55:16Source

Senator Imee R. Marcos

asr-006343

the very clear slowdown, we're

05:55:18Source

Senator Imee R. Marcos

asr-006344

getting conflicting numbers from

05:55:20Source

Senator Imee R. Marcos

asr-006345

you. You are reporting

05:55:22Source

Senator Imee R. Marcos

asr-006346

through the DEPDev

05:55:23Source

Senator Imee R. Marcos

asr-006347

na talagang matumal

05:55:25Source

Senator Imee R. Marcos

asr-006348

ang benta, mahina talagang

05:55:27Source

Senator Imee R. Marcos

asr-006349

ekonomiya, pero sa kabila nito,

05:55:30Source

Senator Imee R. Marcos

asr-006350

ang laki-laki ng dagdag.

05:55:31Source

Senator Imee R. Marcos

asr-006351

Kaya natataranta kami at hindi namin

05:55:34Source

Senator Imee R. Marcos

asr-006352

maintindihan bakit yung

05:55:36Source

Senator Imee R. Marcos

asr-006353

revenue collection natin,

05:55:37Source

Senator Imee R. Marcos

asr-006354

sinasabi natin 9.2 percent

05:55:40Source

Senator Imee R. Marcos

asr-006355

ang dagdag sa tax.

05:55:41Source

Senator Imee R. Marcos

asr-006356

Ang total revenue

05:55:43Source

Senator Imee R. Marcos

asr-006357

increase is 8.3 percent

05:55:46Source

Senator Imee R. Marcos

asr-006358

samantalang ang bagsak

05:55:47Source

Senator Imee R. Marcos

asr-006359

ng ekonomiya ay napakalupit

05:55:50Source

Senator Imee R. Marcos

asr-006360

at napakalaki.

05:55:51Source

Senator Imee R. Marcos

asr-006361

Ano ang

05:55:52Source

Senator Imee R. Marcos

asr-006362

talo ba, tayo ba talaga ay tuloy

05:55:55Source

Senator Imee R. Marcos

asr-006363

ang delulu? At

05:55:57Source

Senator Imee R. Marcos

asr-006364

taon-taon, masyadong malaki

05:55:59Source

Senator Imee R. Marcos

asr-006365

ang ating projection, labis-labis

05:56:02Source

Senator Imee R. Marcos

asr-006366

ang gastos, hindi naman

05:56:03Source

Senator Imee R. Marcos

asr-006367

nahahabol.

05:56:08Source

DEPDev Secretary Arsenio M. Balisacan

asr-006368

Mr. Chairman, I responded to the first part.

05:56:11Source

Senator Joseph Victor "JV" G. Ejercito

asr-006369

Yes, please proceed.

05:56:12Source

DEPDev Secretary Arsenio M. Balisacan

asr-006370

Yeah.

05:56:14Source

DEPDev Secretary Arsenio M. Balisacan

asr-006371

The assumption that we are making,

05:56:17Source

DEPDev Secretary Arsenio M. Balisacan

asr-006372

Your Honor, is that

05:56:19Source

DEPDev Secretary Arsenio M. Balisacan

asr-006373

we are able,

05:56:21Source

DEPDev Secretary Arsenio M. Balisacan

asr-006374

we will be able to make improvement

05:56:23Source

DEPDev Secretary Arsenio M. Balisacan

asr-006375

in our

05:56:24Source

DEPDev Secretary Arsenio M. Balisacan

asr-006376

economic

05:56:26Source

DEPDev Secretary Arsenio M. Balisacan

asr-006377

business climate so that we can

05:56:29Source

Senator Imee R. Marcos

asr-006378

Yes, but manong RC, nasa

05:56:31Source

Senator Imee R. Marcos

asr-006379

2.6, 2.3, quarter,

05:56:33Source

Senator Imee R. Marcos

asr-006380

quarter 2, quarter 3 is not

05:56:35Source

Senator Imee R. Marcos

asr-006381

going to look much better at the rate

05:56:37Source

Senator Imee R. Marcos

asr-006382

the weather is going. Paano pa hahabulin

05:56:39Source

Senator Imee R. Marcos

asr-006383

yan for 2026? A big part

05:56:41Source

DEPDev Secretary Arsenio M. Balisacan

asr-006384

of that reduction,

05:56:42Source

DEPDev Secretary Arsenio M. Balisacan

asr-006385

Mr. Chair, is the

05:56:45Source

DEPDev Secretary Arsenio M. Balisacan

asr-006386

slowdown of the economy was coming

05:56:47Source

DEPDev Secretary Arsenio M. Balisacan

asr-006387

from the sharp

05:56:48Source

DEPDev Secretary Arsenio M. Balisacan

asr-006388

contraction of public

05:56:50Source

DEPDev Secretary Arsenio M. Balisacan

asr-006389

investment. Kung

05:56:53Source

DEPDev Secretary Arsenio M. Balisacan

asr-006390

wala yan, sana yan, you would

05:56:55Source

DEPDev Secretary Arsenio M. Balisacan

asr-006391

have, kung nag-flat lang sana

05:56:57Source

DEPDev Secretary Arsenio M. Balisacan

asr-006392

yung public construction, we could

05:56:59Source

DEPDev Secretary Arsenio M. Balisacan

asr-006393

have added one percentage point

05:57:01Source

DEPDev Secretary Arsenio M. Balisacan

asr-006394

more in the GDP.

05:57:03Source

Senator Imee R. Marcos

asr-006395

Pero hindi na

05:57:05Source

Senator Imee R. Marcos

asr-006396

natin mahahabol nitong taon na ito

05:57:07Source

Senator Imee R. Marcos

asr-006397

kasi tag-ulan na.

05:57:09Source

Senator Imee R. Marcos

asr-006398

Hindi pa humuhu pa yung ulan,

05:57:11Source

Senator Imee R. Marcos

asr-006399

hindi pa pumapasok yung mga bagyo,

05:57:13Source

Senator Imee R. Marcos

asr-006400

habagat pa lamang, bahambahan na.

05:57:15Source

DEPDev Secretary Arsenio M. Balisacan

asr-006401

The assurance that we are making is that

05:57:17Source

DEPDev Secretary Arsenio M. Balisacan

asr-006402

we are getting from our colleagues,

05:57:20Source

DEPDev Secretary Arsenio M. Balisacan

asr-006403

sir chairs, that

05:57:21Source

DEPDev Secretary Arsenio M. Balisacan

asr-006404

the bottlenecks there

05:57:23Source

DEPDev Secretary Arsenio M. Balisacan

asr-006405

and the spending part are

05:57:25Source

DEPDev Secretary Arsenio M. Balisacan

asr-006406

now being effectively addressed.

05:57:27Source

DEPDev Secretary Arsenio M. Balisacan

asr-006407

So, we are taking. The other

05:57:29Source

DEPDev Secretary Arsenio M. Balisacan

asr-006408

portion there

05:57:30Source

DEPDev Secretary Arsenio M. Balisacan

asr-006409

of that,

05:57:33Source

DEPDev Secretary Arsenio M. Balisacan

asr-006410

is the

05:57:35Source

DEPDev Secretary Arsenio M. Balisacan

asr-006411

reasonable assumption, I would take

05:57:37Source

DEPDev Secretary Arsenio M. Balisacan

asr-006412

that as a reasonable assumption, Mr. Chair.

05:57:39Source

DEPDev Secretary Arsenio M. Balisacan

asr-006413

This sentiment, this weak

05:57:41Source

DEPDev Secretary Arsenio M. Balisacan

asr-006414

sentiment that

05:57:43Source

DEPDev Secretary Arsenio M. Balisacan

asr-006415

we are seeing is

05:57:45Source

DEPDev Secretary Arsenio M. Balisacan

asr-006416

temporary, that

05:57:47Source

DEPDev Secretary Arsenio M. Balisacan

asr-006417

I think if we can show

05:57:49Source

DEPDev Secretary Arsenio M. Balisacan

asr-006418

to the public that

05:57:51Source

DEPDev Secretary Arsenio M. Balisacan

asr-006419

the whole of government is

05:57:53Source

DEPDev Secretary Arsenio M. Balisacan

asr-006420

sincere and serious

05:57:55Source

DEPDev Secretary Arsenio M. Balisacan

asr-006421

about

05:57:57Source

DEPDev Secretary Arsenio M. Balisacan

asr-006422

good governance,

05:57:59Source

DEPDev Secretary Arsenio M. Balisacan

asr-006423

about

05:58:01Source

DEPDev Secretary Arsenio M. Balisacan

asr-006424

restoring trust,

05:58:03Source

DEPDev Secretary Arsenio M. Balisacan

asr-006425

In our institutions. For example, in the case of Congress, we have indicated here what those laws that we hope will be passed to help restore that trust and confidence in our institutions. That will significantly improve the domestic side of our economy.

05:58:27Source

DEPDev Secretary Arsenio M. Balisacan

asr-006426

The other issues that I mentioned will take some time, like improvement in the investment constraints that we face, like the problem with power, high cost of power. Those will take some time.

05:58:47Source

DEPDev Secretary Arsenio M. Balisacan

asr-006427

But I think the thing is, at the moment, the potential of the economy is 5-6%. That's the potential growth of the economy.

05:58:57Source

Senator Imee R. Marcos

asr-006428

Yes, that's what we were talking about for the past year. So 5-6% ang sinasabi natin. Alam naman natin ang katotohanan, hindi naman nasa kalahati pa. Menos pa sa kalahati noon.

05:59:09Source

Senator Imee R. Marcos

asr-006429

E hindi ba dapat maging realidad ang ating pagpaplano? Why are we budgeting for the impossible? It's a declining economy and we are declaring an increase in collections of 9.2%. Are we completely mad or delusional?

05:59:27Source

Senator Imee R. Marcos

asr-006430

Dahil hindi naman ito totoo eh. Paano ba ito? Anong mga specific sectors are we expected to drive the acceleration in growth for 2027?

05:59:39Source

Senator Imee R. Marcos

asr-006431

Nabanggit na po, paulit-ulit natin, inaasahan, public infrastructure. Okay, we understand that. We're trying to ratchet that up. Pero itong weak sentiment na tinutukoy, alam naman natin, isang taon na nakalipas eh, hindi pa nasusog.

05:59:53Source

Senator Imee R. Marcos

asr-006432

Ngayon, nagumpisa na naman ang ulan. Nasa isipan na naman ng madla itong flood control.

06:00:00Source

Senator Imee R. Marcos

asr-006433

So ano ba talaga ang mga sektor na inaasahan natin to ratchet up this collection?

06:00:06Source

Senator Imee R. Marcos

asr-006434

Perhaps, Secretary Goh, since you are the tax collector, you would like to explain this.

06:00:13Source

DOF Secretary Frederick D. Go

asr-006435

Mr. Chair, Your Honor, I think the explanation lies in the definitions that you are using.

06:00:19Source

DOF Secretary Frederick D. Go

asr-006436

The macroeconomic assumption of GDP...

06:00:21Source

Senator Imee R. Marcos

asr-006437

Sorry, it's not my fault. I didn't calculate those. You submitted them to us.

06:00:26Source

DOF Secretary Frederick D. Go

asr-006438

Yes, Your Honor, I stand corrected.

06:00:30Source

DOF Secretary Frederick D. Go

asr-006439

The macroeconomic assumption of GDP growth of 5% to 6% is real GDP.

06:00:35Source

DOF Secretary Frederick D. Go

asr-006440

And it also has an inflation factor of 4% to 5%.

06:00:39Source

DOF Secretary Frederick D. Go

asr-006441

So when we do our tax collections, we use nominal numbers.

06:00:44Source

DOF Secretary Frederick D. Go

asr-006442

So we're using the nominal GDP growth and not the real GDP growth.

06:00:48Source

DOF Secretary Frederick D. Go

asr-006443

So if you add the real GDP...

06:00:50Source

Senator Imee R. Marcos

asr-006444

What if someone told you that the real GDP growth was even lower than your so-called nominal growth?

06:00:57Source

Senator Imee R. Marcos

asr-006445

Which is the suspicion of many.

06:00:58Source

Senator Imee R. Marcos

asr-006446

Not merely economists, econometricians, or even legislators.

06:01:04Source

Senator Imee R. Marcos

asr-006447

Mas mababa pa eh.

06:01:06Source

DOF Secretary Frederick D. Go

asr-006448

Your Honor, that's why the DEPDev generates the macroeconomic assumptions that we use to estimate our collections.

06:01:14Source

DOF Secretary Frederick D. Go

asr-006449

So the macroeconomic assumptions that we were given is real GDP of 5% to 6% and inflation of 4% to 5%.

06:01:23Source

DOF Secretary Frederick D. Go

asr-006450

So the nominal GDP growth should be at least 9%.

06:01:26Source

DOF Secretary Frederick D. Go

asr-006451

Which is why our tax collection...

06:01:28Source

DOF Secretary Frederick D. Go

asr-006452

Projection, which you correctly stated, is up by 9%.

06:01:34Source

Senator Imee R. Marcos

asr-006453

Yes, but I thought you ascribed that to tax efficiency.

06:01:39Source

Senator Imee R. Marcos

asr-006454

In any case, what sectors are you really expecting to accelerate growth in this miserable economy?

06:01:45Source

Senator Imee R. Marcos

asr-006455

Perhaps

06:01:46Source

Senator Imee R. Marcos

asr-006456

you can name certain sectors because we're not seeing it.

06:01:50Source

Senator Imee R. Marcos

asr-006457

It's only public infrastructure that's been repeated time and again.

06:01:53Source

Senator Imee R. Marcos

asr-006458

Is there anything else you can point me to?

06:01:55Source

DOF Secretary Frederick D. Go

asr-006459

If I may, I will point to the export industry.

06:02:00Source

DOF Secretary Frederick D. Go

asr-006460

The export industry, the export of goods last year grew by 15%.

06:02:05Source

DOF Secretary Frederick D. Go

asr-006461

And in the first six months of this year, the export of goods also grew by 13%.

06:02:10Source

Senator Imee R. Marcos

asr-006462

Yes, we understand that.

06:02:12Source

Senator Imee R. Marcos

asr-006463

However, we are all fully aware also of the 19% tariff, which became the 12.5% tariff.

06:02:18Source

Senator Imee R. Marcos

asr-006464

Patong-patong po ang tariff.

06:02:20Source

Senator Imee R. Marcos

asr-006465

At yung export natin ng electronics tatamaan ng todo-todo.

06:02:25Source

Senator Imee R. Marcos

asr-006466

What adjustments can we actually make to the budget?

06:02:28Source

Senator Imee R. Marcos

asr-006467

In the event...

06:02:30Source

Senator Imee R. Marcos

asr-006468

Most likely event, that actual economic growth falls below this assumed range of 5% to 6%.

06:02:37Source

Senator Imee R. Marcos

asr-006469

What can actually be done?

06:02:41Source

Senator Imee R. Marcos

asr-006470

Should we revise the budget?

06:02:43Source

Senator Imee R. Marcos

asr-006471

We know that the contingencies of demanding a supplemental budget make it virtually impossible.

06:02:52Source

DEPDev Secretary Arsenio M. Balisacan

asr-006472

Mr. Chair, if I may.

06:02:55Source

DEPDev Secretary Arsenio M. Balisacan

asr-006473

In practice, we revisit.

06:03:00Source

DEPDev Secretary Arsenio M. Balisacan

asr-006474

Our projections, our assumptions, every time we have new numbers.

06:03:07Source

DEPDev Secretary Arsenio M. Balisacan

asr-006475

Our GDP numbers come out every quarter.

06:03:11Source

DEPDev Secretary Arsenio M. Balisacan

asr-006476

And as soon as those numbers come out, we review if our assumptions for the year or the subsequent quarters are still valid.

06:03:21Source

DEPDev Secretary Arsenio M. Balisacan

asr-006477

If not, the BCC needs to make some adjustments.

06:03:28Source

DEPDev Secretary Arsenio M. Balisacan

asr-006478

So that's to make sure that...

06:03:30Source

DEPDev Secretary Arsenio M. Balisacan

asr-006479

We do not create unnecessary imbalances in the economy moving forward.

06:03:34Source

Senator Imee R. Marcos

asr-006480

Yes, precisely.

06:03:35Source

Senator Imee R. Marcos

asr-006481

Which is why perhaps I will ask you that rather than insisting on impossible 5% to 6% growth,

06:03:43Source

Senator Imee R. Marcos

asr-006482

can we come down to a more realistic revenue target?

06:03:48Source

Senator Imee R. Marcos

asr-006483

Year on year, it's become a bad habit for all of us to keep projecting huge sums and then spending way beyond our means.

06:03:57Source

Senator Imee R. Marcos

asr-006484

Secretary Balishakan and I are both Ilocano.

06:03:59Source

Senator Imee R. Marcos

asr-006485

This is...

06:04:00Source

Senator Imee R. Marcos

asr-006486

This is not what we do.

06:04:02Source

Senator Imee R. Marcos

asr-006487

Okay.

06:04:02Source

Senator Imee R. Marcos

asr-006488

The other question, earlier we spoke about Forex and the declining peso.

06:04:08Source

Senator Imee R. Marcos

asr-006489

The DBCC also assumes that the Dubai crude oil will remain at 70 to 80, 90 per barrel in 2027.

06:04:19Source

Senator Imee R. Marcos

asr-006490

But given the current volatility in global oil prices caused by both Iran and the U.S. trade policies that have been changing so radically,

06:04:29Source

Senator Imee R. Marcos

asr-006491

what contingency measures are we undertaking and are apparent in the 2027 budget in the event that oil crisis once exceed the assumed range?

06:04:40Source

Senator Imee R. Marcos

asr-006492

I think it's $90.

06:04:43Source

Senator Imee R. Marcos

asr-006493

Is that correct?

06:04:44Source

Senator Imee R. Marcos

asr-006494

So what happens then?

06:04:47Source

Senator Imee R. Marcos

asr-006495

Are we going to restudy all of this?

06:04:53Source

Senator Imee R. Marcos

asr-006496

Are there any measures we're undertaking to defray?

06:04:59Source

Senator Imee R. Marcos

asr-006497

Are we going to increase in the oil prices?

06:05:03Source

Senator Imee R. Marcos

asr-006498

There are two pesos that are rising again, the gasoline, so a lot of people are asking.

06:05:08Source

Senator Imee R. Marcos

asr-006499

And the war we think will end, I don't think it will end.

06:05:13Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006500

Mr. Chair, Your Honor, one thing that the DOE has started implementing, taking off from the Middle East crisis,

06:05:21Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006501

was to start stockpiling on oil as well as to explore additional storage so that we can increase the...

06:05:29Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006502

storage capacity of the country so that we will not be that very much susceptible to any shocks.

06:05:35Source

Senator Imee R. Marcos

asr-006503

Yes, Secretary. I know that that's what the DOE will tell us.

06:05:40Source

Senator Imee R. Marcos

asr-006504

Perhaps you can tell us with regard to its impact on the budget on GAA 2027

06:05:47Source

Senator Imee R. Marcos

asr-006505

because clearly so much depends on oil prices and it has a cascading effect on costs for everything.

06:05:57Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006506

Usually, Your Honor,

06:05:59Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006507

when forex increases or even

06:06:01Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006508

oil price increases, the GAA

06:06:03Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006509

stays, the GAA

06:06:05Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006510

limitation stays the same. So, the

06:06:07Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006511

necessary implication is we have to

06:06:09Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006512

reduce in terms of quantity.

06:06:11Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006513

So, easily, for instance, for

06:06:13Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006514

oil consumption of government agencies

06:06:15Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006515

when prices go up,

06:06:17Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006516

then naturally we have to reduce

06:06:19Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006517

consumption or the

06:06:21Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006518

quantity of oil because we cannot definitely

06:06:23Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006519

exceed the limit of budget

06:06:25Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006520

appropriated or authorized by Congress

06:06:27Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006521

under the GAA.

06:06:28Source

Senator Imee R. Marcos

asr-006522

Yes, we understand that

06:06:30Source

Senator Imee R. Marcos

asr-006523

but we are

06:06:32Source

Senator Imee R. Marcos

asr-006524

consistently

06:06:33Source

Senator Imee R. Marcos

asr-006525

concerned that

06:06:36Source

Senator Imee R. Marcos

asr-006526

this hasn't been addressed and that there are

06:06:38Source

Senator Imee R. Marcos

asr-006527

no contingency plans whatsoever

06:06:40Source

Senator Imee R. Marcos

asr-006528

within the budget framework

06:06:42Source

Senator Imee R. Marcos

asr-006529

and since we're in the process of dealing

06:06:44Source

Senator Imee R. Marcos

asr-006530

with that, perhaps we should handle

06:06:46Source

Senator Imee R. Marcos

asr-006531

that now as well.

06:06:48Source

Senator Imee R. Marcos

asr-006532

The 2027

06:06:50Source

Senator Imee R. Marcos

asr-006533

TEP increased by

06:06:52Source

Senator Imee R. Marcos

asr-006534

407 billion plus or

06:06:54Source

Senator Imee R. Marcos

asr-006535

6% from this year.

06:06:56Source

Senator Imee R. Marcos

asr-006536

So, how much of this increase

06:06:58Source

Senator Imee R. Marcos

asr-006537

represents new spending

06:07:01Source

Senator Imee R. Marcos

asr-006538

and how much is

06:07:02Source

Senator Imee R. Marcos

asr-006539

attributable to higher costs?

06:07:04Source

Senator Imee R. Marcos

asr-006540

Apropos of Senator Lacson's

06:07:06Source

Senator Imee R. Marcos

asr-006541

earlier question.

06:07:08Source

Senator Imee R. Marcos

asr-006542

Alin dito yung bagong project talaga,

06:07:11Source

Senator Imee R. Marcos

asr-006543

bagong FAPS, samantalang

06:07:12Source

Senator Imee R. Marcos

asr-006544

yung iba naman ay higher cost lang.

06:07:14Source

Senator Imee R. Marcos

asr-006545

In the proposed 2027 budget,

06:07:17Source

Senator Imee R. Marcos

asr-006546

financial expenses, this has

06:07:18Source

Senator Imee R. Marcos

asr-006547

been mentioned earlier also,

06:07:20Source

Senator Imee R. Marcos

asr-006548

interest payments primarily increased

06:07:22Source

Senator Imee R. Marcos

asr-006549

by 17 plus percent,

06:07:24Source

Senator Imee R. Marcos

asr-006550

faster than personal services

06:07:26Source

Senator Imee R. Marcos

asr-006551

at 7.5%,

06:07:28Source

Senator Imee R. Marcos

asr-006552

and capital outlays

06:07:30Source

Senator Imee R. Marcos

asr-006553

at 13.8%,

06:07:32Source

Senator Imee R. Marcos

asr-006554

whereas the maintenance

06:07:34Source

Senator Imee R. Marcos

asr-006555

and operating expenses, like you said,

06:07:37Source

Senator Imee R. Marcos

asr-006556

have declined by

06:07:38Source

Senator Imee R. Marcos

asr-006557

36.23 billion

06:07:40Source

Senator Imee R. Marcos

asr-006558

despite

06:07:42Source

Senator Imee R. Marcos

asr-006559

so many

06:07:44Source

Senator Imee R. Marcos

asr-006560

increases in national tax

06:07:46Source

Senator Imee R. Marcos

asr-006561

allotment and BARM,

06:07:48Source

Senator Imee R. Marcos

asr-006562

the block grant.

06:07:50Source

Senator Imee R. Marcos

asr-006563

Why are we inflicting

06:07:52Source

Senator Imee R. Marcos

asr-006564

upon the MOOE

06:07:54Source

Senator Imee R. Marcos

asr-006565

or the operating expenses, the

06:07:56Source

Senator Imee R. Marcos

asr-006566

reduction? And which

06:07:58Source

Senator Imee R. Marcos

asr-006567

agencies, programs, and

06:08:00Source

Senator Imee R. Marcos

asr-006568

essential government services will be

06:08:02Source

Senator Imee R. Marcos

asr-006569

most hard hit?

06:08:04Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006570

Your Honor,

06:08:06Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006571

Mr. Chair, as for

06:08:08Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006572

new items in the

06:08:10Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006573

budget, the increase, particularly

06:08:12Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006574

for capital outlay, is mainly attributable

06:08:14Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006575

to various

06:08:16Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006576

foreign-assisted projects, significantly

06:08:18Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006577

that being implemented by

06:08:20Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006578

the Department of Transportation.

06:08:22Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006579

We have given sufficient support

06:08:24Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006580

for the North-South Commuter

06:08:26Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006581

Railway as we really endeavor

06:08:28Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006582

to have partial

06:08:30Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006583

operability of the northern

06:08:31Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006584

segment by the end of

06:08:33Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006585

2027. The same is

06:08:36Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006586

true with the additional allocation

06:08:38Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006587

for infrastructure for the

06:08:40Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006588

DPWH when we compare to their

06:08:42Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006589

prior year's budget. We have

06:08:44Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006590

also had

06:08:45Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006591

increased provision for the revised

06:08:48Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006592

AFP modernization program from

06:08:49Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006593

40 billion this year to 50 billion

06:08:52Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006594

next year. As to

06:08:54Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006595

the MOOE items that would

06:08:56Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006596

be affected,

06:08:57Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006597

mainly,

06:08:58Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006598

the reduction...

06:08:59Source

Senator Imee R. Marcos

asr-006599

Yes, I think you're talking about capital outlay.

06:09:01Source

Senator Imee R. Marcos

asr-006600

That wasn't the question. The question was

06:09:03Source

Senator Imee R. Marcos

asr-006601

operating cost, MOOE.

06:09:05Source

Senator Imee R. Marcos

asr-006602

Bakit yung tinamaan, MOOE?

06:09:08Source

Senator Imee R. Marcos

asr-006603

Yes, Your Honor.

06:09:09Source

Senator Imee R. Marcos

asr-006604

Kasi parang halos hindi na makakakilos yung mga departments

06:09:11Source

Senator Imee R. Marcos

asr-006605

sa dami ng bawas.

06:09:13Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006606

Your Honor, as to the MOOE,

06:09:15Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006607

the reduction is actually looking at

06:09:17Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006608

the quality of spending because

06:09:19Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006609

as a matter of fact, we have seen

06:09:21Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006610

piling up of MOOE

06:09:23Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006611

allocations for the agencies

06:09:25Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006612

themselves, meaning for the current year,

06:09:27Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006613

they're still using their 2025

06:09:29Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006614

balances at this point in time

06:09:32Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006615

and we expect that the same

06:09:33Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006616

trend would happen. So, we consider

06:09:35Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006617

those factors in

06:09:37Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006618

really rationalizing what we can

06:09:39Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006619

provide for 2027

06:09:41Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006620

so that we can reprioritize.

06:09:43Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006621

We have some elbow room to reprioritize

06:09:46Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006622

some of this MOOE

06:09:47Source

Senator Imee R. Marcos

asr-006623

expenditure. Teka, bakit

06:09:50Source

Senator Imee R. Marcos

asr-006624

hindi nagagastos 2025

06:09:51Source

Senator Imee R. Marcos

asr-006625

pa, 2026? Ano ba

06:09:53Source

Senator Imee R. Marcos

asr-006626

nangyayari na yung

06:09:55Source

Senator Imee R. Marcos

asr-006627

MOOE natatambak? Ba't naiipon

06:09:57Source

Senator Imee R. Marcos

asr-006628

ng pagkatagal-tagal? Have you

06:09:59Source

Senator Imee R. Marcos

asr-006629

determined what the answer is?

06:10:01Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006630

Mr. Chair, Your Honor,

06:10:04Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006631

aside from the

06:10:05Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006632

planning for the actual requirement,

06:10:07Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006633

one major contributor for

06:10:09Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006634

MOOE in particular is the two-year

06:10:11Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006635

validity of the budget.

06:10:14Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006636

So, the agencies

06:10:15Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006637

tend to, has the

06:10:17Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006638

tendency to be

06:10:19Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006639

lax in terms of implementing the

06:10:21Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006640

necessary projects because

06:10:23Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006641

they have in mind that the budget is valid

06:10:25Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006642

for two years anyway. That's why,

06:10:27Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006643

even in the Philippine Budgeting Code,

06:10:29Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006644

Your Honor, Mr. Chair, we are advocating

06:10:31Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006645

that at least for MOOE,

06:10:34Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006646

we will be strict for a

06:10:35Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006647

one-year utilization because that would also

06:10:37Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006648

improve on the efficiency of project

06:10:39Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006649

implementation and at the same time

06:10:41Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006650

the utilization of the budget. Yes, hanging

06:10:43Source

Senator Imee R. Marcos

asr-006651

on to it until the last hour doesn't

06:10:45Source

Senator Imee R. Marcos

asr-006652

seem to make very much sense because

06:10:47Source

Senator Imee R. Marcos

asr-006653

then you won't have any performance or any

06:10:49Source

Senator Imee R. Marcos

asr-006654

output to report. So,

06:10:51Source

Senator Imee R. Marcos

asr-006655

I think that's absurd, no? Maybe

06:10:53Source

Senator Imee R. Marcos

asr-006656

you can submit to us what are these

06:10:55Source

Senator Imee R. Marcos

asr-006657

MOOE's,

06:10:57Source

Senator Imee R. Marcos

asr-006658

balances in which departments

06:11:00Source

Senator Imee R. Marcos

asr-006659

from 2025

06:11:01Source

Senator Imee R. Marcos

asr-006660

plus 2026 pa.

06:11:03Source

Senator Imee R. Marcos

asr-006661

Napakarami na nun. Napaka-inefficient na

06:11:05Source

Senator Imee R. Marcos

asr-006662

ng ating bureaucracy kapag ganun.

06:11:08Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006663

We will submit, Your Honor, and it's the

06:11:09Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006664

same thing that we're trying to address as well

06:11:11Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006665

in the MOOE allocation

06:11:13Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006666

starting from 2027.

06:11:16Source

Senator Imee R. Marcos

asr-006667

Yes.

06:11:17Source

Senator Imee R. Marcos

asr-006668

I think we need to go back.

06:11:19Source

Senator Imee R. Marcos

asr-006669

Dun nga, napag-usapan na.

06:11:21Source

Senator Imee R. Marcos

asr-006670

Yung tinatawag nating

06:11:23Source

Senator Imee R. Marcos

asr-006671

tax promises

06:11:25Source

Senator Imee R. Marcos

asr-006672

during the SONA and

06:11:27Source

Senator Imee R. Marcos

asr-006673

I think Secretary Goh estimated

06:11:29Source

Senator Imee R. Marcos

asr-006674

that there was a 60B,

06:11:32Source

Senator Imee R. Marcos

asr-006675

60 billion

06:11:33Source

Senator Imee R. Marcos

asr-006676

loss from the

06:11:35Source

Senator Imee R. Marcos

asr-006677

350,000 exemption

06:11:37Source

Senator Imee R. Marcos

asr-006678

from personal income tax.

06:11:39Source

Senator Imee R. Marcos

asr-006679

That being the case,

06:11:41Source

Senator Imee R. Marcos

asr-006680

we heard

06:11:43Source

Senator Imee R. Marcos

asr-006681

that

06:11:44Source

Senator Imee R. Marcos

asr-006682

there would be new taxes

06:11:47Source

Senator Imee R. Marcos

asr-006683

under the progress tax

06:11:49Source

Senator Imee R. Marcos

asr-006684

package also

06:11:51Source

Senator Imee R. Marcos

asr-006685

to offset that.

06:11:53Source

Senator Imee R. Marcos

asr-006686

Is that correct?

06:11:55Source

Senator Imee R. Marcos

asr-006687

And what are the projected revenue

06:11:57Source

Senator Imee R. Marcos

asr-006688

gains or losses thereby?

06:12:01Source

DOF Secretary Frederick D. Go

asr-006689

Yes, the Department

06:12:03Source

DOF Secretary Frederick D. Go

asr-006690

of Finance has submitted a

06:12:04Source

DOF Secretary Frederick D. Go

asr-006691

draft bill

06:12:06Source

DOF Secretary Frederick D. Go

asr-006692

to Congress, to the Senate

06:12:08Source

DOF Secretary Frederick D. Go

asr-006693

that we are calling

06:12:10Source

DOF Secretary Frederick D. Go

asr-006694

progress. And there are two revenue

06:12:13Source

DOF Secretary Frederick D. Go

asr-006695

eroding reforms there. One of them is

06:12:14Source

DOF Secretary Frederick D. Go

asr-006696

what Your Honor mentioned

06:12:16Source

DOF Secretary Frederick D. Go

asr-006697

which is to increase personal income tax

06:12:18Source

DOF Secretary Frederick D. Go

asr-006698

exemption to 350,000 a year.

06:12:21Source

Senator Imee R. Marcos

asr-006699

Is the second one the tax amnesty?

06:12:23Source

DOF Secretary Frederick D. Go

asr-006700

No, ma'am.

06:12:24Source

DOF Secretary Frederick D. Go

asr-006701

The second one is

06:12:26Source

DOF Secretary Frederick D. Go

asr-006702

the removal of the

06:12:28Source

DOF Secretary Frederick D. Go

asr-006703

minimum corporate income tax

06:12:29Source

DOF Secretary Frederick D. Go

asr-006704

for micro.

06:12:30Source

DOF Secretary Frederick D. Go

asr-006705

Yes, your honor.

06:12:33Source

DOF Secretary Frederick D. Go

asr-006706

The micro and small.

06:12:35Source

Senator Imee R. Marcos

asr-006707

So, wala pa dun yung

06:12:36Source

Senator Imee R. Marcos

asr-006708

tax amnesty na

06:12:40Source

Senator Imee R. Marcos

asr-006709

binanggit rin sa SONA?

06:12:42Source

DOF Secretary Frederick D. Go

asr-006710

Because the tax amnesty

06:12:43Source

DOF Secretary Frederick D. Go

asr-006711

bill is a revenue enhancing

06:12:46Source

DOF Secretary Frederick D. Go

asr-006712

measure.

06:12:48Source

DOF Secretary Frederick D. Go

asr-006713

Okay. I think there will be

06:12:50Source

Senator Imee R. Marcos

asr-006714

some who will disagree with you but we will

06:12:52Source

Senator Imee R. Marcos

asr-006715

accept that for now.

06:12:53Source

DOF Secretary Frederick D. Go

asr-006716

Yes, ma'am.

06:12:54Source

DOF Secretary Frederick D. Go

asr-006717

Yes, Your Honor. So, on the revenue

06:12:56Source

DOF Secretary Frederick D. Go

asr-006718

generating reform,

06:12:58Source

DOF Secretary Frederick D. Go

asr-006719

we have submitted

06:13:00Source

DOF Secretary Frederick D. Go

asr-006720

a menu

06:13:01Source

DOF Secretary Frederick D. Go

asr-006721

for the legislature

06:13:03Source

DOF Secretary Frederick D. Go

asr-006722

to look at.

06:13:05Source

DOF Secretary Frederick D. Go

asr-006723

They compose health taxes.

06:13:08Source

Senator Imee R. Marcos

asr-006724

Yes. With all due respect

06:13:10Source

Senator Imee R. Marcos

asr-006725

and Senator Cayetano will

06:13:12Source

Senator Imee R. Marcos

asr-006726

help me here and this is very clear.

06:13:14Source

Senator Imee R. Marcos

asr-006727

Alcohol and

06:13:15Source

Senator Imee R. Marcos

asr-006728

cigarettes. Alcohol and tobacco

06:13:17Source

Senator Imee R. Marcos

asr-006729

are already so heavily taxed.

06:13:19Source

Senator Imee R. Marcos

asr-006730

Aren't your projections for increased

06:13:21Source

Senator Imee R. Marcos

asr-006731

revenue rather optimistic

06:13:24Source

Senator Imee R. Marcos

asr-006732

once again?

06:13:24Source

DOF Secretary Frederick D. Go

asr-006733

I don't

06:13:27Source

DOF Secretary Frederick D. Go

asr-006734

think this is the right

06:13:28Source

DOF Secretary Frederick D. Go

asr-006735

venue about the bill.

06:13:30Source

Senator Imee R. Marcos

asr-006736

No, no. I'm just saying

06:13:32Source

Senator Imee R. Marcos

asr-006737

that it's not going

06:13:34Source

Senator Imee R. Marcos

asr-006738

to be a windfall

06:13:36Source

Senator Imee R. Marcos

asr-006739

kasi napakabigat na ng tax niyan eh.

06:13:38Source

Senator Imee R. Marcos

asr-006740

Parang konti na lang mapipigar yan.

06:13:41Source

Senator Imee R. Marcos

asr-006741

At the risk of what's already

06:13:42Source

Senator Imee R. Marcos

asr-006742

occurring, constant

06:13:44Source

Senator Imee R. Marcos

asr-006743

smuggling in the tobacco

06:13:46Source

DOF Secretary Frederick D. Go

asr-006744

sector. I'll just answer your

06:13:48Source

DOF Secretary Frederick D. Go

asr-006745

question directly, Your Honor. We're not

06:13:50Source

DOF Secretary Frederick D. Go

asr-006746

adjusting the excise tax on

06:13:52Source

DOF Secretary Frederick D. Go

asr-006747

tobacco. We are looking at

06:13:54Source

DOF Secretary Frederick D. Go

asr-006748

vapor products and nicotine pouches.

06:13:57Source

DOF Secretary Frederick D. Go

asr-006749

I see. So, not tobacco.

06:13:58Source

Senator Imee R. Marcos

asr-006750

Yes. No, I saw that. It's e-cigarettes,

06:14:01Source

Senator Imee R. Marcos

asr-006751

novel tobacco, and

06:14:03Source

Senator Imee R. Marcos

asr-006752

e-cigarette devices.

06:14:05Source

Senator Imee R. Marcos

asr-006753

I saw that.

06:14:06Source

Senator Imee R. Marcos

asr-006754

Nevertheless, that's still

06:14:09Source

Senator Imee R. Marcos

asr-006755

a sector that's already

06:14:10Source

Senator Imee R. Marcos

asr-006756

heavily taxed. The other question

06:14:13Source

Senator Imee R. Marcos

asr-006757

has been about single-use

06:14:14Source

Senator Imee R. Marcos

asr-006758

plastics that you included in the list as

06:14:16Source

Senator Imee R. Marcos

asr-006759

well, which everyone finds rather

06:14:19Source

Senator Imee R. Marcos

asr-006760

optimistic given that there are no

06:14:21Source

Senator Imee R. Marcos

asr-006761

clear, clearly available

06:14:23Source

Senator Imee R. Marcos

asr-006762

alternatives, particularly

06:14:25Source

Senator Imee R. Marcos

asr-006763

in the remote and island areas.

06:14:27Source

Senator Imee R. Marcos

asr-006764

So, replacing

06:14:29Source

Senator Imee R. Marcos

asr-006765

single-use plastics will

06:14:30Source

Senator Imee R. Marcos

asr-006766

with other alternatives.

06:14:33Source

Senator Imee R. Marcos

asr-006767

They're obviously recyclable and

06:14:35Source

Senator Imee R. Marcos

asr-006768

sustainable. It's not so simple.

06:14:37Source

Senator Imee R. Marcos

asr-006769

So, that's not

06:14:39Source

Senator Imee R. Marcos

asr-006770

another windfall. There's also been

06:14:41Source

Senator Imee R. Marcos

asr-006771

some objection to the taxes on

06:14:42Source

Senator Imee R. Marcos

asr-006772

automobiles, particularly from the

06:14:45Source

Senator Imee R. Marcos

asr-006773

agricultural sector on account of

06:14:47Source

Senator Imee R. Marcos

asr-006774

the pickup trucks and the other vehicles

06:14:49Source

Senator Imee R. Marcos

asr-006775

they use for farm

06:14:51Source

Senator Imee R. Marcos

asr-006776

to market

06:14:51Source

Senator Imee R. Marcos

asr-006777

vehicles.

06:14:53Source

DOF Secretary Frederick D. Go

asr-006778

Your Honor, I'll answer it again directly.

06:14:57Source

DOF Secretary Frederick D. Go

asr-006779

There is no proposed tax on farm

06:14:59Source

DOF Secretary Frederick D. Go

asr-006780

vehicles.

06:15:00Source

Senator Imee R. Marcos

asr-006781

Yes, but I think under the list, there were pick-ups.

06:15:08Source

DOF Secretary Frederick D. Go

asr-006782

No, not in progress, Your Honor.

06:15:11Source

DOF Secretary Frederick D. Go

asr-006783

Inanggal na?

06:15:12Source

Senator Sherwin "Win" T. Gatchalian

asr-006784

Not in progress. Progress only has a luxury tax for vehicles above 8 million pesos.

06:15:17Source

Senator Imee R. Marcos

asr-006785

Ang katatanggal lang daw. So the Senate President assures us that nakatatanggal pa lamang.

06:15:22Source

Senator Imee R. Marcos

asr-006786

No, it's not classified as a farm vehicle, although it's widely used as such.

06:15:28Source

Senator Imee R. Marcos

asr-006787

And apparently, they've removed it. So we're very relieved.

06:15:32Source

Senator Imee R. Marcos

asr-006788

Nevertheless, the motor vehicle's user's charge will affect everyone.

06:15:36Source

Senator Imee R. Marcos

asr-006789

And that's another cause for concern.

06:15:39Source

Senator Imee R. Marcos

asr-006790

Having said that, perhaps you can submit to us the projected increased revenue

06:15:45Source

Senator Imee R. Marcos

asr-006791

and if it will in fact fill the hole or the shortfall that is expected from the MSMEs exemptions

06:15:54Source

Senator Imee R. Marcos

asr-006792

as well as the smaller earners exemptions.

06:15:58Source

Senator Imee R. Marcos

asr-006793

The other thing has been, of course, former Finance Secretary Ben Diokno

06:16:08Source

Senator Imee R. Marcos

asr-006794

has described the proposed 2027 budget as an all-ayuda budget.

06:16:14Source

Senator Imee R. Marcos

asr-006795

What proportion of the 7.2 trillion is actually allocated for outright cash assistance, subsidies, social protection?

06:16:23Source

Senator Imee R. Marcos

asr-006796

I attempted to make a list, pero marami kasi nakatago dun sa...

06:16:28Source

Senator Imee R. Marcos

asr-006797

Isang line ng iba't-ibang ahensya, katulad ng OP, ng DOLE, at kung ano-ano pa,

06:16:35Source

Senator Imee R. Marcos

asr-006798

eh nasa 500 billion na kulang-kulang pa ang aking bilang.

06:16:39Source

Senator Imee R. Marcos

asr-006799

Ano yung official bilang po ninyo?

06:16:43Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006800

Mr. Chair, Your Honor, we're just retrieving the figure, but offhand, we would like to note that

06:16:50Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006801

in fact, some of the items for cash transfers have actually been reduced, as I've earlier mentioned,

06:16:58Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006802

the provision for AICS, for MAIFIP, and for TUPAD has actually been reverted back to the NEP level.

06:17:05Source

Senator Imee R. Marcos

asr-006803

Yes, Secretary. On its face, it looks like it's been reduced, but the reality is, andami rin bago, diba?

06:17:11Source

Senator Imee R. Marcos

asr-006804

Andami rin bagong mga hand-out, mga cash allocations, and perhaps it's important to listen to the warning

06:17:21Source

Senator Imee R. Marcos

asr-006805

of former Secretary Diokno, who says,

06:17:25Source

Senator Imee R. Marcos

asr-006806

Have you seen the budget littered with...

06:17:28Source

Senator Imee R. Marcos

asr-006807

Ayuda.

06:17:29Source

Senator Imee R. Marcos

asr-006808

That's far more vulnerable to political patronage, weakening the budget's capacity to support productivity,

06:17:35Source

Senator Imee R. Marcos

asr-006809

employment, and long-term competitiveness.

06:17:38Source

Senator Imee R. Marcos

asr-006810

Given that following 2027, 2028 is a presidential national election year,

06:17:45Source

Senator Imee R. Marcos

asr-006811

this suspicion should be allayed.

06:17:48Source

Senator Imee R. Marcos

asr-006812

How you do that, I am not certain.

06:17:53Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006813

Mr. Chair, Your Honor, again, we submit that the allocation has actually been reduced from 2026,

06:18:00Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006814

and we are not sure whether the former Secretary is also referring, for instance,

06:18:06Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006815

for four-piece provision as part of the Ayuda,

06:18:09Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006816

because definitely there's also a law institutionalizing four-piece,

06:18:15Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006817

and we're doing targeted selection to ensure that we're not just giving dole out for nothing.

06:18:21Source

Acting DBM Secretary Kim Robert C. De Leon

asr-006818

Your Honor, Mr. Chair.

06:18:23Source

Senator Imee R. Marcos

asr-006819

Thank you, Mr. Secretary.

06:18:26Source

Senator Imee R. Marcos

asr-006820

Mr. Chair, I know that this is above everyone's pay.

06:18:30Source

Senator Imee R. Marcos

asr-006821

Everyone who's here.

06:18:32Source

Senator Imee R. Marcos

asr-006822

However, we are already in the budget season, and yet we have no budget secretary.

06:18:38Source

Senator Imee R. Marcos

asr-006823

As it stands, the budget secretary, with all due respect, Secretary Kim,

06:18:44Source

Senator Imee R. Marcos

asr-006824

is merely in an acting capacity, together with a number of very significant positions.

06:18:53Source

Senator Imee R. Marcos

asr-006825

Right now, as I see it, there are 12.

06:18:56Source

Senator Imee R. Marcos

asr-006826

Twelve acting or overacting secretaries.

06:19:00Source

Senator Imee R. Marcos

asr-006827

Depending whose side you're on.

06:19:02Source

Senator Imee R. Marcos

asr-006828

And we know that, firstly, it's only routine administration that they're allowed to do.

06:19:08Source

Senator Imee R. Marcos

asr-006829

Day-to-day operations.

06:19:10Source

Senator Imee R. Marcos

asr-006830

Executive orders that are already existing.

06:19:14Source

Senator Imee R. Marcos

asr-006831

You have no discretionary or any personnel movements that can be made.

06:19:21Source

Senator Imee R. Marcos

asr-006832

How are we supposed to address what is a worldwide crisis with a cabinet that,

06:19:30Source

Senator Imee R. Marcos

asr-006833

uh, is constituted by 12, at the very least, merely acting secretaries?

06:19:35Source

Senator Imee R. Marcos

asr-006834

I would like to name the most important ones.

06:19:39Source

Senator Imee R. Marcos

asr-006835

Executive Secretary Recto, DPWH Dizon.

06:19:44Source

Senator Imee R. Marcos

asr-006836

D.O.T.R. Lopez, who has such a big chunk for foreign-assisted projects.

06:19:50Source

Senator Imee R. Marcos

asr-006837

D.O.J. Vida.

06:19:52Source

Senator Imee R. Marcos

asr-006838

D.O.F., I think, Secretary Goh.

06:19:54Source

Senator Imee R. Marcos

asr-006839

D.B.M., as mentioned earlier.

06:19:57Source

Senator Imee R. Marcos

asr-006840

For D.E.N.R., with all the climate change issues.

06:20:00Source

Senator Imee R. Marcos

asr-006841

Mitch Cuna is also acting.

06:20:03Source

Senator Imee R. Marcos

asr-006842

For D.O.H., Dr. Mercado.

06:20:05Source

Senator Imee R. Marcos

asr-006843

For P.C.O., Dave Gomez.

06:20:08Source

Senator Imee R. Marcos

asr-006844

For DOLE, with an increased budget for social assistance, Francis Tolentino.

06:20:13Source

Senator Imee R. Marcos

asr-006845

Joshua Bingkang of BCDA, together with Dr. Lee Ban.

06:20:19Source

Senator Imee R. Marcos

asr-006846

So, ang tanong, makakaasa po ba tayo ng pagbabago at tunay na aksyon

06:20:24Source

Senator Imee R. Marcos

asr-006847

kapag nakatali ang kamay ng ating mga cabinet members?

06:20:28Source

Senator Imee R. Marcos

asr-006848

Alam ko.

06:20:30Source

Senator Imee R. Marcos

asr-006849

Hindi naman ninyo masasagot ako.

06:20:32Source

Senator Imee R. Marcos

asr-006850

Pero sa kabila nun, siguro, mainam na sabihin na rin natin,

06:20:36Source

Senator Imee R. Marcos

asr-006851

not only is this a perversion of what should be a system of checks and balances,

06:20:42Source

Senator Imee R. Marcos

asr-006852

but we worry that you will not be as free and as able to come up with innovative and emergency measures.

06:20:54Source

Senator Joseph Victor "JV" G. Ejercito

asr-006853

Thank you, Senator Marcos.

06:20:56Source

Senator Joseph Victor "JV" G. Ejercito

asr-006854

Next is Senator Pia Cayetano.

06:20:58Source

Senator Pia S. Cayetano

asr-006855

Thank you, Mr. Chairman.

06:21:00Source

Senator Pia S. Cayetano

asr-006856

Mr. Chairman, good afternoon again, everyone.

06:21:02Source

Senator Pia S. Cayetano

asr-006857

This is a continuation of December 2025.

06:21:07Source

Senator Pia S. Cayetano

asr-006858

The Senate President was the Chairman of the Committee on Finance.

06:21:12Source

Senator Pia S. Cayetano

asr-006859

So, to all my colleagues who were paying attention at that time and actually supportive of this initiative of this representation,

06:21:22Source

Senator Pia S. Cayetano

asr-006860

like I said, it's a continuation.

06:21:24Source

Senator Pia S. Cayetano

asr-006861

So, Secretary Go, were you already Secretary then?

06:21:29Source

Senator Pia S. Cayetano

asr-006862

Sorry, not yet, no?

06:21:31Source

Senator Pia S. Cayetano

asr-006863

December 11th.

06:21:32Source

Senator Pia S. Cayetano

asr-006864

Last year?

06:21:33Source

Senator Pia S. Cayetano

asr-006865

Were you?

06:21:33Source

Senator Pia S. Cayetano

asr-006866

You were.

06:21:34Source

Senator Pia S. Cayetano

asr-006867

Okay.

06:21:35Source

Senator Pia S. Cayetano

asr-006868

But, anyway, but let me refresh everyone's mind.

06:21:38Source

Senator Pia S. Cayetano

asr-006869

I think it was Secretary, Acting Secretary De Leon who was not in December.

06:21:42Source

Senator Pia S. Cayetano

asr-006870

Okay, so let me just refresh everyone's mind.

06:21:43Source

Senator Pia S. Cayetano

asr-006871

So, the Senate was very successful and I take absolute credit on behalf of the Senate for our initiative in retrieving 16 billion of earmarked tax that went to PhilHealth.

06:21:57Source

Senator Pia S. Cayetano

asr-006872

Pero mahabang bugbogan po yun because even though I knew that the Senate President,

06:22:02Source

Senator Pia S. Cayetano

asr-006873

who then was the Chairman, was supportive, sa dami ng kailangan din budgetan, hindi din naman niya basta-basta nakuhaan ng budget.

06:22:11Source

Senator Pia S. Cayetano

asr-006874

But in the end, in the end, on the last day, practically, we were able to find the 16 billion to fund PhilHealth.

06:22:17Source

Senator Pia S. Cayetano

asr-006875

Why is this so important?

06:22:18Source

Senator Pia S. Cayetano

asr-006876

Because I go back to the presentation of both the Secretary of Finance and DBM and even BSP talking about the importance of health.

06:22:27Source

Senator Pia S. Cayetano

asr-006877

And this is a big chunk of where we can get funding for health.

06:22:30Source

Senator Pia S. Cayetano

asr-006878

So, for the benefit of...

06:22:32Source

Senator Pia S. Cayetano

asr-006879

The whole team, and I wish I could flash it, but I forgot to tell my team to flash it.

06:22:39Source

Senator Pia S. Cayetano

asr-006880

But my colleagues are bugbog sa flashcard ko na ito.

06:22:42Source

Senator Pia S. Cayetano

asr-006881

Ang total deficit from previously earmarked syntax for PhilHealth is 113 billion coming from syntax.

06:22:52Source

Senator Pia S. Cayetano

asr-006882

So, I hope you have the same number, Secretary.

06:22:54Source

Senator Pia S. Cayetano

asr-006883

If not, I will be happy to give them to you.

06:22:57Source

Senator Pia S. Cayetano

asr-006884

2023 is 4.9 billion.

06:22:59Source

Senator Pia S. Cayetano

asr-006885

2024 is 38.73 billion.

06:23:02Source

Senator Pia S. Cayetano

asr-006886

And 2025 is 69.81 billion.

06:23:05Source

Senator Pia S. Cayetano

asr-006887

A total of 113.44 billion.

06:23:08Source

Senator Pia S. Cayetano

asr-006888

Okay?

06:23:09Source

Senator Pia S. Cayetano

asr-006889

And then, there is also unappropriated and unreleased funds for PhilHealth coming from PCSO and PAGCOR 2019 to 2025.

06:23:20Source

Senator Pia S. Cayetano

asr-006890

And that amount is 77.46.

06:23:23Source

Senator Pia S. Cayetano

asr-006891

So, ulitin ko, kasi nagkakatuwaan yung ibang kasama ko dito.

06:23:27Source

Senator Pia S. Cayetano

asr-006892

Ulitin ko, 77.46 billion.

06:23:30Source

Senator Pia S. Cayetano

asr-006893

Okay?

06:23:31Source

Senator Pia S. Cayetano

asr-006894

From PCSO.

06:23:32Source

Senator Pia S. Cayetano

asr-006895

And PAGCOR.

06:23:33Source

Senator Pia S. Cayetano

asr-006896

If I recall correctly, during the hearing,

06:23:36Source

Senator Pia S. Cayetano

asr-006897

nagsabi si PAGCOR na dineliver na nila ito sa Treasury.

06:23:41Source

Senator Pia S. Cayetano

asr-006898

Nabigay nila sa Treasury.

06:23:42Source

Senator Pia S. Cayetano

asr-006899

So, unreleased nga.

06:23:45Source

Senator Pia S. Cayetano

asr-006900

Unallocated earmark.

06:23:46Source

Senator Pia S. Cayetano

asr-006901

Kasi according to them, nadeliver nila.

06:23:48Source

Senator Pia S. Cayetano

asr-006902

And then, unreleased appropriation from 2023 to 2024 is 101.43 billion.

06:23:56Source

Senator Pia S. Cayetano

asr-006903

So, ang total nitong lahat is 292.33 billion.

06:24:01Source

Senator Pia S. Cayetano

asr-006904

Almost.

06:24:02Source

Senator Pia S. Cayetano

asr-006905

One-third of a trillion pesos.

06:24:07Source

Senator Pia S. Cayetano

asr-006906

Let that sink in, dear colleagues.

06:24:09Source

Senator Pia S. Cayetano

asr-006907

One-third of a trillion pesos.

06:24:11Source

Senator Pia S. Cayetano

asr-006908

Na pwedeng-pwede, may pondo na.

06:24:14Source

Senator Pia S. Cayetano

asr-006909

Nalagay na yan sa batas.

06:24:15Source

Senator Pia S. Cayetano

asr-006910

We've done our part.

06:24:17Source

Senator Pia S. Cayetano

asr-006911

It just has to be delivered.

06:24:18Source

Senator Pia S. Cayetano

asr-006912

Now, let's look at those numbers compared to kung ano yung sinatsaga natin.

06:24:27Source

Senator Pia S. Cayetano

asr-006913

We're happy to note that the current 2027 PhilHealth budget

06:24:30Source

Senator Pia S. Cayetano

asr-006914

has 74.45 billion divided into, yung source niyan, is one is subsidy, 55.42 billion.

06:24:39Source

Senator Pia S. Cayetano

asr-006915

So, that's my first question, Secretary Go.

06:24:43Source

Senator Pia S. Cayetano

asr-006916

I'm asking this question first because you might need time to check your numbers

06:24:47Source

Senator Pia S. Cayetano

asr-006917

so I can go on to other questions while you're checking.

06:24:49Source

Senator Pia S. Cayetano

asr-006918

Ang question ko po is, what is the syntax collection that is meant to be earmarked for health for 2027?

06:24:59Source

Senator Pia S. Cayetano

asr-006919

And what portion of...

06:25:00Source

Senator Pia S. Cayetano

asr-006920

That is for PhilHealth.

06:25:02Source

Senator Pia S. Cayetano

asr-006921

Kasi, ang nakalagay sa budget is 55.42 billion.

06:25:06Source

Senator Pia S. Cayetano

asr-006922

But I have here a historical record that tells us na never naman binibigay yung dapat ibigay.

06:25:12Source

Senator Pia S. Cayetano

asr-006923

So, did we learn our lesson?

06:25:13Source

Senator Pia S. Cayetano

asr-006924

Nilagay ba?

06:25:14Source

Senator Pia S. Cayetano

asr-006925

Nilagay ba dito, Secretary De Leon?

06:25:16Source

Senator Pia S. Cayetano

asr-006926

Okay?

06:25:17Source

Senator Pia S. Cayetano

asr-006927

So, yun ang first question ko.

06:25:19Source

Senator Pia S. Cayetano

asr-006928

Second question ko, again, is kind of good news because there is now a benefit package improvement

06:25:24Source

Senator Pia S. Cayetano

asr-006929

found in the special provisions for PAGCOR of 19 billion.

06:25:30Source

Senator Pia S. Cayetano

asr-006930

So, nung nagtatanong kami, kasi bumaba ang funding for MAIFIP,

06:25:39Source

Senator Pia S. Cayetano

asr-006931

sabi kasi na may 19 billion naman dyan, no?

06:25:42Source

Senator Pia S. Cayetano

asr-006932

May 19 billion.

06:25:44Source

Senator Pia S. Cayetano

asr-006933

Kaya lang yung 19 billion na yan is not just for MAIFIP.

06:25:47Source

Senator Pia S. Cayetano

asr-006934

Halo-halo na po iyan.

06:25:50Source

Senator Pia S. Cayetano

asr-006935

Nakasama ang dialysis, MAIFIP.

06:25:54Source

Senator Pia S. Cayetano

asr-006936

Ano pa?

06:25:55Source

Senator Imee R. Marcos

asr-006937

Not MAIFIP.

06:25:57Source

Senator Imee R. Marcos

asr-006938

Not MAIFIP.

06:25:57Source

Senator Pia S. Cayetano

asr-006939

Sorry, sorry, sorry, sorry.

06:25:59Source

Senator Pia S. Cayetano

asr-006940

Mali ako.

06:25:59Source

Senator Pia S. Cayetano

asr-006941

Not MAIFIP.

06:26:00Source

Senator Pia S. Cayetano

asr-006942

ZBB.

06:26:01Source

Senator Pia S. Cayetano

asr-006943

I confuse it.

06:26:02Source

Senator Pia S. Cayetano

asr-006944

I'm talking about ZBB.

06:26:03Source

Senator Pia S. Cayetano

asr-006945

Erase muna yung sinabi ko.

06:26:05Source

Senator Pia S. Cayetano

asr-006946

I'm happy to note that Acting Secretary De Leon stated that ZBB will now be available

06:26:14Source

Senator Pia S. Cayetano

asr-006947

in 300 plus LGUs.

06:26:15Source

Senator Pia S. Cayetano

asr-006948

Correct?

06:26:16Source

Senator Pia S. Cayetano

asr-006949

Okay.

06:26:17Source

Senator Pia S. Cayetano

asr-006950

And I don't know what amount is being allocated for those 300 LGUs.

06:26:24Source

Senator Pia S. Cayetano

asr-006951

Again, I will take absolute credit for initiating that program because in the 2026 budget,

06:26:30Source

Senator Pia S. Cayetano

asr-006952

tayo po, with the support of the chairman, recommended that wala hong ZBB allocated to LGUs.

06:26:36Source

Senator Pia S. Cayetano

asr-006953

Wala.

06:26:37Source

Senator Pia S. Cayetano

asr-006954

At awang-awa po ako sa mga mayor kasi nung in-announce sa SONA last year, not this year,

06:26:42Source

Senator Pia S. Cayetano

asr-006955

na available na ang ZBB, yung mayors nagtingin na na parang hala, hahabulin sa atin ang mga kababayan natin yan.

06:26:49Source

Senator Pia S. Cayetano

asr-006956

Eh wala namang ZBB budget ang mga LGUs.

06:26:52Source

Senator Pia S. Cayetano

asr-006957

So during the budget, we said, sige mag-pilot na kayo, umpisahan nyo na.

06:26:56Source

Senator Pia S. Cayetano

asr-006958

And we put 1 billion thanks to the support of the chairman now,

06:26:59Source

Senator Pia S. Cayetano

asr-006959

Senate President.

06:27:00Source

Senator Pia S. Cayetano

asr-006960

1 billion for LGUs.

06:27:02Source

Senator Pia S. Cayetano

asr-006961

I suppose successful yun kasi siguro naman yung pilot project na yun,

06:27:06Source

Senator Pia S. Cayetano

asr-006962

hindi naman ilo-launch ng 300 LGUs na hindi pa yan nasubukan, no?

06:27:11Source

Senator Pia S. Cayetano

asr-006963

Because we believe naman we have to learn and learn from our mistakes.

06:27:14Source

Senator Pia S. Cayetano

asr-006964

So 300 na ngayon ng LGUs.

06:27:16Source

Senator Pia S. Cayetano

asr-006965

Magkano?

06:27:17Source

Senator Pia S. Cayetano

asr-006966

So yun nga, nahanap ko 19 billion is in the special provisions.

06:27:21Source

Senator Pia S. Cayetano

asr-006967

Pero halo-halo na yan for ZBB malnutrition, which is a bill that we are currently,

06:27:28Source

Senator Pia S. Cayetano

asr-006968

napasa na ba natin?

06:27:29Source

Senator Pia S. Cayetano

asr-006969

We're still, but we are in the final stages.

06:27:32Source

Senator Pia S. Cayetano

asr-006970

That's right, I still have amendments.

06:27:34Source

Senator Pia S. Cayetano

asr-006971

Malnutrition bill, dialysis, et cetera, 19 billion.

06:27:39Source

Senator Pia S. Cayetano

asr-006972

So I guess at this level, hindi nanyo alam kung paano yan hahatiin.

06:27:46Source

Senator Pia S. Cayetano

asr-006973

And we generally frown upon the lump sums because it doesn't help us ensure that the programs

06:27:53Source

Senator Pia S. Cayetano

asr-006974

we want to be funded or we know need funding are specifically funded.

06:27:59Source

Senator Pia S. Cayetano

asr-006975

So again,

06:27:59Source

Senator Pia S. Cayetano

asr-006976

balik ako sa ZBB, I wouldn't know if sa 19 billion, 1% ba ang mapupunta sa 300 LGUs.

06:28:07Source

Senator Pia S. Cayetano

asr-006977

And for the record, we have 1,642 LGUs.

06:28:11Source

Senator Pia S. Cayetano

asr-006978

Again, I'm happy.

06:28:12Source

Senator Pia S. Cayetano

asr-006979

300 is a start.

06:28:13Source

Senator Pia S. Cayetano

asr-006980

I'm happy with that.

06:28:14Source

Senator Pia S. Cayetano

asr-006981

But how much will go there?

06:28:16Source

Senator Pia S. Cayetano

asr-006982

So medyo compounded yung question ko.

06:28:18Source

Senator Pia S. Cayetano

asr-006983

Please answer whatever you can.

06:28:19Source

Senator Pia S. Cayetano

asr-006984

Maybe I think this is more, I leave it up to the two secretaries to decide who would like to give a response.

06:28:24Source

Senator Pia S. Cayetano

asr-006985

Thank you.

06:28:25Source

DOF Secretary Frederick D. Go

asr-006986

Yeah.

06:28:25Source

DOF Secretary Frederick D. Go

asr-006987

Mr. Chair, Your Honor, I'll answer the question that's directed to the director.

06:28:29Source

DOF Secretary Frederick D. Go

asr-006988

The Department of Finance.

06:28:30Source

DOF Secretary Frederick D. Go

asr-006989

Based on 2025 actual excise tax collections, it totaled 148.7 billion and for sweetened beverages, 39.3 billion.

06:28:47Source

DOF Secretary Frederick D. Go

asr-006990

And based on the earmarking percentages, accordingly, it's a range kasi the earmarking percentages.

06:28:55Source

DOF Secretary Frederick D. Go

asr-006991

The total PhilHealth earmark is 75.2.

06:28:59Source

Senator Pia S. Cayetano

asr-006992

Thank you for that, Secretary.

06:29:04Source

Senator Pia S. Cayetano

asr-006993

So that means kulang ng 20 billion ang na-allocate sa budget.

06:29:09Source

Senator Pia S. Cayetano

asr-006994

Kasi you're telling me that based on the earmarked collection, it's 75 and yet what we earmark is 55.

06:29:16Source

Senator Pia S. Cayetano

asr-006995

So ngayon, yung problema ni Senate President Gatchalian, problema na ni Senator JV kasi maghahanap tayo ng 20 billion

06:29:24Source

Senator Pia S. Cayetano

asr-006996

that by law is supposed to go to PhilHealth.

06:29:29Source

Senator Pia S. Cayetano

asr-006997

Nobody here has the authority.

06:29:30Source

Senator Pia S. Cayetano

asr-006998

Nobody to move that around, Mr. Chairman.

06:29:36Source

Senator Pia S. Cayetano

asr-006999

If correct yung aking subtraction, please feel free to correct if I made mistakes in the numbers

06:29:42Source

Senator Pia S. Cayetano

asr-007000

because 55 ang naka-allocate dun sa budget and you're telling me 75 is the earmarked amount.

06:29:49Source

Senator Pia S. Cayetano

asr-007001

So is that correct?

06:29:50Source

Senator Pia S. Cayetano

asr-007002

Would it be DBM na who will answer that?

06:29:53Source

Acting DBM Secretary Kim Robert C. De Leon

asr-007003

Okay.

06:29:53Source

Acting DBM Secretary Kim Robert C. De Leon

asr-007004

Mr. Chair, Your Honor, we confirm that there is a 19.8 billion variance if you look at the earmark.

06:30:00Source

Acting DBM Secretary Kim Robert C. De Leon

asr-007005

amount for PhilHealth. And this is precisely what we have actually flagged to the previous

06:30:07Source

Acting DBM Secretary Kim Robert C. De Leon

asr-007006

DOH secretary and the present DOH secretary when he was still PhilHealth, because we need to fix

06:30:13Source

Acting DBM Secretary Kim Robert C. De Leon

asr-007007

how are we allocating for our healthcare financing. Because at the other side of the coin,

06:30:19Source

Acting DBM Secretary Kim Robert C. De Leon

asr-007008

if we look at the earmarked portion for DOH, we're actually meeting, in fact, exceeding the

06:30:25Source

Acting DBM Secretary Kim Robert C. De Leon

asr-007009

earmarked amount for DOH. But then again, if we look at the spirit of the universal healthcare,

06:30:30Source

Acting DBM Secretary Kim Robert C. De Leon

asr-007010

which I believe your honor is very much familiar of, PhilHealth should be the single payer of

06:30:38Source

Acting DBM Secretary Kim Robert C. De Leon

asr-007011

healthcare financing. That's why we also welcome the PhilHealth president now as the secretary,

06:30:45Source

Acting DBM Secretary Kim Robert C. De Leon

asr-007012

so that we can address this kind of financing issue, so that we'd be able to provide for what

06:30:52Source

Acting DBM Secretary Kim Robert C. De Leon

asr-007013

is earmarked to PhilHealth, that would eventually be PhilHealth.

06:30:55Source

Acting DBM Secretary Kim Robert C. De Leon

asr-007014

So we funneled down not only to DOH hospitals, but also to LGU hospitals, private hospitals,

06:31:01Source

Acting DBM Secretary Kim Robert C. De Leon

asr-007015

because of more efficient handling of these finances. Your honor, Mr. Chair.

06:31:06Source

Senator Pia S. Cayetano

asr-007016

Just a quick question. Mr. Chairman, are you holding the budget for health?

06:31:11Source

Senator Joseph Victor "JV" G. Ejercito

asr-007017

Yes.

06:31:12Source

Senator Pia S. Cayetano

asr-007018

I made you a resource person.

06:31:14Source

Senator Joseph Victor "JV" G. Ejercito

asr-007019

Yes, I'll help. Anyway, we will help each other. Teresa, you, all the health advocates will be

06:31:21Source

Senator Joseph Victor "JV" G. Ejercito

asr-007020

supporting and helping one another.

06:31:25Source

Senator Pia S. Cayetano

asr-007021

So it's a big benefit to them because by law, PhilHealth is clear. So maybe you still have time

06:31:30Source

Senator Pia S. Cayetano

asr-007022

to figure out how you're going to deliver this to PhilHealth. Because by law, that's it. So we

06:31:35Source

Senator Pia S. Cayetano

asr-007023

shouldn't be the one who's having a problem with this because we already did our part in passing

06:31:39Source

Senator Pia S. Cayetano

asr-007024

that law. And we spent an inordinate amount of time, me pushing for it and the then chairperson

06:31:46Source

Senator Pia S. Cayetano

asr-007025

and the now new chairperson finding how to pull it out. So can we just toss that, as you said,

06:31:51Source

Senator Pia S. Cayetano

asr-007026

correctly to the new DOH and PhilHealth chair.

06:31:55Source

Senator Pia S. Cayetano

asr-007027

President? Can we ask you to do that?

06:32:00Source

Acting DBM Secretary Kim Robert C. De Leon

asr-007028

We will certainly work with DOH and PhilHealth to try to propose a solution on the matter your honor.

06:32:06Source

Senator Pia S. Cayetano

asr-007029

But meanwhile, I feel this is your problem 292.33 billion of never

06:32:14Source

Senator Pia S. Cayetano

asr-007030

an allocated, an appropriated, and unreleased funds to PhilHealth. I know you are new to the

06:32:20Source

Senator Pia S. Cayetano

asr-007031

position, but you need to help us figure out how to get this back.

06:32:23Source

Senator Pia S. Cayetano

asr-007032

This figure, yes.

06:32:26Source

Acting DBM Secretary Kim Robert C. De Leon

asr-007033

This figure, Your Honor, Mr. Chair, refers to the accumulated amounts from prior years.

06:32:27Source

Acting DBM Secretary Kim Robert C. De Leon

asr-007035

your honor mr chair refers to the accumulated amounts from prior years

06:32:31Source

Senator Pia S. Cayetano

asr-007036

2023 2024 2025

06:32:37Source

Acting DBM Secretary Kim Robert C. De Leon

asr-007036-split-2

we will have to confirm with the figures

06:32:39Source

Acting DBM Secretary Kim Robert C. De Leon

asr-007037

and we would be uh happy to work with the good senator as

06:32:44Source

Acting DBM Secretary Kim Robert C. De Leon

asr-007038

well on how we can plan ahead because definitely with the limited fiscal

06:32:47Source

Senator Pia S. Cayetano

asr-007039

space just for your information two years

06:32:50Source

Senator Pia S. Cayetano

asr-007040

and then the past years

06:32:55Source

Senator Pia S. Cayetano

asr-007041

so maybe those who have been i know you're new to dbm

06:32:58Source

Senator Pia S. Cayetano

asr-007042

so you know let's not start from scratch well you can ask them please to

06:33:06Source

Acting DBM Secretary Kim Robert C. De Leon

asr-007043

we'll also include this mr chair your honor uh in our discussion with the

06:33:10Source

Acting DBM Secretary Kim Robert C. De Leon

asr-007044

secretary mercado and president

06:33:13Source

Senator Pia S. Cayetano

asr-007044-split-2

i'm sure they will welcome it

06:33:14Source

Senator Pia S. Cayetano

asr-007045

because that's but i have to take it up here because when we go to their budget

06:33:17Source

Senator Pia S. Cayetano

asr-007046

they're already limited to what was delivered to them

06:33:20Source

Senator Pia S. Cayetano

asr-007047

so i'll be happy to give you a copy i'll move on to my

06:33:24Source

Senator Pia S. Cayetano

asr-007048

other questions

06:33:25Source

Senator Pia S. Cayetano

asr-007049

other points

06:33:42Source

Acting DBM Secretary Kim Robert C. De Leon

asr-007050

we confirm mr chair your honor that the amount under the 2026 ja has been

06:33:47Source

Acting DBM Secretary Kim Robert C. De Leon

asr-007051

released to feel health including the 60 billion that we have to return to them

06:33:51Source

Senator Pia S. Cayetano

asr-007052

okay thank you so um i'll go through a few things um

06:33:55Source

Senator Pia S. Cayetano

asr-007053

um

06:33:56Source

Senator Pia S. Cayetano

asr-007054

this is still for you as acting secretary uh your earlier uh in your

06:34:01Source

Senator Pia S. Cayetano

asr-007055

earlier presentation you included a slide on the increase of personal

06:34:05Source

Senator Pia S. Cayetano

asr-007056

service in the budget no and then um i was wondering but then you you added

06:34:10Source

Senator Pia S. Cayetano

asr-007057

the information that a big chunk of this goes to education and health so for the

06:34:14Source

Senator Pia S. Cayetano

asr-007058

record 34 percent increase

06:34:16Source

Senator Pia S. Cayetano

asr-007059

personal budget and you indicated that a big chunk goes to health and education

06:34:20Source

Senator Pia S. Cayetano

asr-007060

you confirm mr secretary

06:34:24Source

Acting DBM Secretary Kim Robert C. De Leon

asr-007060-split-2

yes uh mr chair your honor

06:34:26Source

Acting DBM Secretary Kim Robert C. De Leon

asr-007061

because the increase is across the board and the biggest uh human resources under education and

06:34:32Source

Acting DBM Secretary Kim Robert C. De Leon

asr-007062

health

06:34:32Source

Senator Pia S. Cayetano

asr-007062-split-2

okay so um i'll very quickly mention education why it's so important because the

06:34:37Source

Senator Pia S. Cayetano

asr-007063

budget of ched uh higher education sucs went down i haven't gone through all the details but i just

06:34:43Source

Senator Pia S. Cayetano

asr-007064

want to put on record that for the many years that i i i handled the budget of higher education

06:34:49Source

Senator Pia S. Cayetano

asr-007065

i don't believe that there has any been been any significant changes that for higher education

06:34:55Source

Senator Pia S. Cayetano

asr-007066

instructors professors basically teachers in the higher education sector

06:35:00Source

Senator Pia S. Cayetano

asr-007067

their load is very high so when we question um why our quality of education is like this because

06:35:05Source

Senator Pia S. Cayetano

asr-007068

our teachers their load is 29 units 27 units i think uh uh senate president can confirm so when

06:35:15Source

Senator Pia S. Cayetano

asr-007069

i was a up student and thankfully i heard that it's still like that in up the load of a student

06:35:20Source

Senator Pia S. Cayetano

asr-007070

15 units so it's the same for the students in the other sucs it's high high so the

06:35:25Source

Senator Pia S. Cayetano

asr-007071

quality you have because you're bombarding in quantity even in teachers quantity so i'm happy

06:35:31Source

Senator Pia S. Cayetano

asr-007072

that it's there but whether it goes to um our teachers who need it maybe not and i know maybe

06:35:38Source

Senator Pia S. Cayetano

asr-007073

it's out of scope you know but i'm bringing it to your attention how much it's needed and how

06:35:44Source

Senator Pia S. Cayetano

asr-007074

much it's appreciated that it's added but maybe it's still lacking

06:35:48Source

Acting DBM Secretary Kim Robert C. De Leon

asr-007074-split-2

actually your honor we we have

06:35:50Source

Acting DBM Secretary Kim Robert C. De Leon

asr-007075

a lump sum provision for additional uh teaching positions across our sucs and we

06:35:55Source

Acting DBM Secretary Kim Robert C. De Leon

asr-007076

uh implement the usual ratio of one uh instructor for every 25 uh students so whenever we receive

06:36:03Source

Acting DBM Secretary Kim Robert C. De Leon

asr-007077

a request for additional position and for as long as we can accommodate it within the lump sum we

06:36:08Source

Acting DBM Secretary Kim Robert C. De Leon

asr-007078

act on it and create additional positions as necessary

06:36:13Source

Senator Pia S. Cayetano

asr-007078-split-2

mr chairman i will run one kilometer

06:36:17Source

Senator Pia S. Cayetano

asr-007079

for every request that that for every for every uh one is to 25

06:36:27Source

Senator Pia S. Cayetano

asr-007080

Sige. For every one, for every, kahit abutin ako ng buong buhay ko, kasi di ko alam kung saan ang SUC na may one is to twenty-five.

06:36:39Source

Senator Pia S. Cayetano

asr-007081

Lately, I checked because I was checking on some student-athletes in a prestigious SUC.

06:36:47Source

Senator Pia S. Cayetano

asr-007082

May online classes pa. Sabi ko, ha, bakit may online? Hindi na uso ang online.

06:36:53Source

Senator Pia S. Cayetano

asr-007083

Eh, kasi kulang ang classroom.

06:36:53Source

Senator Pia S. Cayetano

asr-007084

So, walang classroom

06:36:56Source

Senator Pia S. Cayetano

asr-007085

na na-assign sa teacher.

06:36:57Source

Senator Pia S. Cayetano

asr-007091

nagtanong ako doon sa student-athlete, matatapos

06:36:59Source

Senator Pia S. Cayetano

asr-007092

na yung SEM, never pa silang kita ng teacher nila.

06:37:02Source

Senator Pia S. Cayetano

asr-007093

So, I'm pretty sure

06:37:04Source

Senator Pia S. Cayetano

asr-007094

the reason for that is because hindi

06:37:05Source

Senator Pia S. Cayetano

asr-007095

1 is to 25 ang estudyante.

06:37:08Source

Senator Pia S. Cayetano

asr-007096

So, if we could

06:37:10Source

Senator Pia S. Cayetano

asr-007097

still check on that. I love it that we have

06:37:11Source

Senator Pia S. Cayetano

asr-007098

a goal, but I think it remains to be a goal.

06:37:14Source

Senator Pia S. Cayetano

asr-007099

I don't know, I don't know,

06:37:15Source

Senator Pia S. Cayetano

asr-007100

I don't know in what state you,

06:37:17Source

Senator Pia S. Cayetano

asr-007101

that is being followed.

06:37:21Source

Acting DBM Secretary Kim Robert C. De Leon

asr-007102

We'll check on it,

06:37:22Source

Acting DBM Secretary Kim Robert C. De Leon

asr-007103

Your Honor, because per our reports,

06:37:24Source

Acting DBM Secretary Kim Robert C. De Leon

asr-007104

that's what the ratio we are

06:37:25Source

Acting DBM Secretary Kim Robert C. De Leon

asr-007105

implementing. But certainly, we will check on

06:37:28Source

Acting DBM Secretary Kim Robert C. De Leon

asr-007106

what's happening on the ground.

06:37:29Source

Senator Pia S. Cayetano

asr-007107

And we work closely with CHED, Your Honor.

06:37:32Source

Senator Pia S. Cayetano

asr-007108

Kasi, narinig mo na ba yun,

06:37:34Source

Senator Pia S. Cayetano

asr-007109

Mr. Chairman,

06:37:35Source

Senator Pia S. Cayetano

asr-007110

the chairman now and the chairman before,

06:37:38Source

Senator Pia S. Cayetano

asr-007111

meron bang may 1 is to 25? Sayang,

06:37:40Source

Senator Pia S. Cayetano

asr-007112

wala na sila, Senator Joel,

06:37:42Source

Senator Pia S. Cayetano

asr-007113

Senator Bam. That's a figment

06:37:44Source

Senator Pia S. Cayetano

asr-007114

of our imagination, kung kaya

06:37:46Source

Senator Pia S. Cayetano

asr-007115

yan. I know UP

06:37:47Source

Senator Pia S. Cayetano

asr-007116

tries, but because they have the highest budget,

06:37:50Source

Senator Pia S. Cayetano

asr-007117

so, but anyway, I move on.

06:37:52Source

Senator Pia S. Cayetano

asr-007118

But thank you, thank you for that information.

06:37:54Source

Senator Pia S. Cayetano

asr-007119

So,

06:37:55Source

Senator Pia S. Cayetano

asr-007120

so, I go to health, no, on the same issue

06:37:57Source

Senator Pia S. Cayetano

asr-007121

on personnel.

06:38:00Source

Senator Pia S. Cayetano

asr-007122

We know very well the shortages

06:38:01Source

Senator Pia S. Cayetano

asr-007123

we have in the healthcare system. I won't go

06:38:03Source

Senator Pia S. Cayetano

asr-007124

through the numbers. It's very easily accessible

06:38:05Source

Senator Pia S. Cayetano

asr-007125

naman to all of us. But

06:38:07Source

Senator Pia S. Cayetano

asr-007126

the reason I bring this up now here

06:38:09Source

Senator Pia S. Cayetano

asr-007127

with the economic team is

06:38:11Source

Senator Pia S. Cayetano

asr-007128

because I feel we are

06:38:13Source

Senator Pia S. Cayetano

asr-007129

sending conflicting schedules,

06:38:15Source

Senator Pia S. Cayetano

asr-007130

conflicting plans

06:38:17Source

Senator Pia S. Cayetano

asr-007131

on how we view

06:38:19Source

Senator Pia S. Cayetano

asr-007132

job

06:38:22Source

Senator Pia S. Cayetano

asr-007133

opportunities for our very valuable

06:38:24Source

Senator Pia S. Cayetano

asr-007134

health human resources.

06:38:25Source

Senator Pia S. Cayetano

asr-007135

On the one hand, we all know

06:38:28Source

Senator Pia S. Cayetano

asr-007136

na kulang sa nurses. I have

06:38:30Source

Senator Pia S. Cayetano

asr-007137

the numbers, but again,

06:38:31Source

Senator Pia S. Cayetano

asr-007138

madali nang hanap yun. And not just the nurses.

06:38:34Source

Senator Pia S. Cayetano

asr-007139

Pharmacists,

06:38:35Source

Senator Pia S. Cayetano

asr-007140

radiotech,

06:38:37Source

Senator Pia S. Cayetano

asr-007141

radtechs, occupational

06:38:39Source

Senator Pia S. Cayetano

asr-007142

therapists, latang klaseng therapists,

06:38:42Source

Senator Pia S. Cayetano

asr-007143

speech therapists,

06:38:44Source

Senator Pia S. Cayetano

asr-007144

physical therapists, lahat yan kulang tayo.

06:38:45Source

Senator Pia S. Cayetano

asr-007145

Kulang lahat yan. And yet,

06:38:47Source

Senator Pia S. Cayetano

asr-007146

they are the prime commodity. They are so

06:38:49Source

Senator Pia S. Cayetano

asr-007147

in demand in other countries.

06:38:51Source

Senator Pia S. Cayetano

asr-007148

And then I will read

06:38:52Source

Senator Pia S. Cayetano

asr-007149

press releases coming from the

06:38:55Source

Senator Pia S. Cayetano

asr-007150

highest level of government

06:38:57Source

Senator Pia S. Cayetano

asr-007151

reporting with what

06:39:03Source

Senator Pia S. Cayetano

asr-007152

appears to be much

06:39:05Source

Senator Pia S. Cayetano

asr-007153

joy and pride that

06:39:07Source

Senator Pia S. Cayetano

asr-007154

our human health

06:39:09Source

Senator Pia S. Cayetano

asr-007155

resources are in demand.

06:39:11Source

Senator Pia S. Cayetano

asr-007156

Alam na natin yun. We are proud of that, of course.

06:39:13Source

Senator Pia S. Cayetano

asr-007157

But we are now signing an agreement with

06:39:15Source

Senator Pia S. Cayetano

asr-007158

so-and-so country.

06:39:18Source

Senator Pia S. Cayetano

asr-007159

And they

06:39:19Source

Senator Pia S. Cayetano

asr-007160

will now be employed there.

06:39:21Source

Senator Pia S. Cayetano

asr-007161

In the meantime, wala tayo

06:39:24Source

Senator Pia S. Cayetano

asr-007162

dito. So, there's a gap,

06:39:26Source

Senator Pia S. Cayetano

asr-007163

right? And ito naman,

06:39:28Source

Senator Pia S. Cayetano

asr-007164

I've been talking about this for

06:39:30Source

Senator Pia S. Cayetano

asr-007165

22 years na.

06:39:32Source

Senator Pia S. Cayetano

asr-007166

Since 2004.

06:39:35Source

Senator Pia S. Cayetano

asr-007167

Na nagkaroon na ng ad-hoc

06:39:36Source

Senator Pia S. Cayetano

asr-007168

committee between, and this is

06:39:38Source

Senator Pia S. Cayetano

asr-007169

a whole of government approach.

06:39:43Source

Senator Pia S. Cayetano

asr-007170

DOH,

06:39:45Source

Senator Pia S. Cayetano

asr-007171

DOLE,

06:39:46Source

Senator Pia S. Cayetano

asr-007172

DFA,

06:39:48Source

Senator Pia S. Cayetano

asr-007173

to a large extent, I would still say it

06:39:50Source

Senator Pia S. Cayetano

asr-007174

involves DOF because all of us,

06:39:52Source

Senator Pia S. Cayetano

asr-007175

human health resource nga ito.

06:39:54Source

Senator Pia S. Cayetano

asr-007176

So, ano ba talaga? Gusto ba natin

06:39:56Source

Senator Pia S. Cayetano

asr-007177

silang paalisin? But it's very basic.

06:39:58Source

Senator Pia S. Cayetano

asr-007178

I'll share with you a press release.

06:40:00Source

Senator Pia S. Cayetano

asr-007179

It was an agreement with Denmark

06:40:02Source

Senator Pia S. Cayetano

asr-007180

where at least they give back.

06:40:04Source

Senator Pia S. Cayetano

asr-007181

And that's what, it is what it is.

06:40:07Source

Senator Pia S. Cayetano

asr-007182

I'm a believer that

06:40:08Source

Senator Pia S. Cayetano

asr-007183

you cannot control, on an

06:40:10Source

Senator Pia S. Cayetano

asr-007184

individual level, you cannot control these

06:40:12Source

Senator Pia S. Cayetano

asr-007185

people, these young people

06:40:14Source

Senator Pia S. Cayetano

asr-007186

if they want to travel abroad,

06:40:16Source

Senator Pia S. Cayetano

asr-007187

they want to work abroad. But what you can do is

06:40:18Source

Senator Pia S. Cayetano

asr-007188

you can negotiate on a bilateral level

06:40:20Source

Senator Pia S. Cayetano

asr-007189

and get something in return.

06:40:22Source

Senator Pia S. Cayetano

asr-007190

They support the

06:40:24Source

Senator Pia S. Cayetano

asr-007191

infrastructure,

06:40:27Source

Senator Pia S. Cayetano

asr-007192

the health infrastructure here.

06:40:28Source

Senator Pia S. Cayetano

asr-007193

They support by, for every

06:40:30Source

Senator Pia S. Cayetano

asr-007194

one student, they will

06:40:32Source

Senator Pia S. Cayetano

asr-007195

support the further education of

06:40:34Source

Senator Pia S. Cayetano

asr-007196

another student so that we

06:40:36Source

Senator Pia S. Cayetano

asr-007197

have master

06:40:37Source

Senator Pia S. Cayetano

asr-007198

nurses with master's degrees and so on

06:40:40Source

Senator Pia S. Cayetano

asr-007199

and so forth. Again, I keep talking

06:40:42Source

Senator Pia S. Cayetano

asr-007200

about this, but

06:40:43Source

Senator Pia S. Cayetano

asr-007201

does anyone know here, and maybe

06:40:46Source

Senator Pia S. Cayetano

asr-007202

this is dep-dev pa nga,

06:40:48Source

Senator Pia S. Cayetano

asr-007203

what's being done about this?

06:40:53Source

Senator Pia S. Cayetano

asr-007204

And at least can I get a nod

06:40:55Source

Senator Pia S. Cayetano

asr-007205

from the secretaries? Do you agree that there's a gap?

06:40:57Source

Senator Pia S. Cayetano

asr-007206

Because ano ba talaga yung direction natin?

06:40:59Source

Senator Pia S. Cayetano

asr-007207

We applaud na may trabaho abroad,

06:41:01Source

Senator Pia S. Cayetano

asr-007208

and then we commiserate na nawalan tayo.

06:41:04Source

Senator Pia S. Cayetano

asr-007209

And then nobody's doing anything

06:41:05Source

Senator Pia S. Cayetano

asr-007210

in between.

06:41:10Source

Senator Pia S. Cayetano

asr-007211

67,345 shortage of

06:41:13Source

Senator Pia S. Cayetano

asr-007212

physicians, 106,541

06:41:16Source

Senator Pia S. Cayetano

asr-007213

shortage of

06:41:17Source

Senator Pia S. Cayetano

asr-007214

nurses, 6,651

06:41:19Source

Senator Pia S. Cayetano

asr-007215

shortage of pharmacists, 5,500

06:41:21Source

Senator Pia S. Cayetano

asr-007216

shortage of radio

06:41:23Source

Senator Pia S. Cayetano

asr-007217

technologies, and 884

06:41:25Source

Senator Pia S. Cayetano

asr-007218

occupational therapists. And so the list goes

06:41:27Source

Senator Pia S. Cayetano

asr-007219

on. So I

06:41:31Source

Senator Pia S. Cayetano

asr-007220

haven't come across a current

06:41:33Source

Senator Pia S. Cayetano

asr-007221

program. Time and again,

06:41:34Source

Senator Pia S. Cayetano

asr-007222

a new administration will put

06:41:36Source

Senator Pia S. Cayetano

asr-007223

together a committee to look into this,

06:41:38Source

Senator Pia S. Cayetano

asr-007224

then wala na ulit. So medyo

06:41:42Source

Senator Pia S. Cayetano

asr-007225

sayo ko na direct acting sekretary, kasi

06:41:44Source

Senator Pia S. Cayetano

asr-007226

ikaw yung nagsabi na we value

06:41:46Source

Senator Pia S. Cayetano

asr-007227

our human health resources.

06:41:48Source

Acting DBM Secretary Kim Robert C. De Leon

asr-007228

Certainly, Your Honor, Mr. Chair, we'll

06:41:50Source

Acting DBM Secretary Kim Robert C. De Leon

asr-007229

have this relayed to the

06:41:52Source

Acting DBM Secretary Kim Robert C. De Leon

asr-007230

concerned departments, probably DOLE,

06:41:54Source

Acting DBM Secretary Kim Robert C. De Leon

asr-007231

DMW, and DFA

06:41:56Source

Acting DBM Secretary Kim Robert C. De Leon

asr-007232

on that particular respect. But in

06:41:58Source

Acting DBM Secretary Kim Robert C. De Leon

asr-007233

terms of our need for our government

06:42:00Source

Acting DBM Secretary Kim Robert C. De Leon

asr-007234

hospitals, we definitely

06:42:02Source

Acting DBM Secretary Kim Robert C. De Leon

asr-007235

still have some need.

06:42:04Source

Acting DBM Secretary Kim Robert C. De Leon

asr-007236

In fact, there are still unfilled positions

06:42:06Source

Acting DBM Secretary Kim Robert C. De Leon

asr-007237

across our government hospitals.

06:42:08Source

Acting DBM Secretary Kim Robert C. De Leon

asr-007238

And we continue to entertain

06:42:10Source

Acting DBM Secretary Kim Robert C. De Leon

asr-007239

as well and process requests

06:42:12Source

Acting DBM Secretary Kim Robert C. De Leon

asr-007240

for upgrading of our government

06:42:14Source

Acting DBM Secretary Kim Robert C. De Leon

asr-007241

hospitals. So by upgrading government

06:42:16Source

Acting DBM Secretary Kim Robert C. De Leon

asr-007242

hospitals, that would entail as well

06:42:18Source

Acting DBM Secretary Kim Robert C. De Leon

asr-007243

additional positions. So indeed,

06:42:20Source

Acting DBM Secretary Kim Robert C. De Leon

asr-007244

there's still a need for

06:42:22Source

Acting DBM Secretary Kim Robert C. De Leon

asr-007245

medical and allied medical

06:42:24Source

Acting DBM Secretary Kim Robert C. De Leon

asr-007246

professionals in the country as well.

06:42:27Source

Senator Pia S. Cayetano

asr-007247

Thank you for your deep

06:42:28Source

Senator Pia S. Cayetano

asr-007248

understanding of this problem. Simple lang,

06:42:30Source

Senator Pia S. Cayetano

asr-007249

di ba? Pero walang nag-a-address.

06:42:32Source

Senator Pia S. Cayetano

asr-007250

Can you accept what I'm saying?

06:42:35Source

Senator Pia S. Cayetano

asr-007251

Kasi yung nga, isang press release,

06:42:36Source

Senator Pia S. Cayetano

asr-007252

yay, nakaalis sila, may trabaho sila,

06:42:38Source

Senator Pia S. Cayetano

asr-007253

abroad. Ay, nawalan

06:42:40Source

Senator Pia S. Cayetano

asr-007254

tayo dito.

06:42:43Source

Senator Pia S. Cayetano

asr-007255

Anyway, and then

06:42:44Source

Senator Pia S. Cayetano

asr-007256

so I won't let

06:42:45Source

Senator Pia S. Cayetano

asr-007257

Secretary Balisakan off the hook here

06:42:48Source

Senator Pia S. Cayetano

asr-007258

because the SDGs

06:42:50Source

Senator Pia S. Cayetano

asr-007259

are with your

06:42:52Source

Senator Pia S. Cayetano

asr-007260

committee, and that is my committee now.

06:42:56Source

Senator Pia S. Cayetano

asr-007261

On the

06:42:56Source

Senator Pia S. Cayetano

asr-007262

sustainable development goals,

06:42:58Source

Senator Pia S. Cayetano

asr-007263

it shows that

06:42:59Source

Senator Pia S. Cayetano

asr-007264

10 targets are showing progress,

06:43:03Source

Senator Pia S. Cayetano

asr-007265

but

06:43:03Source

Senator Pia S. Cayetano

asr-007266

two have regressed

06:43:06Source

Senator Pia S. Cayetano

asr-007267

and have, I think,

06:43:08Source

Senator Pia S. Cayetano

asr-007268

very little chance of

06:43:11Source

Senator Pia S. Cayetano

asr-007269

meeting the goals by 2030.

06:43:13Source

Senator Pia S. Cayetano

asr-007270

And this is

06:43:14Source

Senator Pia S. Cayetano

asr-007271

health.

06:43:17Source

Senator Pia S. Cayetano

asr-007272

So, paano?

06:43:19Source

Senator Pia S. Cayetano

asr-007273

Siguro, baka kayo dapat ang

06:43:20Source

Senator Pia S. Cayetano

asr-007274

nagtitake ng lead dito, just because just like me,

06:43:23Source

Senator Pia S. Cayetano

asr-007275

SDG, that's why I tend to be able

06:43:25Source

Senator Pia S. Cayetano

asr-007276

to

06:43:25Source

Senator Pia S. Cayetano

asr-007277

see the whole of government approach,

06:43:28Source

Senator Pia S. Cayetano

asr-007278

whole of society approach, because

06:43:30Source

Senator Pia S. Cayetano

asr-007279

precisely, I study SDGs.

06:43:34Source

Senator Pia S. Cayetano

asr-007280

So, sa inyo din yun,

06:43:34Source

Senator Pia S. Cayetano

asr-007281

Secretary.

06:43:36Source

Senator Pia S. Cayetano

asr-007282

Siguro, kahit just confirm na lang,

06:43:38Source

Senator Pia S. Cayetano

asr-007283

this is a big, this is something

06:43:40Source

Senator Pia S. Cayetano

asr-007284

that you should be looking into and

06:43:42Source

Senator Pia S. Cayetano

asr-007285

commit to do something about it.

06:43:47Source

DEPDev Secretary Arsenio M. Balisacan

asr-007286

Yeah, Mr. Chair.

06:43:50Source

DEPDev Secretary Arsenio M. Balisacan

asr-007287

Mr. Chair,

06:43:51Source

DEPDev Secretary Arsenio M. Balisacan

asr-007288

we would like to confirm

06:43:54Source

DEPDev Secretary Arsenio M. Balisacan

asr-007289

that we are indeed

06:43:56Source

DEPDev Secretary Arsenio M. Balisacan

asr-007290

regressing insofar as

06:43:58Source

DEPDev Secretary Arsenio M. Balisacan

asr-007291

SDG 3 and SDG

06:44:01Source

DEPDev Secretary Arsenio M. Balisacan

asr-007292

11 are concerned. SDG

06:44:02Source

DEPDev Secretary Arsenio M. Balisacan

asr-007293

3 is the...

06:44:04Source

Senator Pia S. Cayetano

asr-007294

Health, and 11 is communities

06:44:06Source

Senator Pia S. Cayetano

asr-007295

and cities.

06:44:08Source

Senator Pia S. Cayetano

asr-007296

Oh, and then,

06:44:10Source

Senator Pia S. Cayetano

asr-007297

therefore,

06:44:10Source

Senator Pia S. Cayetano

asr-007298

Yes, you said,

06:44:14Source

Senator Pia S. Cayetano

asr-007299

you are the expert.

06:44:15Source

DEPDev Undersecretary Rosemarie G. Edillon

asr-007300

With your indulgence, Mr. Chair, Your honor,

06:44:18Source

Senator Pia S. Cayetano

asr-007301

Your Honor. Always present in my hearings

06:44:20Source

DEPDev Undersecretary Rosemarie G. Edillon

asr-007302

Yes.

06:44:22Source

DEPDev Undersecretary Rosemarie G. Edillon

asr-007303

We confirm that

06:44:24Source

DEPDev Undersecretary Rosemarie G. Edillon

asr-007304

with respect to SDG health,

06:44:26Source

DEPDev Undersecretary Rosemarie G. Edillon

asr-007305

there are a number of indicators

06:44:28Source

DEPDev Undersecretary Rosemarie G. Edillon

asr-007306

there where we are regressing, in particular,

06:44:32Source

DEPDev Undersecretary Rosemarie G. Edillon

asr-007307

the incidence

06:44:32Source

DEPDev Undersecretary Rosemarie G. Edillon

asr-007308

of, increased incidence of

06:44:34Source

DEPDev Undersecretary Rosemarie G. Edillon

asr-007309

accidental poisoning,

06:44:36Source

DEPDev Undersecretary Rosemarie G. Edillon

asr-007310

and then the traffic accidents.

06:44:38Source

DEPDev Undersecretary Rosemarie G. Edillon

asr-007311

That's due to traffic accidents.

06:44:40Source

DEPDev Undersecretary Rosemarie G. Edillon

asr-007312

So, and then, what we have done is,

06:44:45Source

DEPDev Undersecretary Rosemarie G. Edillon

asr-007313

actually, just last week,

06:44:46Source

DEPDev Undersecretary Rosemarie G. Edillon

asr-007314

we convened our regional SDC,

06:44:51Source

DEPDev Undersecretary Rosemarie G. Edillon

asr-007315

the regional SDG committee,

06:44:54Source

DEPDev Undersecretary Rosemarie G. Edillon

asr-007316

regional subcommittees on the SDG,

06:44:56Source

DEPDev Undersecretary Rosemarie G. Edillon

asr-007317

and we asked them to come up with a catch-up plan.

06:45:00Source

DEPDev Undersecretary Rosemarie G. Edillon

asr-007318

Actually, they already did a catch-up plan two years back, but we had a review of that catch-up plan, and they have formulated a new catch-up plan looking at the new pace of progress report.

06:45:14Source

Senator Pia S. Cayetano

asr-007319

Did the DepDev even get involved with the different agencies when it came to budget planning in terms of – sorry, did the DepDev get involved in different agencies with the lens of fulfilling our SDG goals or reaching our SDG goals through the budget process?

06:45:34Source

DEPDev Undersecretary Rosemarie G. Edillon

asr-007320

Yes, Madam Chair.

06:45:35Source

DEPDev Undersecretary Rosemarie G. Edillon

asr-007321

What we have done is – actually, this was – I forgot.

06:45:40Source

DEPDev Undersecretary Rosemarie G. Edillon

asr-007322

It was, I think, two months ago.

06:45:42Source

DEPDev Undersecretary Rosemarie G. Edillon

asr-007323

When we convened the entire –

06:45:44Source

DEPDev Undersecretary Rosemarie G. Edillon

asr-007324

SDG-related agencies, and then we presented to them the latest pace of progress report, and then the intent really was to revisit the targets for 2030, but it's also more for them to discuss with us and to have that discussion on how they intend to meet the original targets, and if really the original target could not be met, then what is the new

06:46:14Source

DEPDev Undersecretary Rosemarie G. Edillon

asr-007325

one

06:46:14Source

DEPDev Undersecretary Rosemarie G. Edillon

asr-007326

and how will they reach that?

06:46:18Source

DEPDev Undersecretary Rosemarie G. Edillon

asr-007327

So they actually mentioned the programs and projects that they plan to implement for that.

06:46:29Source

Senator Pia S. Cayetano

asr-007328

Anyway, just for everyone's information, based on my understanding, if you look at these targets carefully, it's very much aligned with our own goals, because it's not that far away.

06:46:39Source

Senator Pia S. Cayetano

asr-007329

So when you actually mentioned the accidental poisoning and traffic, of course, we're concerned about deaths due to those causes.

06:46:46Source

Senator Pia S. Cayetano

asr-007330

But I'm pretty sure we're falling behind.

06:46:49Source

Senator Pia S. Cayetano

asr-007331

Like, I would say adolescent pregnancies are on the top of that list, right?

06:46:53Source

Senator Pia S. Cayetano

asr-007332

So those things, we really need to work on them.

06:46:56Source

Senator Pia S. Cayetano

asr-007333

So anyway, I rest my case, but the reason why cities and communities – SDG 11 is also so important is because by way of future thinking, it's very easy – they have predicted that by 2050, 68% of the population will be living in cities.

06:47:15Source

Senator Pia S. Cayetano

asr-007334

So when we look at the flooding –

06:47:18Source

Senator Pia S. Cayetano

asr-007335

When we look at the lack of housing, when we look at the gaps, when there are calamities, and like COVID, the food will not be able to get in, you would see how much we are at risk by not anticipating that it will keep getting worse for cities, because the projection really is all over the world.

06:47:38Source

Senator Pia S. Cayetano

asr-007336

And you know that, so I hope we're not the only two talking about this.

06:47:43Source

Senator Pia S. Cayetano

asr-007337

I think that's the bulk of it for now.

06:47:45Source

Senator Pia S. Cayetano

asr-007338

I'm happy to do a second round later on.

06:47:48Source

Senator Pia S. Cayetano

asr-007339

Mr. Chairman, thank you very much.

06:47:51Source

Senator Joseph Victor "JV" G. Ejercito

asr-007340

Thank you, Senator Pia Cayetano.

06:47:54Source

Senator Joseph Victor "JV" G. Ejercito

asr-007341

Next is Senator Mark Villar, and then the last to ask questions for this round will be the Senate President and yours truly.

06:48:03Source

Senator Joseph Victor "JV" G. Ejercito

asr-007342

And I'd like to thank Senator Pia for – I think it's you, Eva, about universal health care.

06:48:07Source

Senator Joseph Victor "JV" G. Ejercito

asr-007343

And Mark, I would have wanted to ask that also, but you already covered that.

06:48:12Source

Senator Joseph Victor "JV" G. Ejercito

asr-007344

Thank you.

06:48:13Source

Senator Joseph Victor "JV" G. Ejercito

asr-007345

Senator Mark Villar.

06:48:14Source

Senator Mark A. Villar

asr-007346

Thank you, Mr. Chairman.

06:48:15Source

Senator Mark A. Villar

asr-007347

My first question is –

06:48:18Source

Senator Mark A. Villar

asr-007348

I just want to ask some macro questions first regarding our fiscal position.

06:48:23Source

Senator Mark A. Villar

asr-007349

So I think one of the more important metrics that we use now, even more important than the gross debt, is the debt-to-GDP ratio, which at this point is – what is it now?

06:48:35Source

Senator Mark A. Villar

asr-007350

What is it?

06:48:37Source

Senator Mark A. Villar

asr-007351

The debt-to-GDP?

06:48:38Source

DOF Secretary Frederick D. Go

asr-007352

We have two data points.

06:48:41Source

DOF Secretary Frederick D. Go

asr-007353

One is the national government debt, and second is our general government debt.

06:48:46Source

DOF Secretary Frederick D. Go

asr-007354

The general government debt, which is –

06:48:48Source

DOF Secretary Frederick D. Go

asr-007355

The general government debt, which is the global standard to be used, is roughly around 58 percent today.

06:48:53Source

Senator Mark A. Villar

asr-007356

Fifty-eight.

06:48:53Source

Senator Mark A. Villar

asr-007357

What is the statistic here?

06:48:55Source

Senator Mark A. Villar

asr-007358

Is the 60 – that's a different – I think – what is the – in the – well, anyway, so 58 percent.

06:49:06Source

Senator Mark A. Villar

asr-007359

Now, I understand there's a – generally, when it – right now, of course, we're investment-grade.

06:49:11Source

Senator Mark A. Villar

asr-007360

But generally, there's some – there's a threshold, or maybe not necessarily just debt-to-GDP.

06:49:17Source

Senator Mark A. Villar

asr-007361

But, I mean, there is a point.

06:49:18Source

Senator Mark A. Villar

asr-007362

There is a point where we don't want to pass – where we don't want to exceed, because it might affect our investment-grade status.

06:49:24Source

Senator Mark A. Villar

asr-007363

And I just want to ask, what is that – more or less, as a general, what is that threshold that we do not want to exceed?

06:49:30Source

DOF Secretary Frederick D. Go

asr-007364

There is a World Bank threshold for general government debt-to-GDP that they have now put a number to, which is 70 percent general government debt-to-GDP.

06:49:40Source

DOF Secretary Frederick D. Go

asr-007365

So our equivalent is 58.6.

06:49:43Source

DOF Secretary Frederick D. Go

asr-007366

So we have a space of about 11-plus percent.

06:49:47Source

DOF Secretary Frederick D. Go

asr-007367

Okay.

06:49:48Source

Senator Mark A. Villar

asr-007368

So are we looking at – are we looking at – what trajectory are we looking at heading into – based – of course, this – the budget this year was based – or for next year was based on certain projections.

06:50:01Source

Senator Mark A. Villar

asr-007369

So based on that, what are you projecting for our debt-to-GDP for the following year?

06:50:07Source

DOF Secretary Frederick D. Go

asr-007370

We're projecting to go from 58.6 now to 58.4 to 58.3, all the way down to 56.1 by the year 2030.

06:50:17Source

DOF Secretary Frederick D. Go

asr-007371

All right.

06:50:18Source

DOF Secretary Frederick D. Go

asr-007372

I see.

06:50:18Source

DOF Secretary Frederick D. Go

asr-007373

I see.

06:50:20Source

Senator Mark A. Villar

asr-007374

And the reason why I'm asking also is, you know, I think the fiscal space is important.

06:50:24Source

Senator Mark A. Villar

asr-007375

But, you know, of course, aside from the debt increase, it's important that – what is our GDP target?

06:50:30Source

Senator Mark A. Villar

asr-007376

Because this is – I mean, what is our – because obviously, debt-to-GDP, we're not just talking about – I mean, the GDP increase will be very relevant to this number.

06:50:38Source

Senator Mark A. Villar

asr-007377

So obviously, if our debt is – if our GDP is far outpacing our debt, you know, we should be – there shouldn't be many issues.

06:50:48Source

Senator Mark A. Villar

asr-007378

But if we have a – if we continue on this low GDP, it might – it might bring us to a level that we would not want.

06:50:57Source

DEPDev Secretary Arsenio M. Balisacan

asr-007379

In real terms, Your Honor, the target GDP growth for 2027 and 2028 is 5.6.

06:51:11Source

DEPDev Secretary Arsenio M. Balisacan

asr-007380

In real terms, yeah.

06:51:13Source

DEPDev Secretary Arsenio M. Balisacan

asr-007381

5 to 6.

06:51:14Source

DEPDev Secretary Arsenio M. Balisacan

asr-007382

5 to 6 percent in real terms.

06:51:16Source

Senator Mark A. Villar

asr-007383

That's the target for this year.

06:51:17Source

Senator Mark A. Villar

asr-007384

Okay.

06:51:18Source

DEPDev Secretary Arsenio M. Balisacan

asr-007385

No, for next year.

06:51:19Source

Senator Mark A. Villar

asr-007386

Ah, that's the target for next year.

06:51:20Source

Senator Mark A. Villar

asr-007387

For this year, what is the target?

06:51:22Source

DEPDev Secretary Arsenio M. Balisacan

asr-007388

Well, we are 3.5 to 4.5 percent.

06:51:26Source

Senator Mark A. Villar

asr-007389

For this year.

06:51:27Source

Senator Mark A. Villar

asr-007390

For this year.

06:51:27Source

Senator Mark A. Villar

asr-007391

For this year.

06:51:28Source

Senator Mark A. Villar

asr-007392

Okay.

06:51:28Source

Senator Mark A. Villar

asr-007393

And in terms of GDP growth, what – how is the – where did we see a drop?

06:51:38Source

Senator Mark A. Villar

asr-007394

Was it in consumption, government spending?

06:51:40Source

Senator Mark A. Villar

asr-007395

Was it in – which portion of the formula for GDP?

06:51:47Source

DEPDev Secretary Arsenio M. Balisacan

asr-007396

It's everywhere.

06:51:48Source

DEPDev Secretary Arsenio M. Balisacan

asr-007397

It's everywhere, except for net exports.

06:51:50Source

DEPDev Secretary Arsenio M. Balisacan

asr-007398

Exports grew faster than imports, which is quite different this time compared to previous years.

06:51:59Source

DEPDev Secretary Arsenio M. Balisacan

asr-007399

So personal consumption –

06:52:00Source

DEPDev Secretary Arsenio M. Balisacan

asr-007400

Personal consumption dropped quite to something like 2 point – it slowed down – it slowed down to roughly just a little above 2 percent in the last quarter.

06:52:11Source

Senator Mark A. Villar

asr-007401

What do you attribute the drop in personal consumption?

06:52:13Source

DEPDev Secretary Arsenio M. Balisacan

asr-007402

It – earlier I mentioned the weakening of – the weakening of GDP.

06:52:18Source

DEPDev Secretary Arsenio M. Balisacan

asr-007403

The weakening of consumer sentiments arising from the acceleration of inflation in March, which continued – it diminished a bit, but it's still 6.2 percent as of last July.

06:52:38Source

DEPDev Secretary Arsenio M. Balisacan

asr-007404

That's still quite high compared to 2 to 3 percent – or 2 to 4 percent target.

06:52:48Source

DEPDev Secretary Arsenio M. Balisacan

asr-007405

And so – and also the – I mentioned also about this concern about governance issues, the perception about our institutions and governance, and I think that that affected particularly the investment side of the equation.

06:53:11Source

Senator Mark A. Villar

asr-007406

Yes, and even the – I believe the government spending side is also quite sluggish.

06:53:17Source

DEPDev Secretary Arsenio M. Balisacan

asr-007407

Yes, that – yeah.

06:53:18Source

DEPDev Secretary Arsenio M. Balisacan

asr-007408

The public construction contracted by over 30 percent in two successive quarters.

06:53:24Source

DEPDev Secretary Arsenio M. Balisacan

asr-007409

That's quite sharp.

06:53:26Source

Senator Mark A. Villar

asr-007410

Yes.

06:53:26Source

Senator Mark A. Villar

asr-007411

The reason why I also want to segue into –

06:53:30Source

Senator Mark A. Villar

asr-007412

I have been helped by the law to raise the exemptions to the income tax ceiling, 300 to 360,000 pesos.

06:53:42Source

Senator Mark A. Villar

asr-007413

In my mind, if – if the government spending is low – government spending,

06:53:48Source

Senator Mark A. Villar

asr-007414

and the consumption is also low, I just – I thought that this – raising the income tax ceiling will give additional income to the lower – I guess the mid-to-lower earning segment.

06:54:05Source

Senator Mark A. Villar

asr-007415

So I thought that maybe this is a way – in my mind, it's also a way of prime-priming this.

06:54:11Source

Senator Mark A. Villar

asr-007416

And it's – in a way, instead of helping, it's also good to lower the income tax for those who – who are not doing well.

06:54:15Source

Senator Mark A. Villar

asr-007417

Yes.

06:54:15Source

Senator Mark A. Villar

asr-007418

So I think that if the government spends a lot of money, maybe it's also a way of prime-priming this.

06:54:16Source

Senator Mark A. Villar

asr-007419

Maybe it's also a way of prime-priming this.

06:54:16Source

Senator Mark A. Villar

asr-007420

So I think that if the government spends a lot of money, maybe it's also a way of prime-priming this.

06:54:17Source

Senator Mark A. Villar

asr-007421

for those who are earning less, for the lower, I guess, the lower-earning income segments.

06:54:23Source

Senator Mark A. Villar

asr-007422

And that will translate to a direct benefit in consumption

06:54:27Source

Senator Mark A. Villar

asr-007423

because that's obviously, instead of us giving out ayuda, an exemption on income tax,

06:54:37Source

Senator Mark A. Villar

asr-007424

while it will create a fiscal, I guess it will take a hit in terms of revenues,

06:54:43Source

Senator Mark A. Villar

asr-007425

but it will be compensated by an increase in consumption.

06:54:46Source

Senator Mark A. Villar

asr-007426

I suppose. I mean, I would surmise.

06:54:49Source

Senator Mark A. Villar

asr-007427

Can I ask your comment on this?

06:54:52Source

Senator Mark A. Villar

asr-007428

I'm curious because this is a bill that I filed,

06:54:55Source

Senator Mark A. Villar

asr-007429

and I wanted to know what the fiscal repercussions of this bill are,

06:55:01Source

Senator Mark A. Villar

asr-007430

what the fiscal repercussions are.

06:55:06Source

DEPDev Secretary Arsenio M. Balisacan

asr-007431

And the consumption effects, I think that those certainly will be positive,

06:55:12Source

DEPDev Secretary Arsenio M. Balisacan

asr-007432

but I think the ayuda that we are talking about here,

06:55:18Source

DEPDev Secretary Arsenio M. Balisacan

asr-007433

or the...

06:55:18Source

DEPDev Secretary Arsenio M. Balisacan

asr-007434

Or the effects of the tax exemptions would not reach many of the poor

06:55:26Source

DEPDev Secretary Arsenio M. Balisacan

asr-007435

who are in the informal sector, who are not paying income taxes to begin with.

06:55:34Source

DEPDev Secretary Arsenio M. Balisacan

asr-007436

And many of them are poor in that category.

06:55:39Source

DEPDev Secretary Arsenio M. Balisacan

asr-007437

So I think what we have seen in the last, particularly during the 2023 to 2025 period,

06:55:48Source

DEPDev Secretary Arsenio M. Balisacan

asr-007438

which is the period where we have data,

06:55:53Source

DEPDev Secretary Arsenio M. Balisacan

asr-007439

show that when done well, the ayuda could actually help,

06:55:59Source

DEPDev Secretary Arsenio M. Balisacan

asr-007440

especially those who are victims of circumstances like floods or typhoons.

06:56:08Source

Senator Mark A. Villar

asr-007441

Actually, I'm not saying that there should be no ayuda.

06:56:11Source

Senator Mark A. Villar

asr-007442

The ayuda is okay, I'm just saying.

06:56:12Source

Senator Mark A. Villar

asr-007443

Maybe for the lower...

06:56:16Source

Senator Mark A. Villar

asr-007444

Maybe it's also good that...

06:56:18Source

Senator Mark A. Villar

asr-007445

Maybe it's also good that...

06:56:18Source

Senator Mark A. Villar

asr-007446

Maybe it's also good that we also have the lower income segment.

06:56:20Source

Senator Mark A. Villar

asr-007447

We don't have what we call D, E.

06:56:23Source

Senator Mark A. Villar

asr-007448

We also have the lower income segment.

06:56:25Source

Senator Mark A. Villar

asr-007449

Maybe we also need to give relief.

06:56:28Source

Senator Mark A. Villar

asr-007450

And in my opinion, income tax is also a big relief for people earning less than P360,000 a year.

06:56:37Source

Senator Mark A. Villar

asr-007451

I mean, this is not...

06:56:38Source

Senator Mark A. Villar

asr-007452

Generally, these are people who do pay taxes.

06:56:41Source

Senator Mark A. Villar

asr-007453

They're minimum wage earners who pay taxes.

06:56:43Source

Senator Mark A. Villar

asr-007454

But if we can give some of them some tax relief,

06:56:47Source

Senator Mark A. Villar

asr-007455

in my opinion, it's not just...

06:56:48Source

Senator Mark A. Villar

asr-007456

I understand that there's something right in the government's revenues.

06:56:53Source

Senator Mark A. Villar

asr-007457

But at the same time, this is a way of giving instant relief to many of our taxpayers

06:56:59Source

Senator Mark A. Villar

asr-007458

who also need a lot of our low-income tax earners.

06:57:03Source

Senator Mark A. Villar

asr-007459

Low-income earners.

06:57:05Source

Senator Mark A. Villar

asr-007460

Mid to low-income earners.

06:57:07Source

Senator Mark A. Villar

asr-007461

So, I just want to...

06:57:10Source

Senator Mark A. Villar

asr-007462

I hope you can maybe compute what the net benefit is if we lose some of our revenues.

06:57:17Source

Senator Mark A. Villar

asr-007463

But at the same time...

06:57:18Source

Senator Mark A. Villar

asr-007464

At the same time, may madadagdag din sa consumption.

06:57:20Source

Senator Mark A. Villar

asr-007465

And this is a...

06:57:21Source

Senator Mark A. Villar

asr-007466

For me, it's a progressive reform.

06:57:24Source

Senator Mark A. Villar

asr-007467

Kasi lahat mabibigyan eh.

06:57:26Source

Senator Mark A. Villar

asr-007468

Wala nang inefficiency.

06:57:27Source

Senator Mark A. Villar

asr-007469

Hindi na natin pipiliin kung kanina natin ibibigay yung ayuda.

06:57:31Source

Senator Mark A. Villar

asr-007470

Ito directly to people who need immediate relief, I think.

06:57:38Source

Senator Mark A. Villar

asr-007471

That's just my theory.

06:57:40Source

Senator Mark A. Villar

asr-007472

And that's my belief.

06:57:41Source

Senator Mark A. Villar

asr-007473

So, I want to ask your comments, Mr. Chairman, on these thoughts.

06:57:56Source

DEPDev Secretary Arsenio M. Balisacan

asr-007474

I would say that...

06:57:57Source

DEPDev Secretary Arsenio M. Balisacan

asr-007475

The net benefits, I don't think that the first-round effects on consumption,

06:58:02Source

DEPDev Secretary Arsenio M. Balisacan

asr-007476

additional consumption and additional revenue that that consumption would generate,

06:58:09Source

DEPDev Secretary Arsenio M. Balisacan

asr-007477

would be able to offset what you give away.

06:58:13Source

Senator Mark A. Villar

asr-007478

Do we know how much more or less revenues is generated?

06:58:16Source

Senator Mark A. Villar

asr-007479

What would be the effect on our revenues of that tax like that on the lower-income segment?

06:58:25Source

DOF Secretary Frederick D. Go

asr-007480

Mr. Chair?

06:58:26Source

DOF Secretary Frederick D. Go

asr-007481

Yes.

06:58:27Source

DOF Secretary Frederick D. Go

asr-007482

Since that's directly a DOF question.

06:58:29Source

DOF Secretary Frederick D. Go

asr-007483

I think, for example, in our proposal to raise the personal income tax exemption to 350,000 a year,

06:58:38Source

DOF Secretary Frederick D. Go

asr-007484

we're estimating to lose about 60 billion in taxes.

06:58:42Source

DOF Secretary Frederick D. Go

asr-007485

And we will probably recover only somewhere around 15% of that in taxes.

06:58:48Source

DOF Secretary Frederick D. Go

asr-007486

The reason for that is the highest level of consumption at that income bracket will be food.

06:58:57Source

DOF Secretary Frederick D. Go

asr-007487

And a lot of the food-related are exempted, for example, from VAT, and there's a lot of exemptions at that level.

06:59:10Source

Senator Mark A. Villar

asr-007488

Yes.

06:59:11Source

Senator Mark A. Villar

asr-007489

That's why I think when it comes to...

06:59:13Source

Senator Mark A. Villar

asr-007490

Of course, obviously, in the ecosystem of government, once you collect, you will have to redisperse it somehow.

06:59:19Source

Senator Mark A. Villar

asr-007491

And there are efficiencies.

06:59:22Source

Senator Mark A. Villar

asr-007492

If the government spending is low, as it has been,

06:59:28Source

Senator Mark A. Villar

asr-007493

I was just saying, perhaps we might consider these tax exemptions as a more efficient way to give assistance to those who may need it.

06:59:39Source

Senator Mark A. Villar

asr-007494

Because it's, like, again, I said, in a way, we can see it as a little bit more progressive.

06:59:44Source

Senator Mark A. Villar

asr-007495

It's not bound by inefficiencies in distribution or bureaucratic inefficiencies.

06:59:51Source

Senator Mark A. Villar

asr-007496

It's just a clear cut that goes directly to the spending.

06:59:58Source

Senator Mark A. Villar

asr-007497

I guess it goes directly...

07:00:00Source

Senator Mark A. Villar

asr-007498

to the income of our lower earning, lower income segment.

07:00:09Source

Senator Mark A. Villar

asr-007499

So I just hope this is something that we can compute.

07:00:13Source

Senator Mark A. Villar

asr-007500

I hope I can ask, maybe the effect is 60 billion,

07:00:16Source

Senator Mark A. Villar

asr-007501

but I mean, when you talk about in a nationwide scale,

07:00:21Source

Senator Mark A. Villar

asr-007502

there are a lot of people who will benefit from this bill.

07:00:24Source

Senator Mark A. Villar

asr-007503

Of course, in terms, it is so immediately, and it's immediate.

07:00:27Source

Senator Mark A. Villar

asr-007504

You don't have to wait for it to be distributed, there's no bureaucracy.

07:00:31Source

Senator Mark A. Villar

asr-007505

The moment you pass this bill, immediately, those who are earning less than 30,000

07:00:36Source

Senator Mark A. Villar

asr-007506

will have immediate relief to many people.

07:00:39Source

Senator Mark A. Villar

asr-007507

So I hope that can be given a very strong consideration,

07:00:43Source

Senator Mark A. Villar

asr-007508

and hopefully, you can support the bill.

07:00:46Source

Senator Mark A. Villar

asr-007509

Because I think there's something right, but for me, it's also worth it.

07:00:54Source

Senator Mark A. Villar

asr-007510

We can generate additional income.

07:00:57Source

Senator Mark A. Villar

asr-007511

Maybe.

07:00:57Source

Senator Mark A. Villar

asr-007512

Maybe from our GCCs, if we can generate 60 billion from our GCCs,

07:01:03Source

Senator Mark A. Villar

asr-007513

and we can pass this bill, I think it would be great

07:01:05Source

Senator Mark A. Villar

asr-007514

if we can increase the income tax exemption ceiling.

07:01:10Source

Senator Mark A. Villar

asr-007515

So I hope that can be considered by the economic team.

07:01:19Source

DEPDev Secretary Arsenio M. Balisacan

asr-007516

If I may, yeah.

07:01:21Source

DEPDev Secretary Arsenio M. Balisacan

asr-007517

I think another way of looking at it is,

07:01:24Source

DEPDev Secretary Arsenio M. Balisacan

asr-007518

the last time we revised,

07:01:27Source

DEPDev Secretary Arsenio M. Balisacan

asr-007519

the tax rates was 2018, was it?

07:01:32Source

DEPDev Secretary Arsenio M. Balisacan

asr-007520

Yeah, 2018.

07:01:34Source

DEPDev Secretary Arsenio M. Balisacan

asr-007521

And there has been so much inflation since then.

07:01:37Source

DEPDev Secretary Arsenio M. Balisacan

asr-007522

You see, so that those groups of population in that bracket

07:01:42Source

DEPDev Secretary Arsenio M. Balisacan

asr-007523

are now paying much higher, effectively, much higher taxes than in 2018.

07:01:49Source

Senator Mark A. Villar

asr-007524

So in a way, it's an inflationary adjustment.

07:01:53Source

Senator Mark A. Villar

asr-007525

That's a good way to look at it, Secretary.

07:01:55Source

Senator Mark A. Villar

asr-007526

So we're basically,

07:01:57Source

Senator Mark A. Villar

asr-007527

actually this bill is just adjusting it to the realities of the past years of inflation.

07:02:04Source

Senator Mark A. Villar

asr-007528

That's another way.

07:02:05Source

Senator Mark A. Villar

asr-007529

That's a very good way to look at it, Secretary.

07:02:08Source

Senator Mark A. Villar

asr-007530

So maybe as part of the,

07:02:10Source

Senator Mark A. Villar

asr-007531

I hope that the Department of Finance will also consider that as a,

07:02:15Source

Senator Mark A. Villar

asr-007532

it would be a big, I think it would be,

07:02:18Source

Senator Mark A. Villar

asr-007533

I think it would be,

07:02:20Source

Senator Mark A. Villar

asr-007534

a big help to our countrymen.

07:02:23Source

Senator Mark A. Villar

asr-007535

And this help will be given immediately.

07:02:26Source

Senator Mark A. Villar

asr-007536

So it's a big deal if we pass this bill.

07:02:56Source

Senator Mark A. Villar

asr-007537

Defended a few years ago is the Maharlika.

07:03:01Source

Senator Mark A. Villar

asr-007538

Gusto ko sanang humingi ng update kung ano po yung mga investments ng Maharlika

07:03:06Source

Senator Mark A. Villar

asr-007539

at kung ano ng performance ng Maharlika Investment Fund.

07:03:48Source

DOF Secretary Frederick D. Go

asr-007540

Mr. Chair, Your Honor,

07:03:51Source

DOF Secretary Frederick D. Go

asr-007541

the

07:03:51Source

DOF Secretary Frederick D. Go

asr-007542

the

07:03:52Source

DOF Secretary Frederick D. Go

asr-007543

the

07:03:52Source

DOF Secretary Frederick D. Go

asr-007544

principal investments of the Maharlika Investment Corporation as of June 30, 2026

07:03:57Source

DOF Secretary Frederick D. Go

asr-007545

are as follows.

07:04:00Source

DOF Secretary Frederick D. Go

asr-007546

They've invested 1.17 billion in Synergy Grid.

07:04:04Source

Senator Mark A. Villar

asr-007547

Billion, billion?

07:04:06Source

DOF Secretary Frederick D. Go

asr-007548

Billion.

07:04:06Source

Senator Mark A. Villar

asr-007549

Billion, okay.

07:04:08Source

DOF Secretary Frederick D. Go

asr-007550

They've also invested 8 billion in Asian Terminals, Inc.

07:04:14Source

DOF Secretary Frederick D. Go

asr-007551

They've also lent working capital to Petron Corporation of 15 billion.

07:04:22Source

DOF Secretary Frederick D. Go

asr-007552

This was during...

07:04:23Source

DOF Secretary Frederick D. Go

asr-007553

This was during the height of the oil crisis and a small investment in a mining company.

07:04:33Source

Senator Mark A. Villar

asr-007554

What's the name of the mining company?

07:04:35Source

DOF Secretary Frederick D. Go

asr-007555

Makilala Mining.

07:04:36Source

DOF Secretary Frederick D. Go

asr-007556

But I believe this has already been unwound.

07:04:39Source

DOF Secretary Frederick D. Go

asr-007557

It's a...

07:04:40Source

DOF Secretary Frederick D. Go

asr-007558

It's a...

07:04:41Source

DOF Secretary Frederick D. Go

asr-007559

Alone?

07:04:42Source

DOF Secretary Frederick D. Go

asr-007560

Alone?

07:04:43Source

DOF Secretary Frederick D. Go

asr-007561

It was a convertible...

07:04:44Source

DOF Secretary Frederick D. Go

asr-007562

Like a convertible...

07:04:45Source

Senator Mark A. Villar

asr-007563

A convertible...

07:04:47Source

DOF Secretary Frederick D. Go

asr-007564

Preferred...

07:04:48Source

Senator Mark A. Villar

asr-007565

Preferred shares.

07:04:49Source

DOF Secretary Frederick D. Go

asr-007566

It was a convert...

07:04:50Source

DOF Secretary Frederick D. Go

asr-007567

It was a derivative instrument.

07:04:52Source

DOF Secretary Frederick D. Go

asr-007568

It wasn't a direct...

07:04:53Source

DOF Secretary Frederick D. Go

asr-007569

It wasn't a direct investment.

07:04:55Source

Senator Mark A. Villar

asr-007570

How much was the amount?

07:04:57Source

DOF Secretary Frederick D. Go

asr-007571

500 million.

07:04:59Source

Senator Mark A. Villar

asr-007572

A convertible bond?

07:05:03Source

DOF Secretary Frederick D. Go

asr-007573

It wasn't exactly a convertible bond.

07:05:05Source

DOF Secretary Frederick D. Go

asr-007574

It's like a loan that is convertible...

07:05:09Source

Senator Mark A. Villar

asr-007575

To equity?

07:05:10Source

DOF Secretary Frederick D. Go

asr-007576

Yeah, yeah.

07:05:10Source

Senator Mark A. Villar

asr-007577

So they converted it to equity?

07:05:12Source

DOF Secretary Frederick D. Go

asr-007578

No, no.

07:05:12Source

DOF Secretary Frederick D. Go

asr-007579

They actually sold it at a profit.

07:05:15Source

DOF Secretary Frederick D. Go

asr-007580

Ah, they sold it.

07:05:15Source

DOF Secretary Frederick D. Go

asr-007581

They already unwound.

07:05:17Source

Senator Mark A. Villar

asr-007582

Ah, okay.

07:05:17Source

Senator Mark A. Villar

asr-007583

So they sold it.

07:05:18Source

Senator Mark A. Villar

asr-007584

Okay, okay.

07:05:20Source

Senator Mark A. Villar

asr-007585

And the Maharlika has declared a dividend, I understand, already?

07:05:25Source

DOF Secretary Frederick D. Go

asr-007586

Yes.

07:05:25Source

DOF Secretary Frederick D. Go

asr-007587

Yes, they declared a dividend this year.

07:05:28Source

Senator Mark A. Villar

asr-007588

What was the amount?

07:05:29Source

Senator Mark A. Villar

asr-007589

Would we know?

07:05:34Source

DOF Secretary Frederick D. Go

asr-007590

1.376 billion.

07:05:37Source

Senator Mark A. Villar

asr-007591

And this represents a rate of return of what?

07:05:45Source

DOF Secretary Frederick D. Go

asr-007592

Well, the total capital invested there was 75 billion pesos.

07:05:49Source

Senator Mark A. Villar

asr-007593

Ah, so that's...

07:05:52Source

DOF Secretary Frederick D. Go

asr-007594

It's...

07:05:53Source

DOF Secretary Frederick D. Go

asr-007595

Yeah, yeah.

07:05:54Source

DOF Secretary Frederick D. Go

asr-007596

Okay.

07:05:55Source

Senator Mark A. Villar

asr-007597

So they have not deployed all the capital yet?

07:05:57Source

DOF Secretary Frederick D. Go

asr-007598

Yes.

07:05:58Source

DOF Secretary Frederick D. Go

asr-007599

Yes, Your Honor.

07:05:59Source

Senator Mark A. Villar

asr-007600

Why is that?

07:06:00Source

Senator Mark A. Villar

asr-007601

Why is that?

07:06:01Source

Senator Mark A. Villar

asr-007602

There's no vehicles.

07:06:02Source

Senator Mark A. Villar

asr-007603

But I suppose the rest, they invested it in T-bills?

07:06:06Source

DOF Secretary Frederick D. Go

asr-007604

Yes.

07:06:07Source

DOF Secretary Frederick D. Go

asr-007605

In government securities.

07:06:09Source

DOF Secretary Frederick D. Go

asr-007606

Government securities.

07:06:11Source

Senator Mark A. Villar

asr-007607

Okay.

07:06:12Source

Senator Mark A. Villar

asr-007608

So the other ones, why have they not been able to deploy?

07:06:16Source

DOF Secretary Frederick D. Go

asr-007609

I believe, Your Honor, that they spent a lot of time and resources on trying to close a deal with...

07:06:24Source

DOF Secretary Frederick D. Go

asr-007610

A larger deal with the grid.

07:06:28Source

Senator Mark A. Villar

asr-007611

It's like a small one-point...

07:06:29Source

Senator Mark A. Villar

asr-007612

Isn't this bigger?

07:06:31Source

Senator Mark A. Villar

asr-007613

Yes.

07:06:31Source

Senator Mark A. Villar

asr-007614

Yeah, go ahead.

07:06:32Source

Senator Mark A. Villar

asr-007615

Go ahead.

07:06:33Source

Senator Mark A. Villar

asr-007616

Sorry, sorry.

07:06:33Source

DOF Secretary Frederick D. Go

asr-007617

Yeah, they spent a lot of time and resources in trying to close a larger deal with Synergy

07:06:38Source

DOF Secretary Frederick D. Go

asr-007618

Grid, or the grid, the transmission company.

07:06:44Source

DOF Secretary Frederick D. Go

asr-007619

However, they were not able to close the deal with them.

07:06:49Source

DOF Secretary Frederick D. Go

asr-007620

But this 1.17 billion that you see that I mentioned earlier is actually them participating

07:06:56Source

DOF Secretary Frederick D. Go

asr-007621

in the equities market, which actually, I must say, has also...

07:07:01Source

DOF Secretary Frederick D. Go

asr-007622

Made quite a good profit for Maharlika.

07:07:04Source

DOF Secretary Frederick D. Go

asr-007623

But yes, it's very small compared to the deal they were seeking.

07:07:11Source

Senator Mark A. Villar

asr-007624

This is 1.3 out of 7.

07:07:15Source

Senator Mark A. Villar

asr-007625

That's about a 2-point-something percent yield, I believe.

07:07:19Source

Senator Mark A. Villar

asr-007626

That's a dividend yield of 2-point-something.

07:07:22Source

Senator Mark A. Villar

asr-007627

I don't have a calculator.

07:07:23Source

Senator Mark A. Villar

asr-007628

But it sounds like it's 2-point-something percent, I believe.

07:07:27Source

DOF Secretary Frederick D. Go

asr-007629

Well, they only remit to the national government 50%.

07:07:31Source

DOF Secretary Frederick D. Go

asr-007630

50%.

07:07:31Source

Senator Mark A. Villar

asr-007631

So they're actually...

07:07:33Source

Senator Mark A. Villar

asr-007632

Well, the increase is higher.

07:07:35Source

DOF Secretary Frederick D. Go

asr-007633

This is just the dividend yield.

07:07:36Source

DOF Secretary Frederick D. Go

asr-007634

Their real profit is higher than what they give back to the national government as dividends.

07:07:41Source

Senator Mark A. Villar

asr-007635

And the dividend is the whole year?

07:07:43Source

Senator Mark A. Villar

asr-007636

Or maybe it's just for the first quarter or first half of the year?

07:07:47Source

DOF Secretary Frederick D. Go

asr-007637

It's for the whole year of 2025.

07:07:49Source

Senator Mark A. Villar

asr-007638

For the whole year.

07:07:50Source

Senator Mark A. Villar

asr-007639

Are we expecting a higher dividend yield for the next year?

07:07:56Source

DOF Secretary Frederick D. Go

asr-007640

I can say that with quite certainty, yes.

07:07:59Source

DOF Secretary Frederick D. Go

asr-007641

For 2027.

07:08:01Source

Senator Mark A. Villar

asr-007642

But do we have a projection for that?

07:08:03Source

DOF Secretary Frederick D. Go

asr-007643

Or not at this moment your honor

07:08:06Source

Senator Mark A. Villar

asr-007644

But there's no deals in the pipeline?

07:08:09Source

DOF Secretary Frederick D. Go

asr-007645

No, there are several.

07:08:10Source

DOF Secretary Frederick D. Go

asr-007646

Every time the board meets, they actively discuss two or three deals.

07:08:16Source

DOF Secretary Frederick D. Go

asr-007647

But being a sovereign wealth fund, they're also, I think, probably on the conservative side.

07:08:23Source

DOF Secretary Frederick D. Go

asr-007648

So the deals don't come as quickly as it would in a private company.

07:08:31Source

Senator Mark A. Villar

asr-007649

I hope we can also...

07:08:33Source

Senator Mark A. Villar

asr-007650

Can I request, Mr. Chairman, maybe for all of us, an update on the...

07:08:38Source

Senator Mark A. Villar

asr-007651

And I think I discussed it with the Senate President.

07:08:41Source

Senator Mark A. Villar

asr-007652

Planned investments, probably.

07:08:42Source

Senator Mark A. Villar

asr-007653

Maybe we can ask for an update, a more specific update of what's happening with the Maharlika.

07:08:49Source

Senator Mark A. Villar

asr-007654

And we're hoping, of course, that it can generate also some additional revenues in the short to medium term.

07:08:57Source

Senator Mark A. Villar

asr-007655

So, Mr. Chairman, can we ask for an update?

07:08:59Source

Senator Joseph Victor "JV" G. Ejercito

asr-007656

Can we maybe request an update for all of us?

07:09:01Source

Senator Joseph Victor "JV" G. Ejercito

asr-007657

Yes, can we request for...

07:09:03Source

Senator Joseph Victor "JV" G. Ejercito

asr-007658

An update from Secretary Deco about the plans of Maharlika?

07:09:08Source

DOF Secretary Frederick D. Go

asr-007659

Yes, Mr. Chair.

07:09:09Source

DOF Secretary Frederick D. Go

asr-007660

We will be at your disposal when you schedule that briefing on Maharlika.

07:09:14Source

DOF Secretary Frederick D. Go

asr-007661

And we will have the President and CEO of Maharlika as well as other officers.

07:09:20Source

Senator Joseph Victor "JV" G. Ejercito

asr-007662

Yes, please have him accompany you during the proper budgeting of the DOF and other agencies as well.

07:09:30Source

Senator Joseph Victor "JV" G. Ejercito

asr-007663

Likewise, with the indulgence of Senator Mark.

07:09:32Source

Senator Joseph Victor "JV" G. Ejercito

asr-007664

Yes, please.

07:09:33Source

Senator Joseph Victor "JV" G. Ejercito

asr-007665

One of the intents of the Maharlika was really to pursue about...

07:09:39Source

Senator Joseph Victor "JV" G. Ejercito

asr-007666

Will you still pursue about the acquisition of the shares, supposedly of the state grid, the NGCP?

07:09:48Source

DOF Secretary Frederick D. Go

asr-007667

At this point, the talks are not progressing as well as we hope it to be.

07:09:56Source

DOF Secretary Frederick D. Go

asr-007668

But I will not say that it's completely not...

07:10:03Source

DOF Secretary Frederick D. Go

asr-007669

Not being done anymore.

07:10:04Source

DOF Secretary Frederick D. Go

asr-007670

So, I think Maharlika will continue to pursue a potential investment in the grid.

07:10:10Source

Senator Mark A. Villar

asr-007671

I believe Synergy is...

07:10:12Source

Senator Mark A. Villar

asr-007672

You said here Synergy Grid.

07:10:13Source

Senator Mark A. Villar

asr-007673

That is the owner of...

07:10:15Source

Senator Mark A. Villar

asr-007674

That is the owner of NGCP, one of the synergies.

07:10:20Source

Senator Mark A. Villar

asr-007675

So, there is an investment of 1.7 billion?

07:10:23Source

Senator Mark A. Villar

asr-007676

Yes.

07:10:23Source

DOF Secretary Frederick D. Go

asr-007677

SGP, which is Synergy Grid, is a listed company owned by the Filipino shareholders in the grid.

07:10:32Source

Senator Mark A. Villar

asr-007678

So, there is...

07:10:33Source

Senator Mark A. Villar

asr-007679

It's an investment, but the investment is small for NGCP indirectly through the local investor in NGCP, correct?

07:10:42Source

DOF Secretary Frederick D. Go

asr-007680

Yes.

07:10:42Source

DOF Secretary Frederick D. Go

asr-007681

The shares were bought in the open stock market, in the Philippine Stock Exchange.

07:10:47Source

DOF Secretary Frederick D. Go

asr-007682

I see.

07:10:47Source

DOF Secretary Frederick D. Go

asr-007683

Because they're a listed entity in the Philippine Stock Exchange.

07:10:50Source

Senator Mark A. Villar

asr-007684

So, what you mentioned, I guess last year, their acquisition of NGCP or Synergy did not continue?

07:11:00Source

Senator Mark A. Villar

asr-007685

No.

07:11:01Source

Senator Mark A. Villar

asr-007686

Okay.

07:11:03Source

Senator Mark A. Villar

asr-007687

Thank you.

07:11:04Source

Senator Mark A. Villar

asr-007688

And finally, my last is regarding...

07:11:09Source

Senator Mark A. Villar

asr-007689

As an author of Afasa Bill, I would like to thank BSP for mentioning Afasa Bill earlier.

07:11:19Source

Senator Mark A. Villar

asr-007690

And I just want to know what are the updates, if Afasa Bill helped in enforcing anti-scamming,

07:11:31Source

Senator Mark A. Villar

asr-007691

or if you have...

07:11:32Source

Senator Mark A. Villar

asr-007692

Have you caught a lot of scammers, or has the performance of BSP improved because of Afasa Bill?

07:11:41Source

Senator Mark A. Villar

asr-007693

I just want to know, as I want to know what are the updates, if it helped, and if it helped,

07:11:48Source

Senator Mark A. Villar

asr-007694

what is the extent of improvement in our enforcement?

07:11:52Source

Senator Mark A. Villar

asr-007695

Thank you.

07:11:53Source

BSP General Counsel Roberto L. Figueroa

asr-007696

Yes, Mr. Chair.

07:11:55Source

BSP General Counsel Roberto L. Figueroa

asr-007697

Allow me to answer that question.

07:11:57Source

BSP General Counsel Roberto L. Figueroa

asr-007698

Since I'm the General Counsel of BSP, and under me, under the Office of the General Counsel,

07:12:02Source

BSP General Counsel Roberto L. Figueroa

asr-007699

under the direct supervision of the General Counsel, is the CAPO, the unit that was created

07:12:08Source

BSP General Counsel Roberto L. Figueroa

asr-007700

pursuant to the AFASA, so that's the Consumer Account Protection Office.

07:12:12Source

BSP General Counsel Roberto L. Figueroa

asr-007701

And to respond to your question, Mr. Chair, Your Honor,

07:12:16Source

BSP General Counsel Roberto L. Figueroa

asr-007702

it helped, it was a big help for AFASA, if you ask us at BSP, in enforcing anti-scam and fraud.

07:12:26Source

BSP General Counsel Roberto L. Figueroa

asr-007703

In fact, in terms of the...

07:12:30Source

BSP General Counsel Roberto L. Figueroa

asr-007704

You know,

07:12:32Source

BSP General Counsel Roberto L. Figueroa

asr-007705

accomplishments that have been done,

07:12:34Source

BSP General Counsel Roberto L. Figueroa

asr-007706

in our efforts to implement the AFASA,

07:12:38Source

BSP General Counsel Roberto L. Figueroa

asr-007707

there are already cases of finiles

07:12:42Source

BSP General Counsel Roberto L. Figueroa

asr-007708

against, you know, scammers.

07:12:47Source

BSP General Counsel Roberto L. Figueroa

asr-007709

In fact, we've been coordinating with law enforcement agencies,

07:12:52Source

BSP General Counsel Roberto L. Figueroa

asr-007710

and through our collaborative efforts,

07:12:58Source

BSP General Counsel Roberto L. Figueroa

asr-007711

we're able to, you know, the bar use or several law enforcement,

07:13:02Source

BSP General Counsel Roberto L. Figueroa

asr-007712

agencies were able to file cases.

07:13:04Source

BSP General Counsel Roberto L. Figueroa

asr-007713

I know in December 2024, for example, the NBI, the National Bureau of Investigation,

07:13:11Source

BSP General Counsel Roberto L. Figueroa

asr-007714

arrested seven Chinese nationals involved in an online scamming operation in Paranaque

07:13:16Source

BSP General Counsel Roberto L. Figueroa

asr-007715

for offenses that included social engineering schemes under AFASA.

07:13:21Source

BSP General Counsel Roberto L. Figueroa

asr-007716

The PNP, the Philippine National Police Anti-Cybercrime Group, or ACG,

07:13:26Source

BSP General Counsel Roberto L. Figueroa

asr-007717

also reported 527 AFASA-related cases in 2020,

07:13:32Source

BSP General Counsel Roberto L. Figueroa

asr-007718

of which 447 had already been solved or cleared,

07:13:37Source

BSP General Counsel Roberto L. Figueroa

asr-007719

and noted a decline in online scam incidents during the first half of 2026,

07:13:43Source

BSP General Counsel Roberto L. Figueroa

asr-007720

which is partly attributed to increased public awareness of fraudulent schemes.

07:13:48Source

BSP General Counsel Roberto L. Figueroa

asr-007721

And then,

07:13:49Source

BSP General Counsel Roberto L. Figueroa

asr-007722

to further increase these accomplishments,

07:13:59Source

BSP General Counsel Roberto L. Figueroa

asr-007723

Mr. Chair, Your Honor,

07:14:02Source

BSP General Counsel Roberto L. Figueroa

asr-007724

we at the BSP, again, through the CAPO,

07:14:07Source

BSP General Counsel Roberto L. Figueroa

asr-007725

we have actually entered into information-sharing agreements

07:14:13Source

BSP General Counsel Roberto L. Figueroa

asr-007726

with different government agencies or law enforcement agencies

07:14:17Source

BSP General Counsel Roberto L. Figueroa

asr-007727

like the SEC, the CICC, and the Department of Justice in this year, 2026.

07:14:26Source

BSP General Counsel Roberto L. Figueroa

asr-007728

Our invitation there, Mr. Chair, is, again,

07:14:29Source

BSP General Counsel Roberto L. Figueroa

asr-007729

again, thank you for the effort.

07:14:32Source

BSP General Counsel Roberto L. Figueroa

asr-007730

Thank you for the efforts of the sponsors, the senators who sponsored this AFASA bill.

07:14:37Source

BSP General Counsel Roberto L. Figueroa

asr-007731

One thing that we are able to do now because of the AFASA

07:14:40Source

BSP General Counsel Roberto L. Figueroa

asr-007732

is that CAPO is able to look into the bank accounts of these scammers and fraudsters

07:14:49Source

BSP General Counsel Roberto L. Figueroa

asr-007733

that previously were not able to do.

07:14:52Source

BSP General Counsel Roberto L. Figueroa

asr-007734

We don't need a court order to be able to do that.

07:14:55Source

BSP General Counsel Roberto L. Figueroa

asr-007735

And because of these additional powers and functions given to us,

07:15:00Source

BSP General Counsel Roberto L. Figueroa

asr-007736

Nakakapag-share po kami ngayon ng mga information na maaring magamit ng mga law enforcement agencies sa paghabol po dito sa mga fraudsters and scammers.

07:15:10Source

BSP General Counsel Roberto L. Figueroa

asr-007737

And of course, more importantly, tumaas po yung probability na ma-recover po ng mga biktima ng fraud at scam yung perang nawala po sa kanila.

07:15:20Source

BSP General Counsel Roberto L. Figueroa

asr-007738

So ginagawa po namin itong ISA, Information Sharing Agreement, as I said, with the different law enforcement agencies and other government agencies

07:15:27Source

BSP General Counsel Roberto L. Figueroa

asr-007739

para po rin masigurado na kung ano man yung information na makuha namin at i-share sa kanila ay hindi po na-abuso at nagagamit lamang po sa tamang paraan.

07:15:38Source

BSP General Counsel Roberto L. Figueroa

asr-007740

Kaya again, as I said, to respond to your question, malaki pong naitulong at marami pong salamat doon po sa pagpasa po ng batas na iyon.

07:15:47Source

Senator Mark A. Villar

asr-007741

Maraming salamat at nakakatuwa.

07:15:48Source

Senator Risa Hontiveros

asr-007742

Mr. Chair, with the permission of Senator Mark.

07:15:51Source

Senator Risa Hontiveros

asr-007743

Mr. Chair, quick interjection lang po.

07:15:52Source

Senator Joseph Victor "JV" G. Ejercito

asr-007744

Yes, please go ahead, Senator Riza.

07:15:54Source

Senator Risa Hontiveros

asr-007745

Mr. Chair, dagdag po dun sa yung...

07:15:57Source

Senator Risa Hontiveros

asr-007746

Yung benepisyo ng AFASA sa mga victim-survivors ng mga scam, ng online fraud, yung ding po para sa mga victim-survivors ng POGO.

07:16:07Source

Senator Risa Hontiveros

asr-007747

Pinasok po namin yun at the time na ipinasay yung AFASA, yung amendment na pwedeng gamitin ng gobyerno,

07:16:13Source

Senator Risa Hontiveros

asr-007748

pwedeng panghawakan ng gobyerno yung mga assets na kinuha sa mga dating POGO operators para sa rehabilitation ng mga victim-survivors niya.

07:16:24Source

Senator Risa Hontiveros

asr-007749

So just for the record ulit, Mr. Chair. At salamat, Senator Mark.

07:16:27Source

Senator Mark A. Villar

asr-007750

Yes, I remember that, Sen. Riza. That was one of the provisions that you really fought for.

07:16:34Source

Senator Mark A. Villar

asr-007751

At napakagandang provision yan, Senator. And of course, SP, napakagandang provision yan.

07:16:39Source

Senator Mark A. Villar

asr-007752

Kasi dati, natitenga lang yung mga assets at hindi magamit.

07:16:43Source

Senator Mark A. Villar

asr-007753

At ngayon, magamit na ng mga... Nagagamit na ng gobyerno yung mga assets na galing sa mga scam hubs or sa mga criminal activities.

07:16:55Source

Senator Mark A. Villar

asr-007754

Kaya...

07:16:56Source

Senator Mark A. Villar

asr-007755

Kaya nakakatuwa naman at mas marami na kayong nahuhuling scammer dahil sa AFASA bill.

07:17:03Source

Senator Mark A. Villar

asr-007756

And at least, nakakatuwa at yung efforts ng Senate ay nakatulong sa ating mga kababayan.

07:17:11Source

Senator Mark A. Villar

asr-007757

And maraming salamat po, Sir, sa update ng BSP.

07:17:14Source

Senator Mark A. Villar

asr-007758

And asahan niyo po na pag mayroon pa kayong mga batas na kailangan para lalong makatulong sa mga biktima ng scammers,

07:17:24Source

Senator Mark A. Villar

asr-007759

nandito po ang Senado para tumulong sa BSP.

07:17:28Source

Senator Mark A. Villar

asr-007760

So, thank you very much and that's all for me now.

07:17:30Source

Senator Joseph Victor "JV" G. Ejercito

asr-007761

Thank you, Senator Villar.

07:17:32Source

Senator Joseph Victor "JV" G. Ejercito

asr-007762

Next is our Senate President.

07:17:37Source

Senator Sherwin "Win" T. Gatchalian

asr-007763

Thank you, Mr. Chairman.

07:17:40Source

Senator Sherwin "Win" T. Gatchalian

asr-007764

Marami na hoon na tanong. I'll just ask some of the loose ends lang.

07:17:45Source

Senator Sherwin "Win" T. Gatchalian

asr-007765

I'll flash on the screen slide two.

07:17:51Source

Senator Sherwin "Win" T. Gatchalian

asr-007766

Okay, flash on the screen.

07:17:53Source

Senator Sherwin "Win" T. Gatchalian

asr-007767

So...

07:17:53Source

Senator Sherwin "Win" T. Gatchalian

asr-007768

This was asked by Senator Aimee, but I want to get a clear answer from Secretary Balisakan.

07:18:05Source

Senator Sherwin "Win" T. Gatchalian

asr-007769

So, first half, our economy grew by 2.6%.

07:18:09Source

Senator Sherwin "Win" T. Gatchalian

asr-007770

And in order to reach the target, kailangan natin to grow at least on the low side at 4.4%, on the high side, 6.4%.

07:18:18Source

Senator Sherwin "Win" T. Gatchalian

asr-007771

So, my question, Secretary,

07:18:21Source

Senator Sherwin "Win" T. Gatchalian

asr-007772

kaya pa ba ma-hit itong 4.4% at the very least second half of the year?

07:18:33Source

DEPDev Secretary Arsenio M. Balisacan

asr-007773

The lower end, it's still very much feasible.

07:18:38Source

DEPDev Secretary Arsenio M. Balisacan

asr-007774

So, feasible pa ito?

07:18:39Source

DEPDev Secretary Arsenio M. Balisacan

asr-007775

Yeah, because as I said earlier, if you can just get the contraction of public construction spending,

07:18:51Source

DEPDev Secretary Arsenio M. Balisacan

asr-007776

from negative 32% to even just zero, mag-flat lang,

07:18:58Source

DEPDev Secretary Arsenio M. Balisacan

asr-007777

you can generate one percentage point of GDP growth.

07:19:03Source

DEPDev Secretary Arsenio M. Balisacan

asr-007778

And then, that will hopefully redound also to improvement in sentiments in the private sector

07:19:11Source

DEPDev Secretary Arsenio M. Balisacan

asr-007779

because the private sector investment responds quite strongly as well to public sector investment.

07:19:19Source

DEPDev Secretary Arsenio M. Balisacan

asr-007780

That's why...

07:19:21Source

DEPDev Secretary Arsenio M. Balisacan

asr-007781

I think that can happen.

07:19:22Source

DEPDev Secretary Arsenio M. Balisacan

asr-007782

And then, hopefully, we will see continued deceleration of inflation.

07:19:29Source

DEPDev Secretary Arsenio M. Balisacan

asr-007783

6.2% hopefully, I think, in August.

07:19:33Source

DEPDev Secretary Arsenio M. Balisacan

asr-007784

We hope to get that further decline.

07:19:39Source

DEPDev Secretary Arsenio M. Balisacan

asr-007785

And that should improve sentiment.

07:19:41Source

Senator Sherwin "Win" T. Gatchalian

asr-007786

So, itong 4.4% at the lower end is still feasible based on your...

07:19:47Source

DEPDev Secretary Arsenio M. Balisacan

asr-007787

I would say that, yeah, I would not give that up.

07:19:49Source

Senator Sherwin "Win" T. Gatchalian

asr-007788

Okay.

07:19:51Source

Senator Sherwin "Win" T. Gatchalian

asr-007789

So, the next slide, slide 3.

07:19:53Source

Senator Sherwin "Win" T. Gatchalian

asr-007790

I mentioned earlier this morning, actually, two things that affected our economy, the two Cs,

07:20:01Source

Senator Sherwin "Win" T. Gatchalian

asr-007791

conflict and corruption.

07:20:04Source

Senator Sherwin "Win" T. Gatchalian

asr-007792

The conflict, the U.S.-Iran conflict, inflamed inflation, and obviously, consumption went down.

07:20:13Source

Senator Sherwin "Win" T. Gatchalian

asr-007793

That's the red bar.

07:20:15Source

Senator Sherwin "Win" T. Gatchalian

asr-007794

And then, or the red line.

07:20:17Source

Senator Sherwin "Win" T. Gatchalian

asr-007795

And corruption reduced...

07:20:21Source

Senator Sherwin "Win" T. Gatchalian

asr-007796

government construction to even negative.

07:20:25Source

Senator Sherwin "Win" T. Gatchalian

asr-007797

And my question to you is, of course, itong household consumption is very difficult because it's susceptible to inflation.

07:20:32Source

Senator Sherwin "Win" T. Gatchalian

asr-007798

Hopefully, with positive news in the Middle East, lower oil prices, lower inflation,

07:20:44Source

Senator Sherwin "Win" T. Gatchalian

asr-007799

then we can see improvement in household sentiments in terms of consumption.

07:20:50Source

Senator Sherwin "Win" T. Gatchalian

asr-007800

Itong government construction, what is government doing in order to ramp up government construction?

07:20:59Source

Senator Sherwin "Win" T. Gatchalian

asr-007801

I can ask this to you or to Secretary Kim because ito, ito, kontrolado natin ito.

07:21:06Source

Senator Sherwin "Win" T. Gatchalian

asr-007802

Alam ko, based on my experience in Valenzuela, a lot of the saros are already out, third quarter.

07:21:16Source

Senator Sherwin "Win" T. Gatchalian

asr-007803

Pero umuulan eh.

07:21:17Source

Senator Sherwin "Win" T. Gatchalian

asr-007804

So, in actual construction...

07:21:20Source

Senator Sherwin "Win" T. Gatchalian

asr-007805

may not be there.

07:21:22Source

Senator Sherwin "Win" T. Gatchalian

asr-007806

The saros is one thing, but yung physical construction is another thing.

07:21:27Source

Senator Sherwin "Win" T. Gatchalian

asr-007807

Because of the incessant rains, hindi ganong kabilis yung physical construction.

07:21:35Source

Senator Sherwin "Win" T. Gatchalian

asr-007808

But nevertheless, I want to hear from DBM, what are we doing to improve government construction?

07:21:41Source

Senator Sherwin "Win" T. Gatchalian

asr-007809

Because this is something that we can control.

07:21:44Source

Acting DBM Secretary Kim Robert C. De Leon

asr-007810

Yes, Senate President and Mr. Chair.

07:21:47Source

Acting DBM Secretary Kim Robert C. De Leon

asr-007811

As to government...

07:21:50Source

Acting DBM Secretary Kim Robert C. De Leon

asr-007812

As to government construction, as we have earlier reported, we have actually facilitated the release of the allotments for a big bulk.

07:21:57Source

Acting DBM Secretary Kim Robert C. De Leon

asr-007813

For DPWH, it's almost the entire allocation for DPWH for the year.

07:22:02Source

Acting DBM Secretary Kim Robert C. De Leon

asr-007814

We reported earlier, the same is true for school buildings.

07:22:06Source

Acting DBM Secretary Kim Robert C. De Leon

asr-007815

We have released about 60 billion of the 85.

07:22:09Source

Acting DBM Secretary Kim Robert C. De Leon

asr-007816

For farm-to-market roads, we are processing it right now.

07:22:13Source

Acting DBM Secretary Kim Robert C. De Leon

asr-007817

And the same is true for the health facilities enhancement program.

07:22:18Source

Acting DBM Secretary Kim Robert C. De Leon

asr-007818

So, we aim really to roll all these things out.

07:22:20Source

Acting DBM Secretary Kim Robert C. De Leon

asr-007819

So, we aim really to roll all these things out.

07:22:20Source

Acting DBM Secretary Kim Robert C. De Leon

asr-007820

To contribute to public infrastructure spending.

07:22:24Source

Acting DBM Secretary Kim Robert C. De Leon

asr-007821

And while implementation, as you have mentioned, is a challenge,

07:22:29Source

Acting DBM Secretary Kim Robert C. De Leon

asr-007822

we are looking at the outlook that the rains are actually not happening all around the Philippines.

07:22:35Source

Acting DBM Secretary Kim Robert C. De Leon

asr-007823

So, probably some of the construction may be progressing in other parts of the country

07:22:39Source

Acting DBM Secretary Kim Robert C. De Leon

asr-007824

because our releases actually cover a nationwide set of projects, Your Honor.

07:22:45Source

Senator Sherwin "Win" T. Gatchalian

asr-007825

At least for the second half or even third quarter, narilis na siya.

07:22:50Source

Senator Sherwin "Win" T. Gatchalian

asr-007826

Lagi.

07:22:51Source

Senator Sherwin "Win" T. Gatchalian

asr-007827

Yes, Your Honor.

07:22:52Source

Senator Sherwin "Win" T. Gatchalian

asr-007828

For buong taon, narilis na.

07:22:53Source

Acting DBM Secretary Kim Robert C. De Leon

asr-007829

For DPWH, yes, we have released the allotments for DPWH last, I think, May.

07:23:00Source

Acting DBM Secretary Kim Robert C. De Leon

asr-007830

In fact, we were initially targeting, we gave them the chance and the target to award the same by June.

07:23:08Source

Acting DBM Secretary Kim Robert C. De Leon

asr-007831

But there's a portion, about 20 to 30 percent of the projects were still not awarded by June.

07:23:14Source

Acting DBM Secretary Kim Robert C. De Leon

asr-007832

But hopefully, the last July and this month of August, they should be able to award the same, Your Honor.

07:23:19Source

Acting DBM Secretary Kim Robert C. De Leon

asr-007833

Okay.

07:23:20Source

Senator Sherwin "Win" T. Gatchalian

asr-007834

But your release is on a, just to give us an idea, your release for infrastructure project.

07:23:26Source

Senator Sherwin "Win" T. Gatchalian

asr-007835

Ano lang ito?

07:23:27Source

Senator Sherwin "Win" T. Gatchalian

asr-007836

This is an estimate in general.

07:23:30Source

Senator Sherwin "Win" T. Gatchalian

asr-007837

Have you released until what quarter?

07:23:32Source

Senator Sherwin "Win" T. Gatchalian

asr-007838

Third quarter?

07:23:33Source

Acting DBM Secretary Kim Robert C. De Leon

asr-007839

For the allotment, Your Honor, we released the full amount so that we can actually procure.

07:23:38Source

Senator Sherwin "Win" T. Gatchalian

asr-007840

Until the end of the year.

07:23:39Source

Acting DBM Secretary Kim Robert C. De Leon

asr-007841

Yes.

07:23:39Source

Acting DBM Secretary Kim Robert C. De Leon

asr-007842

What we manage, Your Honor, is the cash requirement.

07:23:42Source

Acting DBM Secretary Kim Robert C. De Leon

asr-007843

Yes, correct.

07:23:42Source

Senator Sherwin "Win" T. Gatchalian

asr-007844

That's my actually next question.

07:23:44Source

Senator Sherwin "Win" T. Gatchalian

asr-007845

That's why I'm asking whether third quarter until end of the year because the next problem is the cash.

07:23:49Source

Acting DBM Secretary Kim Robert C. De Leon

asr-007846

But the allotment, Your Honor, is the full requirement so that they'll be able to award the full project.

07:23:55Source

Acting DBM Secretary Kim Robert C. De Leon

asr-007847

Okay.

07:23:56Source

Acting DBM Secretary Kim Robert C. De Leon

asr-007848

All right.

07:23:56Source

Senator Sherwin "Win" T. Gatchalian

asr-007849

So, until end of the year, na-release na completely?

07:23:59Source

Acting DBM Secretary Kim Robert C. De Leon

asr-007850

Yes.

07:23:59Source

Senator Sherwin "Win" T. Gatchalian

asr-007851

For DPWH, yes, Your Honor.

07:24:01Source

Senator Sherwin "Win" T. Gatchalian

asr-007852

Yes, Your Honor.

07:24:01Source

Senator Sherwin "Win" T. Gatchalian

asr-007853

Okay.

07:24:01Source

Senator Sherwin "Win" T. Gatchalian

asr-007854

How about for the next big ticket is for DOTR and also for DEPED, in top three lang?

07:24:08Source

Acting DBM Secretary Kim Robert C. De Leon

asr-007855

Actually, for DOTR, Mr. Senate President, Mr. Chair, the bigger chunk are mostly foreign-assisted projects.

07:24:15Source

Acting DBM Secretary Kim Robert C. De Leon

asr-007856

In fact, they have actually consumed the allocation.

07:24:19Source

Acting DBM Secretary Kim Robert C. De Leon

asr-007857

Within the GAA, which necessitated us to release additional allotment for loan proceeds charged from the unprogrammed appropriations of 2026.

07:24:30Source

Acting DBM Secretary Kim Robert C. De Leon

asr-007858

So, this will actually enable DOTR to continue implementing and paying for the works until the rest of the year.

07:24:37Source

Acting DBM Secretary Kim Robert C. De Leon

asr-007859

Okay.

07:24:38Source

Senator Sherwin "Win" T. Gatchalian

asr-007860

And for DEPED, I heard 60, the biggest chunk there will be the classrooms.

07:24:44Source

Senator Sherwin "Win" T. Gatchalian

asr-007861

That's correct, Your Honor.

07:24:45Source

Senator Sherwin "Win" T. Gatchalian

asr-007862

The basic education facilities.

07:24:46Source

Senator Sherwin "Win" T. Gatchalian

asr-007863

You've released 60 out of the 85.

07:24:49Source

Senator Sherwin "Win" T. Gatchalian

asr-007864

Yes, Your Honor.

07:24:49Source

Senator Sherwin "Win" T. Gatchalian

asr-007865

Okay.

07:24:50Source

Senator Sherwin "Win" T. Gatchalian

asr-007866

So, just submit to us a per department, only for infrastructure, because what we want to address is this DIP.

07:24:58Source

Senator Sherwin "Win" T. Gatchalian

asr-007867

For five quarters, government construction has gone down to negative.

07:25:03Source

Senator Sherwin "Win" T. Gatchalian

asr-007868

So, what we want is to reverse the DIP.

07:25:06Source

Acting DBM Secretary Kim Robert C. De Leon

asr-007869

We will submit, Your Honor.

07:25:07Source

Senator Sherwin "Win" T. Gatchalian

asr-007870

Just submit to us a very detailed per department, per infrastructure spending on the releases.

07:25:16Source

Senator Sherwin "Win" T. Gatchalian

asr-007871

So, we can account.

07:25:19Source

Senator Sherwin "Win" T. Gatchalian

asr-007872

Since you mentioned cash, my next question is on revenue.

07:25:29Source

Senator Sherwin "Win" T. Gatchalian

asr-007873

And this is, I was looking at the revenue targets for, this is page 62.

07:26:12Source

Senator Sherwin "Win" T. Gatchalian

asr-007874

So, for tax natin.

07:26:18Source

Senator Sherwin "Win" T. Gatchalian

asr-007875

We're looking at the targets.

07:26:20Source

Senator Sherwin "Win" T. Gatchalian

asr-007876

For the last three years, we're not, paki flash lang.

07:26:44Source

Senator Sherwin "Win" T. Gatchalian

asr-007877

Yan.

07:26:44Source

Senator Sherwin "Win" T. Gatchalian

asr-007878

For the last three years, in terms of tax collection, there's a shortfall to target.

07:26:52Source

Senator Sherwin "Win" T. Gatchalian

asr-007879

For non-tax, we're reaching the target.

07:26:55Source

Senator Sherwin "Win" T. Gatchalian

asr-007880

Although, for 2025, bumaba yung ating non-tax.

07:27:01Source

Senator Sherwin "Win" T. Gatchalian

asr-007881

And if I, if we break it down to, of course, the two.

07:27:06Source

Senator Sherwin "Win" T. Gatchalian

asr-007882

Major collecting agencies, BIR and BOC.

07:27:10Source

Senator Sherwin "Win" T. Gatchalian

asr-007883

Next slide.

07:27:12Source

Senator Sherwin "Win" T. Gatchalian

asr-007884

Again, it's not reaching its target for the last three years.

07:27:17Source

Senator Sherwin "Win" T. Gatchalian

asr-007885

For 2023, 2024, 2025.

07:27:21Source

Senator Sherwin "Win" T. Gatchalian

asr-007886

Sa BOC, 2024, 2025, hindi siya nag-reach ng target niya.

07:27:26Source

Senator Sherwin "Win" T. Gatchalian

asr-007887

So, obviously, we're relying on our two biggest revenue generators

07:27:31Source

Senator Sherwin "Win" T. Gatchalian

asr-007888

in order for us to lessen our borrowing.

07:27:36Source

Senator Sherwin "Win" T. Gatchalian

asr-007889

So, we're relying on our two biggest revenue generators in order for us to lessen our borrowing.

07:27:36Source

Senator Sherwin "Win" T. Gatchalian

asr-007890

So, obviously, we're relying on our two biggest revenue generators in order for us to lessen our borrowing.

07:27:36Source

Senator Sherwin "Win" T. Gatchalian

asr-007891

So, may I ask the DOF or any of the revenue collecting agencies,

07:27:43Source

Senator Sherwin "Win" T. Gatchalian

asr-007892

bakit hindi natin natatamaan yung ating target?

07:27:49Source

Senator Joseph Victor "JV" G. Ejercito

asr-007893

Assistant Commissioner Maria is here.

07:27:52Source

Senator Sherwin "Win" T. Gatchalian

asr-007894

Bakit hindi natin natatamaan itong target natin?

07:27:54Source

Senator Joseph Victor "JV" G. Ejercito

asr-007895

Commissioner ni Boca Sela.

07:27:55Source

Senator Sherwin "Win" T. Gatchalian

asr-007896

Naglagay tayo ng target, pero hindi naman natin natatamaan yung target natin.

07:27:59Source

BOC Assistant Commissioner Vincent Philip C. Maronilla

asr-007897

Good afternoon, Your Honors.

07:28:02Source

BOC Assistant Commissioner Vincent Philip C. Maronilla

asr-007898

Mr. Senate President, for 2024 and 2025, I think,

07:28:05Source

BOC Assistant Commissioner Vincent Philip C. Maronilla

asr-007899

we did not hit our target.

07:28:08Source

BOC Assistant Commissioner Vincent Philip C. Maronilla

asr-007900

But previous to that, in 2025, it was the only time that we did not hit our target, I think.

07:28:16Source

BOC Assistant Commissioner Vincent Philip C. Maronilla

asr-007901

But previous to that, we were hitting our targets.

07:28:18Source

BOC Assistant Commissioner Vincent Philip C. Maronilla

asr-007902

I think there were difficulties on some measures that were undertaken

07:28:24Source

BOC Assistant Commissioner Vincent Philip C. Maronilla

asr-007903

during that year to lower some tariff on major imports by the Bureau of Customs.

07:28:33Source

BOC Assistant Commissioner Vincent Philip C. Maronilla

asr-007904

But we've adjusted already, Your Honors.

07:28:35Source

BOC Assistant Commissioner Vincent Philip C. Maronilla

asr-007905

In fact, for this year, as of...

07:28:38Source

BOC Assistant Commissioner Vincent Philip C. Maronilla

asr-007906

July 2026, we're at surplus of about 11 billion from our adjusted target.

07:28:45Source

Senator Sherwin "Win" T. Gatchalian

asr-007907

The surplus is because of the depreciation of peso.

07:28:47Source

Senator Sherwin "Win" T. Gatchalian

asr-007908

And I'm sure yung preso ng gasolina kasi, o crudo, tumaas eh.

07:28:52Source

BOC Assistant Commissioner Vincent Philip C. Maronilla

asr-007909

Yes, but still, there are difficulties in the volume pa rin po naman.

07:28:56Source

BOC Assistant Commissioner Vincent Philip C. Maronilla

asr-007910

We attribute it to both.

07:28:58Source

BOC Assistant Commissioner Vincent Philip C. Maronilla

asr-007911

Yes, the dollar, the increase in dollar, and of course, some revenue efficiencies.

07:29:04Source

BOC Assistant Commissioner Vincent Philip C. Maronilla

asr-007912

Considering that there are still some tariff lines, Your Honor,

07:29:07Source

BOC Assistant Commissioner Vincent Philip C. Maronilla

asr-007913

that were lowered.

07:29:08Source

BOC Assistant Commissioner Vincent Philip C. Maronilla

asr-007914

And these tariff lines covers some top imports coming from other countries

07:29:14Source

BOC Assistant Commissioner Vincent Philip C. Maronilla

asr-007915

which we depend on as our revenue.

07:29:18Source

Senator Sherwin "Win" T. Gatchalian

asr-007916

Ano bang mga administrative reforms are we doing sa DOF or any of the revenue agencies

07:29:25Source

Senator Sherwin "Win" T. Gatchalian

asr-007917

to improve revenue collection and meeting the targets?

07:29:29Source

Senator Sherwin "Win" T. Gatchalian

asr-007918

It's important to meet the targets because, like I said, we're pressing DOF to reduce borrowing.

07:29:36Source

Senator Sherwin "Win" T. Gatchalian

asr-007919

But if you cannot collect and meet the target,

07:29:38Source

Senator Sherwin "Win" T. Gatchalian

asr-007920

we have no choice but to increase our borrowing.

07:29:41Source

BOC Assistant Commissioner Vincent Philip C. Maronilla

asr-007921

Your Honor, as far as the BOC is concerned, one of our major challenges is, of course,

07:29:48Source

BOC Assistant Commissioner Vincent Philip C. Maronilla

asr-007922

misinvoicing.

07:29:50Source

BOC Assistant Commissioner Vincent Philip C. Maronilla

asr-007923

We address that by subscribing to publications.

07:29:56Source

BOC Assistant Commissioner Vincent Philip C. Maronilla

asr-007924

There are publications that we subscribe to.

07:30:00Source

BOC Assistant Commissioner Vincent Philip C. Maronilla

asr-007925

subscribed to that reflect actual prices of commodities these prices are the ones that we

07:30:07Source

BOC Assistant Commissioner Vincent Philip C. Maronilla

asr-007926

use to question some undervalued items that are being brought into the country so by way of that

07:30:14Source

BOC Assistant Commissioner Vincent Philip C. Maronilla

asr-007927

we were able to efficiently collect some of the items that we feel we needed to adjust

07:30:21Source

BOC Assistant Commissioner Vincent Philip C. Maronilla

asr-007928

in terms of at least questioning the transaction value more than that we also needed to

07:30:28Source

BOC Assistant Commissioner Vincent Philip C. Maronilla

asr-007929

have a workaround on our system and try to improve trade facilitation because if

07:30:37Source

BOC Assistant Commissioner Vincent Philip C. Maronilla

asr-007930

trade facilitation is restricted we're only able to collect so much for a given period of time

07:30:42Source

Senator Sherwin "Win" T. Gatchalian

asr-007931

you mean in subscription and because of the subscription like improving collection

07:30:49Source

BOC Assistant Commissioner Vincent Philip C. Maronilla

asr-007932

in your honors we've been doing it for the past years but we've expanded it no in fact if you

07:30:55Source

BOC Assistant Commissioner Vincent Philip C. Maronilla

asr-007933

look at our budget there's

07:30:57Source

BOC Assistant Commissioner Vincent Philip C. Maronilla

asr-007934

some of the items that we've been collecting for the past years and we've expanded it for the past

07:30:57Source

BOC Assistant Commissioner Vincent Philip C. Maronilla

asr-007935

specific proposals for specific subscription fees on major items that we look into and these

07:31:06Source

BOC Assistant Commissioner Vincent Philip C. Maronilla

asr-007936

are these major items are the drivers of our imports these are the top imports that we look

07:31:12Source

Senator Sherwin "Win" T. Gatchalian

asr-007937

into and they're the drivers of our collection so BIR and any what are the reforms that you are

07:31:18Source

Senator Sherwin "Win" T. Gatchalian

asr-007938

doing in order to improve collection efficiency your honor for the BIR

07:31:27Source

BIR Deputy Commissioner Marissa O. Cabreros

asr-007939

for the past year as shown in the screen we're really having difficulty in attaining the goal

07:31:35Source

BIR Deputy Commissioner Marissa O. Cabreros

asr-007940

some factors is because of not be able not able to achieve the expected projection as as computed

07:31:43Source

BIR Deputy Commissioner Marissa O. Cabreros

asr-007941

but however for this year january to july so far we are on target in fact january to july

07:31:52Source

BIR Deputy Commissioner Marissa O. Cabreros

asr-007942

cumulatively we are we exceeded the goal so we're up by

07:31:57Source

BIR Deputy Commissioner Marissa O. Cabreros

asr-007943

hundred point twelve actually percent a little over two billion but in terms of enforcement

07:32:04Source

BIR Deputy Commissioner Marissa O. Cabreros

asr-007944

activity we've been continuing with a run after fake transactions rough cases we've been filing

07:32:11Source

BIR Deputy Commissioner Marissa O. Cabreros

asr-007945

DOJ cases pursuing cases that are endorsed to us by other enforcement agencies like endorsements

07:32:19Source

BIR Deputy Commissioner Marissa O. Cabreros

asr-007946

from the flood control cases the we have been pursuing that the pogo cases and other informers

07:32:27Source

BIR Deputy Commissioner Marissa O. Cabreros

asr-007947

cases big ticket at that that are being endorsed to us we are also doing tax verification drive this is making expand

07:32:38Source

BIR Deputy Commissioner Marissa O. Cabreros

asr-007948

taxpayers base making sure that all those doing business are really registered in the database but the

07:32:44Source

BIR Deputy Commissioner Marissa O. Cabreros

asr-007949

approach we're taking now is more on the friendly approach educating the taxpayer making them comply giving

07:32:52Source

BIR Deputy Commissioner Marissa O. Cabreros

asr-007950

them the opportunity to comply and if not that's when we enforce

07:32:56Source

BIR Deputy Commissioner Marissa O. Cabreros

asr-007951

the law

07:32:57Source

BIR Deputy Commissioner Marissa O. Cabreros

asr-007952

by imposing the off-land kandado or closure

07:33:01Source

BIR Deputy Commissioner Marissa O. Cabreros

asr-007953

to force them to comply with the requirements

07:33:06Source

BIR Deputy Commissioner Marissa O. Cabreros

asr-007954

in the BIR and impose penalty.

07:33:10Source

Senator Sherwin "Win" T. Gatchalian

asr-007955

Argo, meron bang internally,

07:33:12Source

Senator Sherwin "Win" T. Gatchalian

asr-007956

do you have any disciplinary action

07:33:15Source

Senator Sherwin "Win" T. Gatchalian

asr-007957

or any way of compelling the two agencies

07:33:20Source

Senator Sherwin "Win" T. Gatchalian

asr-007958

to meet their targets?

07:33:21Source

Senator Sherwin "Win" T. Gatchalian

asr-007959

Or do you have any covenant

07:33:24Source

Senator Sherwin "Win" T. Gatchalian

asr-007960

na pag hindi mo tinamahan itong target na ito,

07:33:26Source

Senator Sherwin "Win" T. Gatchalian

asr-007961

lagot ka?

07:33:27Source

Senator Sherwin "Win" T. Gatchalian

asr-007962

Mayroon pa mga ganyan?

07:33:29Source

Senator Sherwin "Win" T. Gatchalian

asr-007963

Or else these targets are just...

07:33:31Source

Senator Sherwin "Win" T. Gatchalian

asr-007964

There is the attrition law?

07:33:33Source

Senator Sherwin "Win" T. Gatchalian

asr-007965

Meron itong targets, pakita lang ito,

07:33:35Source

Senator Sherwin "Win" T. Gatchalian

asr-007966

and it means nothing if you don't heed it.

07:33:40Source

DOF Secretary Frederick D. Go

asr-007967

Your Honor, if I may put forward

07:33:43Source

DOF Secretary Frederick D. Go

asr-007968

what my observations are

07:33:45Source

DOF Secretary Frederick D. Go

asr-007969

on this matter that you brought up.

07:33:49Source

DOF Secretary Frederick D. Go

asr-007970

I think the problem lies in

07:33:51Source

DOF Secretary Frederick D. Go

asr-007971

when the macroeconomic assumptions are made,

07:33:55Source

DOF Secretary Frederick D. Go

asr-007972

which are generally made a year and a half

07:33:57Source

DOF Secretary Frederick D. Go

asr-007973

or a year before the actual year.

07:34:01Source

DOF Secretary Frederick D. Go

asr-007974

They're generally optimistic.

07:34:04Source

DOF Secretary Frederick D. Go

asr-007975

And all the revenue collection numbers

07:34:07Source

DOF Secretary Frederick D. Go

asr-007976

are based on those macroeconomic assumptions.

07:34:11Source

DOF Secretary Frederick D. Go

asr-007977

However, the problem in the last three years,

07:34:15Source

DOF Secretary Frederick D. Go

asr-007978

if you will,

07:34:15Source

DOF Secretary Frederick D. Go

asr-007979

is that we've been subjected

07:34:17Source

DOF Secretary Frederick D. Go

asr-007980

to so many unpredictable external shocks,

07:34:21Source

DOF Secretary Frederick D. Go

asr-007981

such as the war in Ukraine,

07:34:25Source

DOF Secretary Frederick D. Go

asr-007982

such as the United States'

07:34:27Source

DOF Secretary Frederick D. Go

asr-007983

reciprocal tariffs,

07:34:30Source

DOF Secretary Frederick D. Go

asr-007984

and now the war in Iran.

07:34:33Source

DOF Secretary Frederick D. Go

asr-007985

So I think the dilemma is

07:34:36Source

DOF Secretary Frederick D. Go

asr-007986

when the macroeconomic assumptions are made,

07:34:40Source

DOF Secretary Frederick D. Go

asr-007987

they're made without the ability

07:34:44Source

DOF Secretary Frederick D. Go

asr-007988

to predict such black swan events

07:34:48Source

DOF Secretary Frederick D. Go

asr-007989

or such global external shocks

07:34:53Source

DOF Secretary Frederick D. Go

asr-007990

that are beyond our control.

07:34:55Source

DOF Secretary Frederick D. Go

asr-007991

So what happens is when you compare

07:34:57Source

DOF Secretary Frederick D. Go

asr-007992

the actual revenue collection

07:34:59Source

DOF Secretary Frederick D. Go

asr-007993

versus the macroeconomic assumptions

07:35:04Source

DOF Secretary Frederick D. Go

asr-007994

made a year and a half ago,

07:35:08Source

DOF Secretary Frederick D. Go

asr-007995

they are not able to take into account

07:35:12Source

DOF Secretary Frederick D. Go

asr-007996

these eventualities.

07:35:15Source

DOF Secretary Frederick D. Go

asr-007997

So a case in point, for example,

07:35:17Source

DOF Secretary Frederick D. Go

asr-007998

is the budget of 2025

07:35:20Source

DOF Secretary Frederick D. Go

asr-007999

was made in June 2024.

07:35:24Source

DOF Secretary Frederick D. Go

asr-008000

And after the...

07:35:27Source

DOF Secretary Frederick D. Go

asr-008001

the flood control investigations, for example,

07:35:30Source

DOF Secretary Frederick D. Go

asr-008002

suddenly the public sector spending suddenly dropped.

07:35:34Source

DOF Secretary Frederick D. Go

asr-008003

So the GDP growth of the country suffers.

07:35:41Source

DOF Secretary Frederick D. Go

asr-008004

And unfortunately,

07:35:42Source

DOF Secretary Frederick D. Go

asr-008005

the collection targets were set a year before that.

07:35:46Source

DOF Secretary Frederick D. Go

asr-008006

So I think that's generally my observation on this matter.

07:35:54Source

Senator Sherwin "Win" T. Gatchalian

asr-008007

Don't you and the DBCC also meet regularly?

07:35:57Source

Senator Sherwin "Win" T. Gatchalian

asr-008008

Do you meet regularly to revise the targets?

07:36:00Source

Senator Sherwin "Win" T. Gatchalian

asr-008009

Yes, we do.

07:36:00Source

Senator Sherwin "Win" T. Gatchalian

asr-008010

Do you revise them every now and then,

07:36:03Source

Senator Sherwin "Win" T. Gatchalian

asr-008011

depending on the economic situation?

07:36:06Source

DOF Secretary Frederick D. Go

asr-008012

Yes, we do.

07:36:07Source

DOF Secretary Frederick D. Go

asr-008013

So the macroeconomic numbers,

07:36:09Source

DOF Secretary Frederick D. Go

asr-008014

assumptions change every six months.

07:36:12Source

DOF Secretary Frederick D. Go

asr-008015

But the NEP was fixed a year ago.

07:36:18Source

DOF Secretary Frederick D. Go

asr-008016

So if your question, your honor,

07:36:20Source

DOF Secretary Frederick D. Go

asr-008017

is about the fiscal deficit,

07:36:24Source

DOF Secretary Frederick D. Go

asr-008018

the NEP for 20...

07:36:26Source

DOF Secretary Frederick D. Go

asr-008019

Example now where...

07:36:26Source

DOF Secretary Frederick D. Go

asr-008020

Only the...

07:36:27Source

Senator Sherwin "Win" T. Gatchalian

asr-008021

Only the...

07:36:27Source

Senator Sherwin "Win" T. Gatchalian

asr-008022

Only the...

07:36:27Source

Senator Sherwin "Win" T. Gatchalian

asr-008023

We need this for collection.

07:36:29Source

Senator Sherwin "Win" T. Gatchalian

asr-008024

For collection.

07:36:30Source

Senator Sherwin "Win" T. Gatchalian

asr-008025

Don't you adjust this also?

07:36:32Source

DOF Secretary Frederick D. Go

asr-008026

It does.

07:36:34Source

DOF Secretary Frederick D. Go

asr-008027

The collection target adjusts every six months.

07:36:36Source

DOF Secretary Frederick D. Go

asr-008028

And generally, your observation is correct.

07:36:40Source

DOF Secretary Frederick D. Go

asr-008029

The target slides downwards.

07:36:42Source

DOF Secretary Frederick D. Go

asr-008030

Correct.

07:36:43Source

Senator Sherwin "Win" T. Gatchalian

asr-008031

So my question is,

07:36:45Source

Senator Sherwin "Win" T. Gatchalian

asr-008032

is there a penalty?

07:36:49Source

Senator Sherwin "Win" T. Gatchalian

asr-008033

Is there a way to pressure the collection agencies?

07:36:54Source

Senator Sherwin "Win" T. Gatchalian

asr-008034

Maybe it's about time to talk about that internally.

07:36:57Source

Senator Sherwin "Win" T. Gatchalian

asr-008035

Because the targets should be met.

07:37:03Source

Senator Sherwin "Win" T. Gatchalian

asr-008036

And we should not put targets just for the sake of putting targets.

07:37:06Source

Senator Sherwin "Win" T. Gatchalian

asr-008037

There should also be a penalty if it's not reached.

07:37:13Source

Senator Sherwin "Win" T. Gatchalian

asr-008038

Because there are consequences.

07:37:16Source

Senator Sherwin "Win" T. Gatchalian

asr-008039

We borrow.

07:37:16Source

Senator Sherwin "Win" T. Gatchalian

asr-008040

As I said earlier,

07:37:17Source

Senator Sherwin "Win" T. Gatchalian

asr-008041

Senator Riza brought it up.

07:37:19Source

Senator Sherwin "Win" T. Gatchalian

asr-008042

We borrow more.

07:37:20Source

Senator Sherwin "Win" T. Gatchalian

asr-008043

We end up passing on the borrowing to the next generation.

07:37:26Source

Senator Sherwin "Win" T. Gatchalian

asr-008044

We're not hitting...

07:37:27Source

Senator Sherwin "Win" T. Gatchalian

asr-008045

We're not hitting our MTFF target.

07:37:28Source

Senator Sherwin "Win" T. Gatchalian

asr-008046

So there are consequences.

07:37:30Source

Senator Sherwin "Win" T. Gatchalian

asr-008047

So I assume that the targets are there

07:37:32Source

Senator Sherwin "Win" T. Gatchalian

asr-008048

in order for us to become fiscally healthy.

07:37:39Source

Senator Sherwin "Win" T. Gatchalian

asr-008049

So if we don't hit the targets,

07:37:42Source

Senator Sherwin "Win" T. Gatchalian

asr-008050

then wala siyang meaning.

07:37:43Source

Senator Sherwin "Win" T. Gatchalian

asr-008051

There's nothing...

07:37:45Source

Senator Sherwin "Win" T. Gatchalian

asr-008052

So that's what I want to understand from internally.

07:37:48Source

Senator Sherwin "Win" T. Gatchalian

asr-008053

Meron ba kayong ganyan na discussion

07:37:50Source

Senator Sherwin "Win" T. Gatchalian

asr-008054

na merong penalty,

07:37:52Source

Senator Sherwin "Win" T. Gatchalian

asr-008055

merong consequences kung hindi nahihit yung targets?

07:37:57Source

DOF Undersecretary Karlo Fermin S. Adriano

asr-008056

Mr. Chair, Your Honor,

07:37:59Source

DOF Undersecretary Karlo Fermin S. Adriano

asr-008057

we have the attrition law

07:38:01Source

DOF Undersecretary Karlo Fermin S. Adriano

asr-008058

wherein if they don't meet...

07:38:04Source

DOF Undersecretary Karlo Fermin S. Adriano

asr-008059

If their collection is less than 92.5% of the target,

07:38:09Source

DOF Undersecretary Karlo Fermin S. Adriano

asr-008060

which is based on the BSF,

07:38:11Source

DOF Undersecretary Karlo Fermin S. Adriano

asr-008061

they can be subject to attrition.

07:38:13Source

DOF Undersecretary Karlo Fermin S. Adriano

asr-008062

So yun po, meron po tayong attrition law.

07:38:16Source

Senator Sherwin "Win" T. Gatchalian

asr-008063

Meron yan na-trigger na?

07:38:17Source

DOF Undersecretary Karlo Fermin S. Adriano

asr-008064

Yes.

07:38:17Source

DOF Undersecretary Karlo Fermin S. Adriano

asr-008065

So basically sa regional offices,

07:38:22Source

DOF Undersecretary Karlo Fermin S. Adriano

asr-008066

kapag hindi nila meet yung 92.5%,

07:38:24Source

DOF Undersecretary Karlo Fermin S. Adriano

asr-008067

they can be...

07:38:25Source

DOF Undersecretary Karlo Fermin S. Adriano

asr-008068

Nangyari na

07:38:25Source

Senator Sherwin "Win" T. Gatchalian

asr-008069

They can be...

07:38:26Source

Senator Sherwin "Win" T. Gatchalian

asr-008070

Let go.

07:38:27Source

Senator Sherwin "Win" T. Gatchalian

asr-008071

Let go.

07:38:28Source

Senator Sherwin "Win" T. Gatchalian

asr-008072

It's already happened.

07:38:28Source

Senator Sherwin "Win" T. Gatchalian

asr-008073

It's already happened.

07:38:29Source

Senator Sherwin "Win" T. Gatchalian

asr-008074

Okay.

07:38:30Source

Senator Sherwin "Win" T. Gatchalian

asr-008075

Ito on the past few years

07:38:31Source

Senator Sherwin "Win" T. Gatchalian

asr-008076

na hindi nag-hit ng target,

07:38:32Source

Senator Sherwin "Win" T. Gatchalian

asr-008077

meron nang how many ang na-let go na?

07:38:36Source

Senator Sherwin "Win" T. Gatchalian

asr-008078

Because of that attrition law.

07:38:38Source

DOF Undersecretary Karlo Fermin S. Adriano

asr-008079

Mr. Chair, I would like also to note

07:38:39Source

DOF Undersecretary Karlo Fermin S. Adriano

asr-008080

that they can justify din naman.

07:38:42Source

DOF Undersecretary Karlo Fermin S. Adriano

asr-008081

They're given a chance to justify

07:38:44Source

DOF Undersecretary Karlo Fermin S. Adriano

asr-008082

why did they not meet the target.

07:38:46Source

DOF Undersecretary Karlo Fermin S. Adriano

asr-008083

Like for instance, again,

07:38:47Source

DOF Undersecretary Karlo Fermin S. Adriano

asr-008084

there are certain external shocks

07:38:49Source

DOF Undersecretary Karlo Fermin S. Adriano

asr-008085

na beyond their control.

07:38:51Source

DOF Undersecretary Karlo Fermin S. Adriano

asr-008086

So they are given a chance.

07:38:52Source

DOF Undersecretary Karlo Fermin S. Adriano

asr-008087

But I would let a BIR to answer

07:38:54Source

DOF Undersecretary Karlo Fermin S. Adriano

asr-008088

if there are how many.

07:38:56Source

Senator Sherwin "Win" T. Gatchalian

asr-008089

But meron, meron.

07:38:56Source

Senator Sherwin "Win" T. Gatchalian

asr-008090

Meron na let go

07:38:59Source

Senator Sherwin "Win" T. Gatchalian

asr-008091

because people are not performing.

07:39:03Source

Senator Sherwin "Win" T. Gatchalian

asr-008092

Because I also want to push the department

07:39:05Source

Senator Sherwin "Win" T. Gatchalian

asr-008093

and the dalawang bureaus to perform.

07:39:08Source

Senator Sherwin "Win" T. Gatchalian

asr-008094

That's the whole point there is

07:39:10Source

Senator Sherwin "Win" T. Gatchalian

asr-008095

we want you to perform.

07:39:12Source

Senator Sherwin "Win" T. Gatchalian

asr-008096

What tools do you need in order to perform?

07:39:15Source

DEPDev Undersecretary Rosemarie G. Edillon

asr-008097

Mr. Chair?

07:39:15Source

DOF Undersecretary Karlo Fermin S. Adriano

asr-008098

Your Honor?

07:39:16Source

DEPDev Undersecretary Rosemarie G. Edillon

asr-008099

Sorry.

07:39:18Source

DEPDev Undersecretary Rosemarie G. Edillon

asr-008100

Actually, they also have positive...

07:39:21Source

DEPDev Undersecretary Rosemarie G. Edillon

asr-008101

They also have incentives

07:39:22Source

DEPDev Undersecretary Rosemarie G. Edillon

asr-008102

if they are able to meet the targets.

07:39:25Source

DEPDev Undersecretary Rosemarie G. Edillon

asr-008103

And also,

07:39:26Source

DEPDev Undersecretary Rosemarie G. Edillon

asr-008104

FYI,

07:39:28Source

DEPDev Undersecretary Rosemarie G. Edillon

asr-008105

we have also revised the rules

07:39:30Source

DEPDev Undersecretary Rosemarie G. Edillon

asr-008106

so that if the shortfall in the revenue

07:39:34Source

DEPDev Undersecretary Rosemarie G. Edillon

asr-008107

is due to the fact that

07:39:36Source

DEPDev Undersecretary Rosemarie G. Edillon

asr-008108

the targets were overly optimistic.

07:39:39Source

DEPDev Undersecretary Rosemarie G. Edillon

asr-008109

So we have already made a formula

07:39:42Source

DEPDev Undersecretary Rosemarie G. Edillon

asr-008110

on how to address those external shocks,

07:39:47Source

DEPDev Undersecretary Rosemarie G. Edillon

asr-008111

so to speak.

07:39:49Source

DOF Secretary Frederick D. Go

asr-008112

Go ahead, Secretary.

07:39:50Source

DOF Secretary Frederick D. Go

asr-008113

Your Honor,

07:39:51Source

DOF Secretary Frederick D. Go

asr-008114

what I wanted to explain was

07:39:52Source

DOF Secretary Frederick D. Go

asr-008115

based on what I've seen in my stint

07:39:55Source

DOF Secretary Frederick D. Go

asr-008116

here at the Department of Foreign Affairs,

07:39:56Source

DOF Secretary Frederick D. Go

asr-008117

I think it's a good idea to have a formula

07:39:56Source

DOF Secretary Frederick D. Go

asr-008118

for that.

07:39:57Source

DOF Secretary Frederick D. Go

asr-008119

The first thing I want to say

07:39:57Source

DOF Secretary Frederick D. Go

asr-008120

is that there is very often

07:40:00Source

DOF Secretary Frederick D. Go

asr-008121

a reassignment of leadership roles.

07:40:02Source

DOF Secretary Frederick D. Go

asr-008122

So if a district or I guess a district

07:40:07Source

DOF Secretary Frederick D. Go

asr-008123

is probably the best term,

07:40:08Source

DOF Secretary Frederick D. Go

asr-008124

if a district fails to meet its goals,

07:40:10Source

DOF Secretary Frederick D. Go

asr-008125

its leadership can be changed at will,

07:40:14Source

DOF Secretary Frederick D. Go

asr-008126

immediately,

07:40:15Source

DOF Secretary Frederick D. Go

asr-008127

by the Commissioner of Internal Revenue

07:40:18Source

DOF Secretary Frederick D. Go

asr-008128

or by the Commissioner of Customs.

07:40:20Source

DOF Secretary Frederick D. Go

asr-008129

So it happens quite often

07:40:22Source

DOF Secretary Frederick D. Go

asr-008130

that if your district fails to hit the budget

07:40:25Source

DOF Secretary Frederick D. Go

asr-008131

two months in a row

07:40:26Source

DOF Secretary Frederick D. Go

asr-008132

or three months in a row,

07:40:26Source

DOF Secretary Frederick D. Go

asr-008133

three months in a row it's almost expected automatically that you will be replaced

07:40:32Source

Senator Sherwin "Win" T. Gatchalian

asr-008134

that's not addressing the problem you're just shifting the problem from one area to the other

07:40:38Source

Senator Sherwin "Win" T. Gatchalian

asr-008135

area no administrative sorry yeah what we want is people who can collect for government honestly

07:40:45Source

Senator Sherwin "Win" T. Gatchalian

asr-008136

Hindi yung corrupt way of collecting

07:40:47Source

Senator Sherwin "Win" T. Gatchalian

asr-008137

nangha-harass or... Di ba? Hindi ganun, ah. Yung honest-to-goodness collection. Di ba? So that?s what I want to find out, because we want the bureaus to be effective.

07:40:59Source

Senator Sherwin "Win" T. Gatchalian

asr-008138

we want to give you the tools to be effective because important it's important that we meet

07:41:05Source

Senator Sherwin "Win" T. Gatchalian

asr-008139

the targets but uh shifting one collection officer to the other because he didn't meet

07:41:11Source

Senator Sherwin "Win" T. Gatchalian

asr-008140

the targets then we're just moving the problem from one area to the other

07:41:17Source

Senator Sherwin "Win" T. Gatchalian

asr-008141

so but in any case um just submit to us

07:41:23Source

Senator Sherwin "Win" T. Gatchalian

asr-008142

kung sinasabi niyo na mayroon na penalized because of this attrition law. Submit to us a report on that.

07:41:31Source

Senator Sherwin "Win" T. Gatchalian

asr-008143

Gusto namin malaman. And we just want to also tell the two bureaus that we?re monitoring the collection.

07:41:37Source

Senator Sherwin "Win" T. Gatchalian

asr-008144

Ayaw namin mawalan ng saysay yung targets. What we want is to hit the target. So just submit to us a report on those

07:41:46Source

Senator Sherwin "Win" T. Gatchalian

asr-008145

attrition law

07:41:47Source

Senator Sherwin "Win" T. Gatchalian

asr-008146

kung ilan na natanggal, ilan na penalized because hindi niya ginagawa trabaho niya,

07:41:52Source

Senator Sherwin "Win" T. Gatchalian

asr-008147

para malaman rin natin na kung sino yung mga taong walang ginagawa.

07:41:59Source

Senator Sherwin "Win" T. Gatchalian

asr-008148

Maraming, alam niyo, pinakamaraming pag pumupunta dito, humingi ng recommendation

07:42:06Source

Senator Sherwin "Win" T. Gatchalian

asr-008149

sa Bureau of Customs. Ang daming nanghihingi ng recommendation. Ewan ko kung bakit doon.

07:42:11Source

Senator Sherwin "Win" T. Gatchalian

asr-008150

Siguro mga, di ba? Seventy percent na humingi ng recommendation sa akin, Bureau of Customs eh.

07:42:17Source

Senator Sherwin "Win" T. Gatchalian

asr-008151

Pero hindi naman nai-hit yung target. Di ba? Ewan ko bakit ba, Chairman?

07:42:23Source

Senator Joseph Victor "JV" G. Ejercito

asr-008152

b.i.r or custom siguro

07:42:24Source

Senator Joseph Victor "JV" G. Ejercito

asr-008153

Oo nga eh. More, more. Baka agency hindi na-hit pero sila baka hini-hit yung target nila.

07:42:29Source

Senator Sherwin "Win" T. Gatchalian

asr-008154

but uh but just submit to us a report and just just putting you on notice that we're

07:42:36Source

Senator Sherwin "Win" T. Gatchalian

asr-008155

monitoring the performance of the two agencies to help dof of course um to collect more

07:42:42Source

Senator Sherwin "Win" T. Gatchalian

asr-008156

um i'll jump to another topic and this is for

07:42:47Source

Senator Sherwin "Win" T. Gatchalian

asr-008157

DBM.

07:42:47Source

Senator Joseph Victor "JV" G. Ejercito

asr-008158

[unclear] Senate President, siguro sa BOC and BIR, quickly lang, since hindi natin na-hit yung target, are you thinking of other

07:42:54Source

Senator Joseph Victor "JV" G. Ejercito

asr-008159

possible

07:42:56Source

Senator Joseph Victor "JV" G. Ejercito

asr-008160

para mag-increase yung revenue natin, like

07:42:59Source

Senator Joseph Victor "JV" G. Ejercito

asr-008161

meron ba tayong naisip na [unclear] mag-amnesty or something para lang magkaroon ng added income or revenue kasi nga may mga shortfall tayo.

07:43:11Source

DOF Secretary Frederick D. Go

asr-008161-split-2

I think to answer that question

07:43:15Source

DOF Secretary Frederick D. Go

asr-008162

Mr. Chair

07:43:15Source

DOF Secretary Frederick D. Go

asr-008163

there is a

07:43:16Source

DOF Secretary Frederick D. Go

asr-008164

proposal that we're putting forward for a general

07:43:19Source

DOF Secretary Frederick D. Go

asr-008165

tax amnesty

07:43:20Source

Senator Sherwin "Win" T. Gatchalian

asr-008166

my next is slide 19

07:43:24Source

Senator Sherwin "Win" T. Gatchalian

asr-008167

this is for DBM

07:43:27Source

Senator Sherwin "Win" T. Gatchalian

asr-008168

we're looking

07:43:29Source

Senator Sherwin "Win" T. Gatchalian

asr-008169

at the current operating expenditures

07:43:31Source

Senator Sherwin "Win" T. Gatchalian

asr-008170

meaning PSMOE

07:43:33Source

Senator Sherwin "Win" T. Gatchalian

asr-008171

and

07:43:34Source

Senator Sherwin "Win" T. Gatchalian

asr-008172

in a perfect world

07:43:36Source

Senator Sherwin "Win" T. Gatchalian

asr-008173

our revenue should be sufficient

07:43:38Source

Senator Sherwin "Win" T. Gatchalian

asr-008174

to pay for

07:43:40Source

Senator Sherwin "Win" T. Gatchalian

asr-008175

current operating expenditures

07:43:42Source

Senator Sherwin "Win" T. Gatchalian

asr-008176

then we only borrow for capital

07:43:45Source

Senator Sherwin "Win" T. Gatchalian

asr-008177

outlay because these are investments

07:43:46Source

Senator Sherwin "Win" T. Gatchalian

asr-008178

it takes time for

07:43:48Source

Senator Sherwin "Win" T. Gatchalian

asr-008179

capital outlay

07:43:51Source

Senator Sherwin "Win" T. Gatchalian

asr-008180

to yield

07:43:51Source

Senator Sherwin "Win" T. Gatchalian

asr-008181

investment results

07:43:54Source

Senator Sherwin "Win" T. Gatchalian

asr-008182

but in the last

07:43:55Source

Senator Sherwin "Win" T. Gatchalian

asr-008183

3 years

07:43:57Source

Senator Sherwin "Win" T. Gatchalian

asr-008184

in the last

07:43:59Source

Senator Sherwin "Win" T. Gatchalian

asr-008185

2 years

07:44:01Source

Senator Sherwin "Win" T. Gatchalian

asr-008186

25-26

07:44:03Source

Senator Sherwin "Win" T. Gatchalian

asr-008187

our current operating expenditures

07:44:08Source

Senator Sherwin "Win" T. Gatchalian

asr-008188

are higher

07:44:08Source

Senator Sherwin "Win" T. Gatchalian

asr-008189

compared to our revenue

07:44:09Source

Senator Sherwin "Win" T. Gatchalian

asr-008190

next year it will be the same

07:44:11Source

Senator Sherwin "Win" T. Gatchalian

asr-008191

so in other words we're borrowing to pay salaries

07:44:14Source

Senator Sherwin "Win" T. Gatchalian

asr-008192

we're borrowing to pay MOE

07:44:16Source

Senator Sherwin "Win" T. Gatchalian

asr-008193

and that is not

07:44:18Source

Senator Sherwin "Win" T. Gatchalian

asr-008194

the

07:44:18Source

Senator Sherwin "Win" T. Gatchalian

asr-008195

best case

07:44:20Source

Senator Sherwin "Win" T. Gatchalian

asr-008196

and a wise

07:44:21Source

Senator Sherwin "Win" T. Gatchalian

asr-008197

management

07:44:23Source

Senator Sherwin "Win" T. Gatchalian

asr-008198

decision

07:44:25Source

Senator Sherwin "Win" T. Gatchalian

asr-008199

so we're not

07:44:28Source

Senator Sherwin "Win" T. Gatchalian

asr-008200

managing our

07:44:29Source

Senator Sherwin "Win" T. Gatchalian

asr-008201

finances very well

07:44:32Source

Senator Sherwin "Win" T. Gatchalian

asr-008202

in this case because we're borrowing

07:44:34Source

Senator Sherwin "Win" T. Gatchalian

asr-008203

long term we're financing

07:44:35Source

Senator Sherwin "Win" T. Gatchalian

asr-008204

short term

07:44:37Source

Senator Sherwin "Win" T. Gatchalian

asr-008205

operation expenses

07:44:40Source

Senator Sherwin "Win" T. Gatchalian

asr-008206

may I get a comment from the DBM

07:44:42Source

Senator Sherwin "Win" T. Gatchalian

asr-008207

ano bang

07:44:43Source

Senator Sherwin "Win" T. Gatchalian

asr-008208

move natin to reverse this trend

07:44:46Source

Senator Sherwin "Win" T. Gatchalian

asr-008209

at one point in time

07:44:48Source

Senator Sherwin "Win" T. Gatchalian

asr-008210

in 2024

07:44:50Source

Senator Sherwin "Win" T. Gatchalian

asr-008211

we're still better

07:44:52Source

Senator Sherwin "Win" T. Gatchalian

asr-008212

but 25-26

07:44:54Source

Senator Sherwin "Win" T. Gatchalian

asr-008213

this is a program

07:44:56Source

Senator Sherwin "Win" T. Gatchalian

asr-008214

26

07:44:58Source

Senator Sherwin "Win" T. Gatchalian

asr-008215

it has reversed

07:45:00Source

Senator Sherwin "Win" T. Gatchalian

asr-008216

So may I get the opinion of the DBM Secretary on this phenomenon?

07:45:11Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008217

Mr. President, Mr. Chair, we're just confirming with our records the level of current operating expense as shown in the graph.

07:45:19Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008218

But we share the same observation.

07:45:21Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008219

In fact, that's the reason why, as we have said, we embarked into revisiting the COE requirements of the agencies.

07:45:30Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008220

That includes the MOOE requirements.

07:45:34Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008221

Not to affect the major programs, but looking at how efficient our agencies are actually utilizing their MOOE.

07:45:42Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008222

Because the other part of current operating expense, it's something that we cannot really touch upon,

07:45:46Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008223

which is personal services, which has been fixed by the plantilla and the scheduled salary increase.

07:45:59Source

Senator Sherwin "Win" T. Gatchalian

asr-008224

Okay yun. Okay yung scheduled salary increase. We support that.

07:46:02Source

Senator Sherwin "Win" T. Gatchalian

asr-008225

That's for our employees.

07:46:04Source

Senator Sherwin "Win" T. Gatchalian

asr-008226

Okay rin yung MOOE, lalo na cash flow contractual because that's increasing the capacity of government.

07:46:12Source

Senator Sherwin "Win" T. Gatchalian

asr-008227

But it should not be financed through debt. It has to be financed through our own collection.

07:46:16Source

Senator Sherwin "Win" T. Gatchalian

asr-008228

That's why I'm pushing the two collecting agencies so that what they collect goes to our current operating expenses.

07:46:24Source

Senator Sherwin "Win" T. Gatchalian

asr-008229

Pangbayad ng sweldo, pangbayad ng GO, contractual.

07:46:27Source

Senator Sherwin "Win" T. Gatchalian

asr-008230

Hindi tayo umuutang para magbayad ng sweldo.

07:46:32Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008231

Yes, your honor. We have confirmed that in fact, at the national government tagging,

07:46:38Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008232

our current operating expense also captures the national tax allotments to LGUs.

07:46:43Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008233

So that's also one factor that probably has spiked up our COE level because of the recent increases in the NTA of the LGUs as well.

07:46:54Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008234

So that is also the reason why we are actively pursuing the study in terms of undertaking full development,

07:47:02Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008235

evolution of some functions under an executive order issued by the president because we really have to strike a balance

07:47:09Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008236

with increasing resources being made available to local government units.

07:47:14Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008237

Some functions may have to be fully absorbed or devolved to the LGUs.

07:47:19Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008238

But there are just some mandates that we also have as well at the national government that we really have to comply with

07:47:27Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008239

that also covers services that should have been...

07:47:32Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008240

Absorbed by our local government units as well.

07:47:35Source

Senator Sherwin "Win" T. Gatchalian

asr-008241

I saw that the NTA is now...

07:47:38Source

Senator Sherwin "Win" T. Gatchalian

asr-008242

How much is it now?

07:47:40Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008243

1.3 trillion.

07:47:43Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008244

The increase is even larger than the increase of the budget.

07:47:46Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008245

Correct.

07:47:46Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008246

Because NTA increased by 11% and the budget has only increased 6%.

07:47:50Source

Senator Sherwin "Win" T. Gatchalian

asr-008247

So it's almost 15% of the total budget, correct?

07:47:54Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008248

More or less.

07:47:54Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008249

Yes, about that figure.

07:47:55Source

Senator Sherwin "Win" T. Gatchalian

asr-008250

More or less. 50% of the total budget.

07:47:57Source

Senator Sherwin "Win" T. Gatchalian

asr-008251

The total pie now goes to the LGUs.

07:48:00Source

Senator Sherwin "Win" T. Gatchalian

asr-008252

Yes.

07:48:00Source

Senator Sherwin "Win" T. Gatchalian

asr-008253

And that's why...

07:48:01Source

Senator Sherwin "Win" T. Gatchalian

asr-008254

It's good that you opened that because I think it's about time to study some items that we can devolve to the local government units.

07:48:10Source

Senator Sherwin "Win" T. Gatchalian

asr-008255

I'll give you a very specific example.

07:48:12Source

Senator Sherwin "Win" T. Gatchalian

asr-008256

Dito sa mga cities na kaya ni Manila, NCR in particular, we can devolve some of the functions there.

07:48:19Source

Senator Sherwin "Win" T. Gatchalian

asr-008257

For example lang, isa sa mapwedeng devolve, let's say Bureau of Fire.

07:48:24Source

Senator Sherwin "Win" T. Gatchalian

asr-008258

So let the LGU handle the fire.

07:48:27Source

Senator Sherwin "Win" T. Gatchalian

asr-008259

Bakit mga LGU ang...

07:48:28Source

Senator Sherwin "Win" T. Gatchalian

asr-008260

Bakit national pa nag-handle kung may sunog?

07:48:31Source

Senator Sherwin "Win" T. Gatchalian

asr-008261

Sa Canto, sunog sa Sulok.

07:48:33Source

Senator Sherwin "Win" T. Gatchalian

asr-008262

Si LGU naman ang first responders.

07:48:35Source

Senator Sherwin "Win" T. Gatchalian

asr-008263

Maybe not all because not all LGUs, but at least the bigger cities.

07:48:41Source

Senator Sherwin "Win" T. Gatchalian

asr-008264

You might need a law for that.

07:48:43Source

Senator Sherwin "Win" T. Gatchalian

asr-008265

But I'm just saying these are some of the examples that you can devolve to the local government units

07:48:49Source

Senator Sherwin "Win" T. Gatchalian

asr-008266

so that the local government units become empowered, responsive, and mas magaan pa sa national

07:48:58Source

Senator Sherwin "Win" T. Gatchalian

asr-008267

in terms of fiscal space.

07:49:01Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008268

Yes, Your Honor. Thank you for that.

07:49:03Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008269

And we'll include that in our list of functions that we're currently looking at.

07:49:08Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008270

Under the latest executive order issued by the President,

07:49:11Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008271

the transition period for the full devolution for cities particularly should start after 2027

07:49:19Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008272

and then for the rest of the municipalities and provinces after 2028.

07:49:24Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008273

So we hope that there can be some substantial movement in terms of the full devolution of some of the...

07:49:31Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008274

of these functions after the 2027 NEP, Your Honor.

07:49:34Source

Senator Sherwin "Win" T. Gatchalian

asr-008275

But this one, itong current operating expenses should be taken seriously

07:49:39Source

Senator Sherwin "Win" T. Gatchalian

asr-008276

because this is an inefficient way of allocating resources and also borrowing

07:49:44Source

Senator Sherwin "Win" T. Gatchalian

asr-008277

because we're borrowing for short-term requirements natin.

07:49:49Source

Senator Sherwin "Win" T. Gatchalian

asr-008278

It's not a wise strategy.

07:49:54Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008279

We fully agree, Your Honor.

07:49:55Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008280

That's also the reason why even for 2027, although we do not have that much of a time,

07:50:01Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008281

we tried to unbundle even the MOOE of the agencies just to check for some possible inefficiencies

07:50:09Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008282

in terms of spending and considering as well the continuing appropriations from prior years

07:50:15Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008283

that are just piling up.

07:50:16Source

Senator Sherwin "Win" T. Gatchalian

asr-008284

I liked your statement earlier that you're looking at the prior years MOOE.

07:50:20Source

Senator Sherwin "Win" T. Gatchalian

asr-008285

May rami talagang MOOE na hindi nagagastos or na-approve pero hindi naman kailangan

07:50:27Source

Senator Sherwin "Win" T. Gatchalian

asr-008286

kaya hindi ginagasto.

07:50:28Source

Senator Sherwin "Win" T. Gatchalian

asr-008287

So let's be prudent in allocating.

07:50:31Source

Senator Sherwin "Win" T. Gatchalian

asr-008288

Because that affects the current operating expenses.

07:50:34Source

Senator Sherwin "Win" T. Gatchalian

asr-008289

I'll jump to another topic.

07:50:36Source

Senator Sherwin "Win" T. Gatchalian

asr-008290

This was opened up by Santa Risa on our national debt.

07:50:43Source

Senator Sherwin "Win" T. Gatchalian

asr-008291

And there's a target, yung MTFF, Medium Term Fiscal Framework.

07:50:47Source

Senator Sherwin "Win" T. Gatchalian

asr-008292

Can you pull up slide 10?

07:50:50Source

Senator Sherwin "Win" T. Gatchalian

asr-008293

And we've been monitoring this quite every budget season.

07:50:57Source

Senator Sherwin "Win" T. Gatchalian

asr-008294

And we see a divergence.

07:51:01Source

Senator Sherwin "Win" T. Gatchalian

asr-008295

The MTFF and the actual debt-to-GDP ratio.

07:51:09Source

Senator Sherwin "Win" T. Gatchalian

asr-008296

So mayroon tayong target.

07:51:11Source

Senator Sherwin "Win" T. Gatchalian

asr-008297

In fact, MTFF is an approved resolution.

07:51:14Source

Senator Sherwin "Win" T. Gatchalian

asr-008298

It's an approved resolution so that we will know exactly how we will pare down our debt-to-GDP ratio.

07:51:24Source

Senator Sherwin "Win" T. Gatchalian

asr-008299

And that's why collection is very important.

07:51:25Source

Senator Sherwin "Win" T. Gatchalian

asr-008300

Because if you don't have collection, obviously, you have to continue to borrow.

07:51:30Source

Senator Sherwin "Win" T. Gatchalian

asr-008301

So,

07:51:31Source

Senator Sherwin "Win" T. Gatchalian

asr-008302

can I get a response on

07:51:32Source

Senator Sherwin "Win" T. Gatchalian

asr-008303

lumalayo na tayo sa MTFF target natin?

07:51:38Source

Senator Sherwin "Win" T. Gatchalian

asr-008304

And

07:51:38Source

Senator Sherwin "Win" T. Gatchalian

asr-008305

the goal

07:51:40Source

Senator Sherwin "Win" T. Gatchalian

asr-008306

one day is to bring it down to pre-pandemic levels.

07:51:44Source

Senator Sherwin "Win" T. Gatchalian

asr-008307

But that will be very tough.

07:51:46Source

Senator Sherwin "Win" T. Gatchalian

asr-008308

But may I get a comment on how come we're diverging from our MTFF levels?

07:51:55Source

DOF Secretary Frederick D. Go

asr-008309

Your Honor, Mr. Chair,

07:51:56Source

DOF Secretary Frederick D. Go

asr-008310

your observation is very accurate.

07:52:01Source

DOF Secretary Frederick D. Go

asr-008311

The reason for that is we created a fiscal deficit declining path when we did the MTFF in 2022.

07:52:11Source

DOF Secretary Frederick D. Go

asr-008312

As a matter of fact, at that time, the goal for 2027, the fiscal deficit should only be 3.5%.

07:52:18Source

DOF Secretary Frederick D. Go

asr-008313

We're now submitting a plan that has a fiscal deficit of 5.4%.

07:52:25Source

DOF Secretary Frederick D. Go

asr-008314

So it's a difference of 200 basis points, practically.

07:52:29Source

DOF Secretary Frederick D. Go

asr-008315

And if I...

07:52:31Source

DOF Secretary Frederick D. Go

asr-008316

If I may say again what I said earlier.

07:52:36Source

DOF Secretary Frederick D. Go

asr-008317

Our collection effort of 16% of GDP is at par or if not better than our regional peers.

07:52:43Source

DOF Secretary Frederick D. Go

asr-008318

The problem is in the expenditure.

07:52:45Source

DOF Secretary Frederick D. Go

asr-008319

We are spending 22% of GDP when our peers are spending 19%, 20%.

07:52:53Source

DOF Secretary Frederick D. Go

asr-008320

So I would like to put forward

07:52:57Source

DOF Secretary Frederick D. Go

asr-008321

a theory.

07:53:00Source

DOF Secretary Frederick D. Go

asr-008322

A theory.

07:53:01Source

DOF Secretary Frederick D. Go

asr-008323

If you will.

07:53:01Source

DOF Secretary Frederick D. Go

asr-008324

That our collection effort is at par with our regional neighbors and it is our expenditure that is not.

07:53:07Source

DOF Secretary Frederick D. Go

asr-008325

And the fiscal deficit of 2% of GDP can easily be explained by the difference of our expenditure being 22% of GDP and our regional neighbors at 20% of GDP.

07:53:22Source

DOF Secretary Frederick D. Go

asr-008326

So the fiscal deficit that we have been incurring year after year is not in line with the MTFF that was...

07:53:31Source

DOF Secretary Frederick D. Go

asr-008327

So the fiscal deficit that we have been incurring year after year is not in line with the MTFF that was created in 2022.

07:53:33Source

DOF Secretary Frederick D. Go

asr-008328

Your Honor.

07:53:35Source

Senator Sherwin "Win" T. Gatchalian

asr-008329

Then the solution there is to reduce expenditures.

07:53:41Source

Senator Sherwin "Win" T. Gatchalian

asr-008330

Pero marami tayong gastusin eh.

07:53:43Source

Senator Sherwin "Win" T. Gatchalian

asr-008331

Marami tayong pwedeng dapat gastusin.

07:53:45Source

Senator Sherwin "Win" T. Gatchalian

asr-008332

So it's a policy question.

07:53:50Source

Senator Sherwin "Win" T. Gatchalian

asr-008333

Do we reduce expenditures or do we borrow more?

07:53:54Source

Senator Sherwin "Win" T. Gatchalian

asr-008334

But we cannot also continue to borrow if our economy is also not growing.

07:53:59Source

Senator Sherwin "Win" T. Gatchalian

asr-008335

So we have a problem with that.

07:54:01Source

Senator Sherwin "Win" T. Gatchalian

asr-008336

So that's why we have to keep on pushing revenue collection.

07:54:08Source

Senator Sherwin "Win" T. Gatchalian

asr-008337

Because that's the only way we can pare down debt.

07:54:12Source

Senator Sherwin "Win" T. Gatchalian

asr-008338

And also why spending?

07:54:14Source

Senator Sherwin "Win" T. Gatchalian

asr-008339

Sabi ko nga marami akong nakikita.

07:54:18Source

Senator Sherwin "Win" T. Gatchalian

asr-008340

Like for example last year, we removed close to about, I think about, I can't recall.

07:54:27Source

Senator Sherwin "Win" T. Gatchalian

asr-008341

But we removed a few billions to IT.

07:54:30Source

Senator Sherwin "Win" T. Gatchalian

asr-008342

Because apparently maraming IT na spending na redundant in different agencies.

07:54:36Source

Senator Sherwin "Win" T. Gatchalian

asr-008343

I forget the exact number.

07:54:38Source

Senator Sherwin "Win" T. Gatchalian

asr-008344

But may mga ganun na I call it fat in our MOE, in our different MOE expenditures.

07:54:49Source

Senator Sherwin "Win" T. Gatchalian

asr-008345

So may mga ganyan rin na pwede nating bawasan pa eh.

07:54:52Source

Senator Sherwin "Win" T. Gatchalian

asr-008346

So that's why I'm urging the DBM.

07:54:58Source

Senator Sherwin "Win" T. Gatchalian

asr-008347

And nakita ko naman na you're really scrutinizing.

07:55:00Source

Senator Sherwin "Win" T. Gatchalian

asr-008348

To tanggalin pa natin yung ibang mga pwedeng tanggalin dahil sayang yung pera eh.

07:55:06Source

Senator Sherwin "Win" T. Gatchalian

asr-008349

Sayang yung pera.

07:55:08Source

Senator Sherwin "Win" T. Gatchalian

asr-008350

It's becoming, we're not hitting our TFF target.

07:55:14Source

Senator Sherwin "Win" T. Gatchalian

asr-008351

But we need to spend.

07:55:15Source

Senator Sherwin "Win" T. Gatchalian

asr-008352

But we're spending on things that we don't need.

07:55:18Source

Senator Sherwin "Win" T. Gatchalian

asr-008353

Ayun, 22 billion pala.

07:55:20Source

Senator Sherwin "Win" T. Gatchalian

asr-008354

We removed 22 billion on IT digitalization.

07:55:26Source

Senator Sherwin "Win" T. Gatchalian

asr-008355

Because after conferring with DICT,

07:55:30Source

Senator Sherwin "Win" T. Gatchalian

asr-008356

they advised us na maraming, it's either bloated ang presyo

07:55:35Source

Senator Sherwin "Win" T. Gatchalian

asr-008357

or ginagawa na ng ibang agency or hindi naman nila kailangan.

07:55:42Source

Senator Sherwin "Win" T. Gatchalian

asr-008358

So imagine 22 billion, we removed it.

07:55:45Source

Senator Sherwin "Win" T. Gatchalian

asr-008359

So that's why we managed to put some amounts to PhilHealth,

07:55:50Source

Senator Sherwin "Win" T. Gatchalian

asr-008360

some amounts to NDRMC.

07:55:52Source

Senator Sherwin "Win" T. Gatchalian

asr-008361

But yung ganun example na dapat pag-aralan pa ng DBM.

07:56:00Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008362

Mr. President, Mr. Chair,

07:56:02Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008363

in fact, we're now looking at on a per line item basis,

07:56:07Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008364

really to seriously look at possible redundancies or duplication in this MOOE spending.

07:56:14Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008365

Because we definitely recognize this particular scenario that we are at.

07:56:20Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008366

And if we look at the 2028 forecast,

07:56:23Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008367

the expenditure program will be at the same level of the 2027 TEP.

07:56:29Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008368

While,

07:56:30Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008369

we expect automatic appropriations also to increase, NTA included.

07:56:34Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008370

So definitely, we really have to find some room within the expenditure program

07:56:40Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008371

to pave the way for these automatic increases as well.

07:56:45Source

Senator Sherwin "Win" T. Gatchalian

asr-008372

I'll show you another slide.

07:56:46Source

Senator Sherwin "Win" T. Gatchalian

asr-008373

Binuksan na ni Senator Riza ito kanina.

07:56:48Source

Senator Sherwin "Win" T. Gatchalian

asr-008374

Slide 26.

07:56:51Source

Senator Sherwin "Win" T. Gatchalian

asr-008375

Our debt service every year is now taking up,

07:56:55Source

Senator Sherwin "Win" T. Gatchalian

asr-008376

is going up in the last five years from 10% in 2020.

07:57:00Source

Senator Sherwin "Win" T. Gatchalian

asr-008377

In 2022, 14% na in 2026.

07:57:04Source

Senator Sherwin "Win" T. Gatchalian

asr-008378

And it will go up to 15% pa yan in 2027 projection.

07:57:09Source

Senator Sherwin "Win" T. Gatchalian

asr-008379

So, in other words, utang tayo ng utang,

07:57:13Source

Senator Sherwin "Win" T. Gatchalian

asr-008380

15% of our budget goes to debt servicing instead of productive use.

07:57:18Source

Senator Sherwin "Win" T. Gatchalian

asr-008381

So, dugtong-dugtong eh.

07:57:21Source

Senator Sherwin "Win" T. Gatchalian

asr-008382

Collection, expenses, targets.

07:57:25Source

Senator Sherwin "Win" T. Gatchalian

asr-008383

So, we're urging government to also be prudent in allocating,

07:57:30Source

Senator Sherwin "Win" T. Gatchalian

asr-008384

expenses.

07:57:31Source

Senator Sherwin "Win" T. Gatchalian

asr-008385

Malaking bagay yan, expenses.

07:57:33Source

Senator Sherwin "Win" T. Gatchalian

asr-008386

Lalo na kung wala, hindi naman natin kalangan.

07:57:35Source

Senator Sherwin "Win" T. Gatchalian

asr-008387

Kasi umuutang tayo, ngayon umuutang tayo sa bagay na hindi natin kalangan.

07:57:41Source

Senator Risa Hontiveros

asr-008388

Mr. Chair, with the indulgence of the Senate President,

07:57:44Source

Senator Risa Hontiveros

asr-008389

quick interjection lang.

07:57:46Source

Senator Joseph Victor "JV" G. Ejercito

asr-008390

Please go ahead.

07:57:46Source

Senator Risa Hontiveros

asr-008391

Yung sinabi po ni SP na the debt to GDP ratio at 15%.

07:57:56Source

Senator Sherwin "Win" T. Gatchalian

asr-008392

Yeah, from 2027.

07:57:57Source

Senator Risa Hontiveros

asr-008393

Just a few years ago, it was at 10%.

07:58:00Source

Senator Risa Hontiveros

asr-008394

So, tumaas po siya at posibleng tumataas pa.

07:58:04Source

Senator Risa Hontiveros

asr-008395

So, it's a negative trajectory na kailangan nating ma-arrest.

07:58:09Source

Senator Risa Hontiveros

asr-008396

Ah, yun lang dagdag.

07:58:10Source

Senator Risa Hontiveros

asr-008397

Salamat, SP.

07:58:10Source

Senator Sherwin "Win" T. Gatchalian

asr-008398

In 2022, it's only 10%.

07:58:12Source

Senator Sherwin "Win" T. Gatchalian

asr-008399

Yeah.

07:58:13Source

Senator Sherwin "Win" T. Gatchalian

asr-008400

2022.

07:58:14Source

Senator Sherwin "Win" T. Gatchalian

asr-008401

Then, slowly, pataas na siya ng pataas.

07:58:17Source

Senator Sherwin "Win" T. Gatchalian

asr-008402

2027, hindi lang nasulat ng SAT.

07:58:19Source

Senator Sherwin "Win" T. Gatchalian

asr-008403

That's about 15%.

07:58:21Source

Senator Sherwin "Win" T. Gatchalian

asr-008404

And because of that,

07:58:23Source

Senator Sherwin "Win" T. Gatchalian

asr-008405

ang debt,

07:58:25Source

Senator Sherwin "Win" T. Gatchalian

asr-008406

let me just,

07:58:28Source

Senator Sherwin "Win" T. Gatchalian

asr-008407

ito, I showed this.

07:58:30Source

Senator Sherwin "Win" T. Gatchalian

asr-008408

I showed this also last year.

07:58:46Source

Senator Joseph Victor "JV" G. Ejercito

asr-008409

With the indulgence of the Senate President,

07:58:48Source

Senator Joseph Victor "JV" G. Ejercito

asr-008410

while he's still looking,

07:58:50Source

Senator Joseph Victor "JV" G. Ejercito

asr-008411

take advantage now.

07:58:52Source

Senator Joseph Victor "JV" G. Ejercito

asr-008412

Can the DBCC provide the projected interest payments?

07:58:56Source

Senator Joseph Victor "JV" G. Ejercito

asr-008413

Yung pong interest payments to revenue ratio

07:58:59Source

Senator Joseph Victor "JV" G. Ejercito

asr-008414

for 2020 and the medium term?

07:59:03Source

Senator Joseph Victor "JV" G. Ejercito

asr-008415

Just submit it to us.

07:59:06Source

Senator Joseph Victor "JV" G. Ejercito

asr-008416

And how much of every 100 pesos collected by the government

07:59:09Source

Senator Joseph Victor "JV" G. Ejercito

asr-008417

is already committed to servicing interest

07:59:12Source

Senator Joseph Victor "JV" G. Ejercito

asr-008418

before a single peso is available for,

07:59:14Source

Senator Joseph Victor "JV" G. Ejercito

asr-008419

you know, public services?

07:59:16Source

Senator Joseph Victor "JV" G. Ejercito

asr-008420

You can just submit it to us

07:59:19Source

Senator Joseph Victor "JV" G. Ejercito

asr-008421

and probably we can continue this

07:59:21Source

Senator Joseph Victor "JV" G. Ejercito

asr-008422

in your hearing proper.

07:59:25Source

Senator Sherwin "Win" T. Gatchalian

asr-008423

Thank you, Mr. Chair.

07:59:26Source

Senator Sherwin "Win" T. Gatchalian

asr-008424

Just to show itong slide 16.

07:59:29Source

Senator Sherwin "Win" T. Gatchalian

asr-008425

And because of that,

07:59:30Source

Senator Sherwin "Win" T. Gatchalian

asr-008426

right now,

07:59:32Source

Senator Sherwin "Win" T. Gatchalian

asr-008427

for year 2026,

07:59:36Source

Senator Sherwin "Win" T. Gatchalian

asr-008428

ang per capita debt,

07:59:38Source

Senator Sherwin "Win" T. Gatchalian

asr-008429

meaning isang tao,

07:59:41Source

Senator Sherwin "Win" T. Gatchalian

asr-008430

may utang na ngayon

07:59:43Source

Senator Sherwin "Win" T. Gatchalian

asr-008431

ng 165,000

07:59:45Source

Senator Sherwin "Win" T. Gatchalian

asr-008432

ng 165,000

07:59:45Source

Senator Sherwin "Win" T. Gatchalian

asr-008433

ng 165,000

07:59:46Source

Senator Sherwin "Win" T. Gatchalian

asr-008434

in 2026

07:59:49Source

Senator Sherwin "Win" T. Gatchalian

asr-008435

because of our debt stock.

07:59:51Source

Senator Sherwin "Win" T. Gatchalian

asr-008436

Kung dinivide natin

07:59:53Source

Senator Sherwin "Win" T. Gatchalian

asr-008437

index stock natin

07:59:54Source

Senator Sherwin "Win" T. Gatchalian

asr-008438

sa 100,

07:59:56Source

Senator Sherwin "Win" T. Gatchalian

asr-008439

ilan ba tayo?

07:59:57Source

Senator Sherwin "Win" T. Gatchalian

asr-008440

113,000,000.

08:00:00Source

Senator Sherwin "Win" T. Gatchalian

asr-008441

Filipinos, tama ba?

08:00:01Source

Senator Sherwin "Win" T. Gatchalian

asr-008442

Yusek Mapa, 113.

08:00:04Source

Senator Sherwin "Win" T. Gatchalian

asr-008443

Lumalabas na isang tao, ang utang niya is 165,000 pesos.

08:00:08Source

Senator Sherwin "Win" T. Gatchalian

asr-008444

Pati mga babies.

08:00:09Source

Senator Sherwin "Win" T. Gatchalian

asr-008445

Pati mga babies yun.

08:00:11Source

Senator Sherwin "Win" T. Gatchalian

asr-008446

So that's why intergenerational itong utang.

08:00:18Source

Senator Sherwin "Win" T. Gatchalian

asr-008447

That's why we need to be very prudent with borrowings

08:00:20Source

Senator Sherwin "Win" T. Gatchalian

asr-008448

because hindi na tayo magbabayad niya.

08:00:24Source

Senator Sherwin "Win" T. Gatchalian

asr-008449

Magbabayad niya next generation na.

08:00:26Source

Senator Sherwin "Win" T. Gatchalian

asr-008450

So that's why we're pushing the revenue agencies to keep on collecting.

08:00:37Source

Senator Sherwin "Win" T. Gatchalian

asr-008451

Mr. Chairman, I'll hand over the microphone to you.

08:00:40Source

Senator Sherwin "Win" T. Gatchalian

asr-008452

I know that you've been waiting for a while.

08:00:44Source

Senator Sherwin "Win" T. Gatchalian

asr-008453

That's okay.

08:00:44Source

Senator Joseph Victor "JV" G. Ejercito

asr-008454

Actually, I just want to interject na tungkol pa rin sa debt.

08:00:49Source

Senator Joseph Victor "JV" G. Ejercito

asr-008455

Para we can just finish.

08:00:51Source

Senator Joseph Victor "JV" G. Ejercito

asr-008456

I earlier mentioned, I've become too focused already on keeping our finances.

08:00:57Source

Senator Joseph Victor "JV" G. Ejercito

asr-008457

In order that we forgot that we have under-invested in infrastructure

08:01:02Source

Senator Joseph Victor "JV" G. Ejercito

asr-008458

and other industries needed to grow the economy.

08:01:07Source

Senator Joseph Victor "JV" G. Ejercito

asr-008459

So what will be the policies to maintain fiscal discipline

08:01:10Source

Senator Joseph Victor "JV" G. Ejercito

asr-008460

without sacrificing the infrastructure and other investments?

08:01:13Source

Senator Joseph Victor "JV" G. Ejercito

asr-008461

Do you have any plans para mabago naman natin yung direction natin?

08:01:19Source

Senator Joseph Victor "JV" G. Ejercito

asr-008462

Siguro.

08:01:19Source

Senator Joseph Victor "JV" G. Ejercito

asr-008463

Anybody can answer.

08:01:20Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008464

On the expenditure side, Mr. Chair, Your Honor,

08:01:24Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008465

that is the direction we've tried to start working on for 2020.

08:01:27Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008466

That's why capital outlay actually got a bigger increase in 2027

08:01:34Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008467

when compared to other for MOE and PS

08:01:38Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008468

because you would like to spend more on this big ticket and high impact projects.

08:01:44Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008469

And we intend to sustain the same,

08:01:46Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008470

both for foreign assisted projects and locally funded projects.

08:01:51Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008471

So as we optimize our operating requirements,

08:01:54Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008472

in fact, we'll take this opportunity to implement the e-governance,

08:01:57Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008473

government law to remove any redundancies,

08:02:01Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008474

the optimization program, as well as the full devolution,

08:02:04Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008475

these three mandates that we actually have right now,

08:02:07Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008476

which the DBM is in charge of implementing.

08:02:10Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008477

We can fully capitalize on these three, hopefully to optimize the budget

08:02:14Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008478

so that we can open up some space for more big ticket

08:02:18Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008479

and high impact projects in the future.

08:02:23Source

Senator Joseph Victor "JV" G. Ejercito

asr-008480

Anyway, I'd just like to thank the Senate President

08:02:25Source

Senator Joseph Victor "JV" G. Ejercito

asr-008481

for prioritizing.

08:02:27Source

Senator Joseph Victor "JV" G. Ejercito

asr-008482

This is one of my pet bills,

08:02:30Source

Senator Joseph Victor "JV" G. Ejercito

asr-008483

which is a master plan for infrastructure, national development,

08:02:33Source

Senator Joseph Victor "JV" G. Ejercito

asr-008484

because from what I see compared to our ASEAN neighbors,

08:02:37Source

Senator Joseph Victor "JV" G. Ejercito

asr-008485

we were left behind, probably because as I mentioned earlier,

08:02:41Source

Senator Joseph Victor "JV" G. Ejercito

asr-008486

we were just allocating 2% of our GDP for infra

08:02:46Source

Senator Joseph Victor "JV" G. Ejercito

asr-008487

while they were spending 5% to 7% for so many decades.

08:02:51Source

Senator Joseph Victor "JV" G. Ejercito

asr-008488

And we're hoping that with the passage of mind,

08:02:55Source

Senator Joseph Victor "JV" G. Ejercito

asr-008489

it would transcend several presidents,

08:02:57Source

Senator Joseph Victor "JV" G. Ejercito

asr-008490

that the big ticket items will be continued.

08:03:01Source

Senator Joseph Victor "JV" G. Ejercito

asr-008491

So each president will have their own pet programs, projects,

08:03:06Source

Senator Joseph Victor "JV" G. Ejercito

asr-008492

but the big ticket items has to continue.

08:03:08Source

Senator Joseph Victor "JV" G. Ejercito

asr-008493

Maybe my question is,

08:03:11Source

Senator Joseph Victor "JV" G. Ejercito

asr-008494

which high impact projects are being delayed or scaled down

08:03:15Source

Senator Joseph Victor "JV" G. Ejercito

asr-008495

because the infrastructure is below the 5% to 6%?

08:03:18Source

Senator Joseph Victor "JV" G. Ejercito

asr-008496

Because I remember when this administration started,

08:03:22Source

Senator Joseph Victor "JV" G. Ejercito

asr-008497

from the Duterte administration,

08:03:23Source

Senator Joseph Victor "JV" G. Ejercito

asr-008498

there was a build-build-build,

08:03:25Source

Senator Joseph Victor "JV" G. Ejercito

asr-008499

then the infrastructure came in,

08:03:27Source

Senator Joseph Victor "JV" G. Ejercito

asr-008500

then the Marcos administration became build-better-more.

08:03:31Source

Senator Joseph Victor "JV" G. Ejercito

asr-008501

I was more excited because this will really improve our infrastructure.

08:03:36Source

Senator Joseph Victor "JV" G. Ejercito

asr-008502

But unfortunately, there were some infrastructure projects,

08:03:45Source

Senator Joseph Victor "JV" G. Ejercito

asr-008503

particularly the Mindanao Railway System, South Long Haul,

08:03:48Source

Senator Joseph Victor "JV" G. Ejercito

asr-008504

that were either suspended or canceled.

08:03:52Source

Senator Joseph Victor "JV" G. Ejercito

asr-008505

So what's the plan?

08:03:56Source

Senator Joseph Victor "JV" G. Ejercito

asr-008506

Do we have a plan?

08:03:57Source

Senator Joseph Victor "JV" G. Ejercito

asr-008507

Do we still have plans of pursuing these two major,

08:04:02Source

Senator Joseph Victor "JV" G. Ejercito

asr-008508

Secretary Balisakan,

08:04:05Source

Senator Joseph Victor "JV" G. Ejercito

asr-008509

these two major railway projects?

08:04:08Source

Senator Joseph Victor "JV" G. Ejercito

asr-008510

Because especially for Mindanao,

08:04:10Source

Senator Joseph Victor "JV" G. Ejercito

asr-008511

now that, Mr. President,

08:04:12Source

Senator Joseph Victor "JV" G. Ejercito

asr-008512

we have passed the bank some more organic law

08:04:15Source

Senator Joseph Victor "JV" G. Ejercito

asr-008513

that will give peace in Mindanao,

08:04:20Source

Senator Joseph Victor "JV" G. Ejercito

asr-008514

but we have to follow that up with economic development.

08:04:23Source

Senator Joseph Victor "JV" G. Ejercito

asr-008515

Mindanao is the richest among the islands.

08:04:27Source

Senator Joseph Victor "JV" G. Ejercito

asr-008516

And,

08:04:27Source

Senator Joseph Victor "JV" G. Ejercito

asr-008517

the reason, there were secessionist movement

08:04:30Source

Senator Joseph Victor "JV" G. Ejercito

asr-008518

in the Central and Western side,

08:04:35Source

Senator Joseph Victor "JV" G. Ejercito

asr-008519

and insurrection, insurgency in the Western side

08:04:38Source

Senator Joseph Victor "JV" G. Ejercito

asr-008520

because of lack of opportunity and hunger.

08:04:43Source

Senator Joseph Victor "JV" G. Ejercito

asr-008521

So it's easy for the MNLF, MNILF, ABUSAYAP, ASG,

08:04:51Source

Senator Joseph Victor "JV" G. Ejercito

asr-008522

all the letters, NPA, CPP on the other side.

08:04:57Source

Senator Joseph Victor "JV" G. Ejercito

asr-008523

But now,

08:04:57Source

Senator Joseph Victor "JV" G. Ejercito

asr-008524

now that we have the bank some more organic law,

08:04:59Source

Senator Joseph Victor "JV" G. Ejercito

asr-008525

at least we have,

08:05:00Source

Senator Joseph Victor "JV" G. Ejercito

asr-008526

nakabind tayo ng peace,

08:05:01Source

Senator Joseph Victor "JV" G. Ejercito

asr-008527

but we have to follow that up with the economic development.

08:05:05Source

Senator Joseph Victor "JV" G. Ejercito

asr-008528

And I think,

08:05:06Source

Senator Joseph Victor "JV" G. Ejercito

asr-008529

yung Mindanao Railway

08:05:07Source

Senator Joseph Victor "JV" G. Ejercito

asr-008530

would be able to spread out the development,

08:05:09Source

Senator Joseph Victor "JV" G. Ejercito

asr-008531

create growth areas,

08:05:11Source

Senator Joseph Victor "JV" G. Ejercito

asr-008532

especially in the other areas,

08:05:12Source

Senator Joseph Victor "JV" G. Ejercito

asr-008533

na hindi lang kagayang dioro,

08:05:15Source

Senator Joseph Victor "JV" G. Ejercito

asr-008534

tsaka dabaw ang centers of growth.

08:05:17Source

Senator Joseph Victor "JV" G. Ejercito

asr-008535

So,

08:05:18Source

Senator Joseph Victor "JV" G. Ejercito

asr-008536

I would think that we,

08:05:20Source

Senator Joseph Victor "JV" G. Ejercito

asr-008537

I'm hoping that this would,

08:05:22Source

Senator Joseph Victor "JV" G. Ejercito

asr-008538

that there are plans, no,

08:05:23Source

Senator Joseph Victor "JV" G. Ejercito

asr-008539

to pursue the Mindanao Railway System.

08:05:25Source

Senator Joseph Victor "JV" G. Ejercito

asr-008540

Sige,

08:05:25Source

Senator Joseph Victor "JV" G. Ejercito

asr-008541

our second,

08:05:26Source

Senator Joseph Victor "JV" G. Ejercito

asr-008542

sige,

08:05:26Source

Senator Joseph Victor "JV" G. Ejercito

asr-008543

our second,

08:05:27Source

DEPDev Secretary Arsenio M. Balisacan

asr-008544

I completely agree with you,

08:05:31Source

DEPDev Secretary Arsenio M. Balisacan

asr-008545

completely agree with you,

08:05:33Source

DEPDev Secretary Arsenio M. Balisacan

asr-008546

Mr. Chair.

08:05:35Source

DEPDev Secretary Arsenio M. Balisacan

asr-008547

I think that the country must have to give very high priority and connectivity.

08:05:43Source

DEPDev Secretary Arsenio M. Balisacan

asr-008548

And that's for three reasons.

08:05:45Source

DEPDev Secretary Arsenio M. Balisacan

asr-008549

One is,

08:05:46Source

DEPDev Secretary Arsenio M. Balisacan

asr-008550

it affords us a more sustained basis for growth.

08:05:50Source

DEPDev Secretary Arsenio M. Balisacan

asr-008551

Two,

08:05:51Source

DEPDev Secretary Arsenio M. Balisacan

asr-008552

it makes that growth more inclusive

08:05:53Source

DEPDev Secretary Arsenio M. Balisacan

asr-008553

because the lagging areas of the country

08:05:57Source

DEPDev Secretary Arsenio M. Balisacan

asr-008554

will be,

08:05:57Source

DEPDev Secretary Arsenio M. Balisacan

asr-008555

will be afforded

08:05:59Source

DEPDev Secretary Arsenio M. Balisacan

asr-008556

and would benefit from opportunities

08:06:03Source

DEPDev Secretary Arsenio M. Balisacan

asr-008557

opened up by connectivity.

08:06:06Source

DEPDev Secretary Arsenio M. Balisacan

asr-008558

And three,

08:06:07Source

DEPDev Secretary Arsenio M. Balisacan

asr-008559

it will make us more,

08:06:09Source

DEPDev Secretary Arsenio M. Balisacan

asr-008560

more resilient

08:06:10Source

DEPDev Secretary Arsenio M. Balisacan

asr-008561

because having growth centers

08:06:15Source

DEPDev Secretary Arsenio M. Balisacan

asr-008562

outside the Metro Manila

08:06:18Source

DEPDev Secretary Arsenio M. Balisacan

asr-008563

will make the country more,

08:06:20Source

DEPDev Secretary Arsenio M. Balisacan

asr-008564

more,

08:06:21Source

DEPDev Secretary Arsenio M. Balisacan

asr-008565

more resilient.

08:06:23Source

DEPDev Secretary Arsenio M. Balisacan

asr-008566

So,

08:06:23Source

DEPDev Secretary Arsenio M. Balisacan

asr-008567

on this basis,

08:06:24Source

DEPDev Secretary Arsenio M. Balisacan

asr-008568

it must,

08:06:25Source

DEPDev Secretary Arsenio M. Balisacan

asr-008569

and it should be our,

08:06:27Source

DEPDev Secretary Arsenio M. Balisacan

asr-008570

our priority.

08:06:29Source

DEPDev Secretary Arsenio M. Balisacan

asr-008571

Now,

08:06:29Source

DEPDev Secretary Arsenio M. Balisacan

asr-008572

having said that,

08:06:30Source

DEPDev Secretary Arsenio M. Balisacan

asr-008573

Mr. Chair,

08:06:30Source

DEPDev Secretary Arsenio M. Balisacan

asr-008574

I should say that,

08:06:32Source

DEPDev Secretary Arsenio M. Balisacan

asr-008575

that,

08:06:33Source

DEPDev Secretary Arsenio M. Balisacan

asr-008576

while we have fiscal constraints

08:06:37Source

DEPDev Secretary Arsenio M. Balisacan

asr-008577

in pursuing major infrastructure projects,

08:06:42Source

DEPDev Secretary Arsenio M. Balisacan

asr-008578

I think we have openings.

08:06:45Source

DEPDev Secretary Arsenio M. Balisacan

asr-008579

We have heard from the Banco Central earlier this morning

08:06:48Source

DEPDev Secretary Arsenio M. Balisacan

asr-008580

that our private sector is awash with cash.

08:06:52Source

DEPDev Secretary Arsenio M. Balisacan

asr-008581

And they're just waiting for opportunities for investment.

08:06:55Source

DEPDev Secretary Arsenio M. Balisacan

asr-008582

PPP is a good,

08:06:57Source

DEPDev Secretary Arsenio M. Balisacan

asr-008583

I,

08:06:57Source

DEPDev Secretary Arsenio M. Balisacan

asr-008584

has so much potential,

08:06:59Source

DEPDev Secretary Arsenio M. Balisacan

asr-008585

especially for highly urban areas.

08:07:02Source

DEPDev Secretary Arsenio M. Balisacan

asr-008586

And,

08:07:03Source

DEPDev Secretary Arsenio M. Balisacan

asr-008587

and if we can save money

08:07:05Source

DEPDev Secretary Arsenio M. Balisacan

asr-008588

from providing infrastructure

08:07:10Source

DEPDev Secretary Arsenio M. Balisacan

asr-008589

in highly urban areas like Metro Manila

08:07:13Source

DEPDev Secretary Arsenio M. Balisacan

asr-008590

by getting the private sector going in there

08:07:15Source

DEPDev Secretary Arsenio M. Balisacan

asr-008591

and use the resources instead

08:07:17Source

DEPDev Secretary Arsenio M. Balisacan

asr-008592

for those connectivity

08:07:19Source

DEPDev Secretary Arsenio M. Balisacan

asr-008593

that are not so attractive for PPP

08:07:23Source

DEPDev Secretary Arsenio M. Balisacan

asr-008594

because they are in,

08:07:24Source

DEPDev Secretary Arsenio M. Balisacan

asr-008595

in rural areas or,

08:07:26Source

DEPDev Secretary Arsenio M. Balisacan

asr-008596

you know,

08:07:27Source

DEPDev Secretary Arsenio M. Balisacan

asr-008597

Mindanao regions,

08:07:29Source

DEPDev Secretary Arsenio M. Balisacan

asr-008598

I think we can,

08:07:31Source

DEPDev Secretary Arsenio M. Balisacan

asr-008599

Your Honor,

08:07:32Source

DEPDev Secretary Arsenio M. Balisacan

asr-008600

I,

08:07:32Source

DEPDev Secretary Arsenio M. Balisacan

asr-008601

we really need to optimize

08:07:35Source

DEPDev Secretary Arsenio M. Balisacan

asr-008602

or maximize that potential

08:07:37Source

DEPDev Secretary Arsenio M. Balisacan

asr-008603

of the private sector

08:07:40Source

DEPDev Secretary Arsenio M. Balisacan

asr-008604

and to,

08:07:42Source

DEPDev Secretary Arsenio M. Balisacan

asr-008605

to participate

08:07:45Source

DEPDev Secretary Arsenio M. Balisacan

asr-008606

in our infrastructure program.

08:07:48Source

Senator Joseph Victor "JV" G. Ejercito

asr-008607

I guess we have already given the,

08:07:52Source

Senator Joseph Victor "JV" G. Ejercito

asr-008608

the instrument,

08:07:55Source

Senator Joseph Victor "JV" G. Ejercito

asr-008609

the PPP,

08:07:56Source

Senator Joseph Victor "JV" G. Ejercito

asr-008610

which was,

08:07:57Source

Senator Joseph Victor "JV" G. Ejercito

asr-008611

requested,

08:07:58Source

Senator Joseph Victor "JV" G. Ejercito

asr-008612

we passed that,

08:07:59Source

Senator Joseph Victor "JV" G. Ejercito

asr-008613

no?

08:07:59Source

Senator Joseph Victor "JV" G. Ejercito

asr-008614

Yours truly shepherded that.

08:08:02Source

Senator Joseph Victor "JV" G. Ejercito

asr-008615

It was a very technical,

08:08:04Source

Senator Joseph Victor "JV" G. Ejercito

asr-008616

a very difficult bill,

08:08:05Source

Senator Joseph Victor "JV" G. Ejercito

asr-008617

but I,

08:08:06Source

Senator Joseph Victor "JV" G. Ejercito

asr-008618

because I believed in it,

08:08:07Source

Senator Joseph Victor "JV" G. Ejercito

asr-008619

we passed it.

08:08:08Source

Senator Joseph Victor "JV" G. Ejercito

asr-008620

And we're hoping that we can use it to full,

08:08:12Source

Senator Joseph Victor "JV" G. Ejercito

asr-008621

to the full advantage.

08:08:14Source

Senator Joseph Victor "JV" G. Ejercito

asr-008622

And sabi ni,

08:08:15Source

Senator Joseph Victor "JV" G. Ejercito

asr-008623

ng ating Senate President,

08:08:17Source

Senator Joseph Victor "JV" G. Ejercito

asr-008624

we have been borrowing,

08:08:19Source

Senator Joseph Victor "JV" G. Ejercito

asr-008625

but,

08:08:19Source

Senator Joseph Victor "JV" G. Ejercito

asr-008626

parang hindi natin nakita, no?

08:08:22Source

Senator Joseph Victor "JV" G. Ejercito

asr-008627

I'm,

08:08:23Source

Senator Joseph Victor "JV" G. Ejercito

asr-008628

siguro,

08:08:23Source

Senator Joseph Victor "JV" G. Ejercito

asr-008629

I don't mind if we borrow,

08:08:26Source

Senator Joseph Victor "JV" G. Ejercito

asr-008630

but,

08:08:27Source

Senator Joseph Victor "JV" G. Ejercito

asr-008631

if we invest in,

08:08:29Source

Senator Joseph Victor "JV" G. Ejercito

asr-008632

in infrastructure,

08:08:30Source

Senator Joseph Victor "JV" G. Ejercito

asr-008633

in investments,

08:08:31Source

Senator Joseph Victor "JV" G. Ejercito

asr-008634

na merong returns, no?

08:08:32Source

Senator Joseph Victor "JV" G. Ejercito

asr-008635

Definitely,

08:08:34Source

Senator Joseph Victor "JV" G. Ejercito

asr-008636

itong mga railway,

08:08:35Source

Senator Joseph Victor "JV" G. Ejercito

asr-008637

sports,

08:08:35Source

Senator Joseph Victor "JV" G. Ejercito

asr-008638

airports,

08:08:36Source

Senator Joseph Victor "JV" G. Ejercito

asr-008639

definitely,

08:08:36Source

Senator Joseph Victor "JV" G. Ejercito

asr-008640

it will cost so much,

08:08:38Source

Senator Joseph Victor "JV" G. Ejercito

asr-008641

but I think the returns will be enormous, no?

08:08:42Source

Senator Joseph Victor "JV" G. Ejercito

asr-008642

Movement with goods,

08:08:43Source

Senator Joseph Victor "JV" G. Ejercito

asr-008643

or people creating growth nodes,

08:08:44Source

Senator Joseph Victor "JV" G. Ejercito

asr-008644

growth areas all over,

08:08:46Source

Senator Joseph Victor "JV" G. Ejercito

asr-008645

that will mean jobs and opportunities,

08:08:48Source

Senator Joseph Victor "JV" G. Ejercito

asr-008646

and,

08:08:49Source

Senator Joseph Victor "JV" G. Ejercito

asr-008647

in the long run,

08:08:51Source

Senator Joseph Victor "JV" G. Ejercito

asr-008648

hindi na tayo dapat tumasa na,

08:08:53Source

Senator Joseph Victor "JV" G. Ejercito

asr-008649

panayayuda na lang tayo na ayuda.

08:08:54Source

Senator Joseph Victor "JV" G. Ejercito

asr-008650

I think it will be jobs and opportunities,

08:08:57Source

Senator Joseph Victor "JV" G. Ejercito

asr-008651

di ba?

08:08:58Source

Senator Joseph Victor "JV" G. Ejercito

asr-008652

Ang ating, you know,

08:08:59Source

Senator Joseph Victor "JV" G. Ejercito

asr-008653

ang we should target,

08:09:00Source

Senator Joseph Victor "JV" G. Ejercito

asr-008654

and I think the only way we can do that is,

08:09:02Source

Senator Joseph Victor "JV" G. Ejercito

asr-008655

um,

08:09:03Source

Senator Joseph Victor "JV" G. Ejercito

asr-008656

by building,

08:09:04Source

Senator Joseph Victor "JV" G. Ejercito

asr-008657

um,

08:09:05Source

Senator Joseph Victor "JV" G. Ejercito

asr-008658

the infrastructure, no?

08:09:06Source

Senator Joseph Victor "JV" G. Ejercito

asr-008659

So that,

08:09:07Source

Senator Joseph Victor "JV" G. Ejercito

asr-008660

uh,

08:09:07Source

Senator Joseph Victor "JV" G. Ejercito

asr-008661

we can,

08:09:08Source

Senator Joseph Victor "JV" G. Ejercito

asr-008662

uh,

08:09:09Source

Senator Joseph Victor "JV" G. Ejercito

asr-008663

make,

08:09:09Source

Senator Joseph Victor "JV" G. Ejercito

asr-008664

uh,

08:09:10Source

Senator Joseph Victor "JV" G. Ejercito

asr-008665

stimulate economic growth by creating growth areas,

08:09:12Source

Senator Joseph Victor "JV" G. Ejercito

asr-008666

no?

08:09:13Source

Senator Joseph Victor "JV" G. Ejercito

asr-008667

So,

08:09:13Source

Senator Joseph Victor "JV" G. Ejercito

asr-008668

I think that's the point of our Senate President na,

08:09:16Source

Senator Joseph Victor "JV" G. Ejercito

asr-008669

okay,

08:09:17Source

Senator Joseph Victor "JV" G. Ejercito

asr-008670

if we would continue to borrow,

08:09:19Source

Senator Joseph Victor "JV" G. Ejercito

asr-008671

it's okay,

08:09:19Source

Senator Joseph Victor "JV" G. Ejercito

asr-008672

but as long as there is also returns,

08:09:23Source

Senator Joseph Victor "JV" G. Ejercito

asr-008673

no?

08:09:23Source

Senator Joseph Victor "JV" G. Ejercito

asr-008674

to the economy.

08:09:24Source

Senator Joseph Victor "JV" G. Ejercito

asr-008675

So, just update us, no?

08:09:25Source

Senator Joseph Victor "JV" G. Ejercito

asr-008676

Kung,

08:09:26Source

Senator Joseph Victor "JV" G. Ejercito

asr-008677

what the,

08:09:27Source

Senator Joseph Victor "JV" G. Ejercito

asr-008678

what the plans are because we would gladly support,

08:09:29Source

Senator Joseph Victor "JV" G. Ejercito

asr-008679

no?

08:09:30Source

Senator Joseph Victor "JV" G. Ejercito

asr-008680

Um,

08:09:30Source

Senator Joseph Victor "JV" G. Ejercito

asr-008681

especially I have always believed in,

08:09:32Source

Senator Joseph Victor "JV" G. Ejercito

asr-008682

uh,

08:09:33Source

Senator Joseph Victor "JV" G. Ejercito

asr-008683

in,

08:09:33Source

Senator Joseph Victor "JV" G. Ejercito

asr-008684

uh,

08:09:34Source

Senator Joseph Victor "JV" G. Ejercito

asr-008685

in investing infrastructure to,

08:09:36Source

Senator Joseph Victor "JV" G. Ejercito

asr-008686

to really,

08:09:37Source

Senator Joseph Victor "JV" G. Ejercito

asr-008687

um,

08:09:38Source

Senator Joseph Victor "JV" G. Ejercito

asr-008688

stimulate economic growth and spread out the development.

08:09:40Source

Senator Joseph Victor "JV" G. Ejercito

asr-008689

Thank you.

08:09:41Source

Senator Joseph Victor "JV" G. Ejercito

asr-008690

Mr. Senate President?

08:09:42Source

Senator Sherwin "Win" T. Gatchalian

asr-008691

Thank you.

08:09:43Source

Senator Sherwin "Win" T. Gatchalian

asr-008692

Thank you,

08:09:44Source

Senator Sherwin "Win" T. Gatchalian

asr-008693

uh,

08:09:44Source

Senator Sherwin "Win" T. Gatchalian

asr-008694

Mr. Chairman.

08:09:45Source

Senator Sherwin "Win" T. Gatchalian

asr-008695

Um,

08:09:45Source

Senator Sherwin "Win" T. Gatchalian

asr-008696

Mr. Chairman,

08:09:47Source

Senator Sherwin "Win" T. Gatchalian

asr-008697

uh,

08:09:47Source

Senator Sherwin "Win" T. Gatchalian

asr-008698

uh,

08:09:48Source

Senator Sherwin "Win" T. Gatchalian

asr-008699

my next question will be on,

08:09:50Source

Senator Sherwin "Win" T. Gatchalian

asr-008700

uh,

08:09:50Source

Senator Sherwin "Win" T. Gatchalian

asr-008701

confidential funds and,

08:09:52Source

Senator Sherwin "Win" T. Gatchalian

asr-008702

uh,

08:09:52Source

Senator Sherwin "Win" T. Gatchalian

asr-008703

intelligence funds.

08:09:54Source

Senator Sherwin "Win" T. Gatchalian

asr-008704

Kasi,

08:09:54Source

Senator Sherwin "Win" T. Gatchalian

asr-008705

uh,

08:09:55Source

Senator Sherwin "Win" T. Gatchalian

asr-008706

right now,

08:09:56Source

Senator Sherwin "Win" T. Gatchalian

asr-008707

sa impeachment,

08:09:57Source

Senator Sherwin "Win" T. Gatchalian

asr-008708

yun ang aming topic ngayon.

08:09:58Source

Senator Sherwin "Win" T. Gatchalian

asr-008709

So,

08:09:59Source

Senator Sherwin "Win" T. Gatchalian

asr-008710

I did some,

08:10:00Source

Senator Sherwin "Win" T. Gatchalian

asr-008711

uh,

08:10:00Source

Senator Sherwin "Win" T. Gatchalian

asr-008712

research,

08:10:01Source

Senator Sherwin "Win" T. Gatchalian

asr-008713

um,

08:10:02Source

Senator Sherwin "Win" T. Gatchalian

asr-008714

in confidential funds,

08:10:03Source

Senator Sherwin "Win" T. Gatchalian

asr-008715

um,

08:10:04Source

Senator Sherwin "Win" T. Gatchalian

asr-008716

uh,

08:10:04Source

Senator Sherwin "Win" T. Gatchalian

asr-008717

Secretary Kim,

08:10:06Source

Senator Sherwin "Win" T. Gatchalian

asr-008718

six point,

08:10:07Source

Senator Sherwin "Win" T. Gatchalian

asr-008719

uh,

08:10:07Source

Senator Sherwin "Win" T. Gatchalian

asr-008720

sorry,

08:10:07Source

Senator Sherwin "Win" T. Gatchalian

asr-008721

4.3 billion for 20,

08:10:10Source

Senator Sherwin "Win" T. Gatchalian

asr-008722

uh,

08:10:11Source

Senator Sherwin "Win" T. Gatchalian

asr-008723

27 and 6.4 billion for 2027,

08:10:17Source

Senator Sherwin "Win" T. Gatchalian

asr-008724

a total of 10.7 billion.

08:10:20Source

Senator Sherwin "Win" T. Gatchalian

asr-008725

Ngayon,

08:10:21Source

Senator Sherwin "Win" T. Gatchalian

asr-008726

we have to be very prudent in this use kasi lumalabas na ngayon sa,

08:10:25Source

Senator Sherwin "Win" T. Gatchalian

asr-008727

mga,

08:10:26Source

Senator Sherwin "Win" T. Gatchalian

asr-008728

lalo na dito sa,

08:10:27Source

Senator Sherwin "Win" T. Gatchalian

asr-008729

uh,

08:10:28Source

Senator Sherwin "Win" T. Gatchalian

asr-008730

impeachment,

08:10:29Source

Senator Sherwin "Win" T. Gatchalian

asr-008731

yung,

08:10:30Source

Senator Sherwin "Win" T. Gatchalian

asr-008732

um,

08:10:31Source

Senator Sherwin "Win" T. Gatchalian

asr-008733

paggamit nitong confidential funds and how it can be abused.

08:10:35Source

Senator Sherwin "Win" T. Gatchalian

asr-008734

Ngayon,

08:10:36Source

Senator Sherwin "Win" T. Gatchalian

asr-008735

ang,

08:10:37Source

Senator Sherwin "Win" T. Gatchalian

asr-008736

ang first tanong ko,

08:10:38Source

Senator Sherwin "Win" T. Gatchalian

asr-008737

um,

08:10:39Source

Senator Sherwin "Win" T. Gatchalian

asr-008738

I don't have the breakdown now,

08:10:40Source

Senator Sherwin "Win" T. Gatchalian

asr-008739

no,

08:10:41Source

Senator Sherwin "Win" T. Gatchalian

asr-008740

but,

08:10:42Source

Senator Sherwin "Win" T. Gatchalian

asr-008741

um,

08:10:43Source

Senator Sherwin "Win" T. Gatchalian

asr-008742

the confidential funds should only be given to enforcement agencies or legitimate agencies

08:10:47Source

Senator Sherwin "Win" T. Gatchalian

asr-008743

or agencies with legitimate surveillance activities.

08:10:50Source

Senator Sherwin "Win" T. Gatchalian

asr-008744

Hindi porket gusto nila,

08:10:52Source

Senator Sherwin "Win" T. Gatchalian

asr-008745

hingi sila ng,

08:10:53Source

Senator Sherwin "Win" T. Gatchalian

asr-008746

uh,

08:10:54Source

Senator Sherwin "Win" T. Gatchalian

asr-008747

confidential funds.

08:10:55Source

Senator Sherwin "Win" T. Gatchalian

asr-008748

Intelligence,

08:10:56Source

Senator Sherwin "Win" T. Gatchalian

asr-008749

ganun rin.

08:10:57Source

Senator Sherwin "Win" T. Gatchalian

asr-008750

Enforcement agencies with legitimate intelligence gathering activities.

08:11:02Source

Senator Sherwin "Win" T. Gatchalian

asr-008751

So,

08:11:03Source

Senator Sherwin "Win" T. Gatchalian

asr-008752

kayo,

08:11:04Source

Senator Sherwin "Win" T. Gatchalian

asr-008753

being the DBM,

08:11:05Source

Senator Sherwin "Win" T. Gatchalian

asr-008754

did you filter and make sure that those parameters are followed?

08:11:08Source

Senator Sherwin "Win" T. Gatchalian

asr-008755

Uh,

08:11:09Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008756

yes,

08:11:10Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008757

Your Honor.

08:11:11Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008758

As a matter of fact,

08:11:12Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008759

there have been proposals,

08:11:13Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008760

uh,

08:11:14Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008761

during the budget preparation,

08:11:15Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008762

uh,

08:11:16Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008763

process for some agencies to be given confidential,

08:11:19Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008764

uh,

08:11:20Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008765

expenses,

08:11:21Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008766

which,

08:11:22Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008767

uh,

08:11:23Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008768

we seriously have to consider their mandate,

08:11:26Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008769

as you have stated,

08:11:27Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008770

that will necessitate,

08:11:28Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008771

uh,

08:11:29Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008772

for having confidential and or intelligence expenses.

08:11:33Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008773

In fact,

08:11:34Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008774

we've even checked if,

08:11:35Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008775

uh,

08:11:36Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008776

their requirement can actually be catered by a regular line item,

08:11:40Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008777

then it should be lodged into a regular line item.

08:11:44Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008778

As to the amount as well,

08:11:45Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008779

Your Honor,

08:11:46Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008780

if we will compare between the GAA and the NEP,

08:11:51Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008781

the level under the 2020,

08:11:52Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008782

the level under the 2027 NEP is,

08:11:54Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008783

is lower than the,

08:11:55Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008784

uh,

08:11:56Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008785

GAA amount,

08:11:57Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008786

uh,

08:11:58Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008787

for confidential and intelligence expenses,

08:12:00Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008788

Your Honor.

08:12:01Source

Senator Sherwin "Win" T. Gatchalian

asr-008789

So,

08:12:02Source

Senator Sherwin "Win" T. Gatchalian

asr-008790

in other words,

08:12:03Source

Senator Sherwin "Win" T. Gatchalian

asr-008791

uh,

08:12:04Source

Senator Sherwin "Win" T. Gatchalian

asr-008792

of course,

08:12:05Source

Senator Sherwin "Win" T. Gatchalian

asr-008793

pagdating na lang,

08:12:06Source

Senator Sherwin "Win" T. Gatchalian

asr-008794

Mr. Chairman,

08:12:07Source

Senator Sherwin "Win" T. Gatchalian

asr-008795

ng mga iba-ibang agencies,

08:12:08Source

Senator Sherwin "Win" T. Gatchalian

asr-008796

well,

08:12:09Source

Senator Sherwin "Win" T. Gatchalian

asr-008797

filter it again,

08:12:10Source

Senator Sherwin "Win" T. Gatchalian

asr-008798

no?

08:12:11Source

Senator Sherwin "Win" T. Gatchalian

asr-008799

But,

08:12:12Source

Senator Sherwin "Win" T. Gatchalian

asr-008800

uh,

08:12:13Source

Senator Sherwin "Win" T. Gatchalian

asr-008801

but,

08:12:14Source

Senator Sherwin "Win" T. Gatchalian

asr-008802

uh,

08:12:15Source

Senator Sherwin "Win" T. Gatchalian

asr-008803

the DBM did its own first round of filtering.

08:12:16Source

Senator Sherwin "Win" T. Gatchalian

asr-008804

So,

08:12:17Source

Senator Sherwin "Win" T. Gatchalian

asr-008805

hindi na natin makikita ito sa mga civilian agencies na wala namang surveillance activities

08:12:20Source

Senator Sherwin "Win" T. Gatchalian

asr-008806

or confidential activities.

08:12:21Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008807

Yes,

08:12:22Source

Senator Sherwin "Win" T. Gatchalian

asr-008808

Your Honor.

08:12:23Source

Senator Sherwin "Win" T. Gatchalian

asr-008809

Alright.

08:12:24Source

Senator Sherwin "Win" T. Gatchalian

asr-008810

Sige.

08:12:25Source

Senator Sherwin "Win" T. Gatchalian

asr-008811

Well,

08:12:26Source

Senator Sherwin "Win" T. Gatchalian

asr-008812

we'll,

08:12:27Source

Senator Sherwin "Win" T. Gatchalian

asr-008813

uh,

08:12:28Source

Senator Sherwin "Win" T. Gatchalian

asr-008814

get to that when we hear the budget of the different agencies.

08:12:29Source

Senator Sherwin "Win" T. Gatchalian

asr-008815

Another one is the LGSF.

08:12:30Source

Senator Sherwin "Win" T. Gatchalian

asr-008816

Um,

08:12:31Source

Senator Sherwin "Win" T. Gatchalian

asr-008817

I,

08:12:32Source

Senator Sherwin "Win" T. Gatchalian

asr-008818

I support,

08:12:33Source

Senator Sherwin "Win" T. Gatchalian

asr-008819

um,

08:12:34Source

Senator Sherwin "Win" T. Gatchalian

asr-008820

supporting local government units.

08:12:35Source

Senator Sherwin "Win" T. Gatchalian

asr-008821

No,

08:12:36Source

Senator Sherwin "Win" T. Gatchalian

asr-008822

I support,

08:12:37Source

Senator Sherwin "Win" T. Gatchalian

asr-008823

um,

08:12:38Source

Senator Sherwin "Win" T. Gatchalian

asr-008824

empowering them because the delivery of basic services is faster if it's in the hands of

08:12:43Source

Senator Sherwin "Win" T. Gatchalian

asr-008825

the local government units.

08:12:45Source

Senator Sherwin "Win" T. Gatchalian

asr-008826

But,

08:12:46Source

Senator Sherwin "Win" T. Gatchalian

asr-008827

uh,

08:12:47Source

Senator Sherwin "Win" T. Gatchalian

asr-008828

historically kasi,

08:12:48Source

Senator Sherwin "Win" T. Gatchalian

asr-008829

um,

08:12:49Source

Senator Sherwin "Win" T. Gatchalian

asr-008830

LGSF is at the,

08:12:50Source

Senator Sherwin "Win" T. Gatchalian

asr-008831

mga around 10 billion level,

08:12:53Source

Senator Sherwin "Win" T. Gatchalian

asr-008832

15 billion level.

08:12:55Source

Senator Sherwin "Win" T. Gatchalian

asr-008833

But last year,

08:12:56Source

Senator Sherwin "Win" T. Gatchalian

asr-008834

uh,

08:12:57Source

Senator Sherwin "Win" T. Gatchalian

asr-008835

we increased it to 57,

08:12:58Source

Senator Sherwin "Win" T. Gatchalian

asr-008836

no?

08:12:59Source

Senator Sherwin "Win" T. Gatchalian

asr-008837

And the reason for that is two fronts,

08:13:01Source

Senator Sherwin "Win" T. Gatchalian

asr-008838

no?

08:13:02Source

Senator Sherwin "Win" T. Gatchalian

asr-008839

Number one is to help our local government units with their priority projects,

08:13:06Source

Senator Sherwin "Win" T. Gatchalian

asr-008840

especially on infra.

08:13:07Source

Senator Sherwin "Win" T. Gatchalian

asr-008841

So,

08:13:08Source

Senator Sherwin "Win" T. Gatchalian

asr-008842

pantay-pantay yung paggagawa ng infra nationwide.

08:13:11Source

Senator Sherwin "Win" T. Gatchalian

asr-008843

But I also saw in this year's,

08:13:13Source

Senator Sherwin "Win" T. Gatchalian

asr-008844

uh,

08:13:14Source

Senator Sherwin "Win" T. Gatchalian

asr-008845

uh,

08:13:15Source

Senator Sherwin "Win" T. Gatchalian

asr-008846

budget,

08:13:16Source

Senator Sherwin "Win" T. Gatchalian

asr-008847

naritain siya at 58,

08:13:18Source

Senator Sherwin "Win" T. Gatchalian

asr-008848

uh,

08:13:19Source

Senator Sherwin "Win" T. Gatchalian

asr-008849

billion pesos,

08:13:20Source

Senator Sherwin "Win" T. Gatchalian

asr-008850

no?

08:13:21Source

Senator Sherwin "Win" T. Gatchalian

asr-008851

So,

08:13:22Source

Senator Sherwin "Win" T. Gatchalian

asr-008852

my question is,

08:13:23Source

Senator Sherwin "Win" T. Gatchalian

asr-008853

meron ba tayong report on how LGSF actually helped countryside development,

08:13:29Source

Senator Sherwin "Win" T. Gatchalian

asr-008854

uh,

08:13:30Source

Senator Sherwin "Win" T. Gatchalian

asr-008855

infrastructure development,

08:13:32Source

Senator Sherwin "Win" T. Gatchalian

asr-008856

um,

08:13:33Source

Senator Sherwin "Win" T. Gatchalian

asr-008857

empowering the local government units to,

08:13:36Source

Senator Sherwin "Win" T. Gatchalian

asr-008858

um,

08:13:37Source

Senator Sherwin "Win" T. Gatchalian

asr-008859

to,

08:13:38Source

Senator Sherwin "Win" T. Gatchalian

asr-008860

um,

08:13:39Source

Senator Sherwin "Win" T. Gatchalian

asr-008861

to,

08:13:40Source

Senator Sherwin "Win" T. Gatchalian

asr-008862

uh,

08:13:41Source

Senator Sherwin "Win" T. Gatchalian

asr-008863

with their,

08:13:42Source

Senator Sherwin "Win" T. Gatchalian

asr-008864

uh,

08:13:43Source

Senator Sherwin "Win" T. Gatchalian

asr-008865

infrastructure projects?

08:13:44Source

Senator Sherwin "Win" T. Gatchalian

asr-008866

Alam ko mahigpit itong LGSF eh.

08:13:45Source

Senator Sherwin "Win" T. Gatchalian

asr-008867

Hindi ito basta-basta nabibigay.

08:13:46Source

Senator Sherwin "Win" T. Gatchalian

asr-008868

Pero ang gusto ko malaman,

08:13:47Source

Senator Sherwin "Win" T. Gatchalian

asr-008869

nakatulong ba ito?

08:13:48Source

Senator Sherwin "Win" T. Gatchalian

asr-008870

Sa may LGUs natin at sa,

08:13:51Source

Senator Sherwin "Win" T. Gatchalian

asr-008871

uh,

08:13:52Source

Senator Sherwin "Win" T. Gatchalian

asr-008872

uh,

08:13:53Source

Senator Sherwin "Win" T. Gatchalian

asr-008873

countryside development natin?

08:13:55Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008874

Mr. President,

08:13:56Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008875

Mr. Chair,

08:13:57Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008876

at our level right now,

08:13:58Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008877

what we can actually provide can be the status of releases as well as possibly the status of the implementation of the projects.

08:14:07Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008878

Uh,

08:14:08Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008879

there may have to be some level of additional assessment to check on possible impact or outcome vis-a-vis the development needs of the LGUs.

08:14:16Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008880

But ultimately,

08:14:17Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008881

one of the requirement for a project to qualify under the LGSF is really alignment with the development program of the local government,

08:14:27Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008882

uh,

08:14:28Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008883

unit concerned.

08:14:29Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008884

And for the 2026 level,

08:14:32Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008885

this is where we actually source the two fronts of LGSF.

08:14:36Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008886

Number one,

08:14:37Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008887

the nationwide,

08:14:38Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008888

uh,

08:14:39Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008889

rice distribution program that has been,

08:14:41Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008890

that's,

08:14:42Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008891

uh,

08:14:43Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008892

that was launched,

08:14:44Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008893

uh,

08:14:45Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008894

and the second component is as said by the Senate President,

08:14:48Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008895

uh,

08:14:49Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008896

to provide equal opportunity for local government units to have some infrastructure develop,

08:14:54Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008897

to support some infrastructure development,

08:14:56Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008898

uh,

08:14:57Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008899

across the country.

08:14:58Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008900

That's the reason.

08:15:00Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008901

why the proposed level was retained from the 2026 GAA to the 2027 NEP

08:15:06Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008902

to sustain the gains that we are experiencing this year

08:15:11Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008903

where we see the dynamic involvement of the LGUs in implementing these priority programs.

08:15:17Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008904

As a matter of fact, the list of projects that were supported by the LGSF this year

08:15:24Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008905

are all uploaded and can be monitored and accessed through the COMPASS website of the DBM.

08:15:30Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008906

And we are working with the DILG to integrate the monitoring component

08:15:35Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008907

because under the GAA, it is the DILG who is in charge of monitoring the implementation

08:15:41Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008908

through the Subay Bayan portal.

08:15:43Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008909

So we also intend to integrate information from the Subay Bayan portal into COMPASS

08:15:50Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008910

so that we can give our citizens a comprehensive information

08:15:54Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008911

as to the status of releases and implementation of LGSF-funded projects, Your Honor.

08:16:00Source

Senator Sherwin "Win" T. Gatchalian

asr-008912

The LGSF has two components. One is the RISE, one is the INFRA.

08:16:04Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008913

Well, there is a menu, Your Honor, but what we are seeing right now, the trend,

08:16:10Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008914

is we are giving focus on RISE at one end and the rest of the infrastructure from the menu on the other end.

08:16:16Source

Senator Sherwin "Win" T. Gatchalian

asr-008915

I would assume that the RISE is because of inflation.

08:16:19Source

Senator Sherwin "Win" T. Gatchalian

asr-008916

It's correct, Your Honor.

08:16:20Source

Senator Sherwin "Win" T. Gatchalian

asr-008917

Because of the erosion of purchasing power.

08:16:24Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008918

It's the result of the Middle East crisis as well.

08:16:26Source

Senator Sherwin "Win" T. Gatchalian

asr-008919

Correct. So we're giving RISE so that it's a caution to the reduction of purchasing power.

08:16:32Source

Senator Sherwin "Win" T. Gatchalian

asr-008920

The INFRA is supposed to stimulate construction nationwide.

08:16:37Source

Senator Sherwin "Win" T. Gatchalian

asr-008921

Correct, Your Honor.

08:16:38Source

Senator Sherwin "Win" T. Gatchalian

asr-008922

Correct. So I'm very interested with the INFRA because rinitain yung 57,

08:16:44Source

Senator Sherwin "Win" T. Gatchalian

asr-008923

actually tinaasan pa to 58 in 2027.

08:16:47Source

Senator Sherwin "Win" T. Gatchalian

asr-008924

So yung ibig sabihin, naging maganda yung experience ninyo,

08:16:52Source

Senator Sherwin "Win" T. Gatchalian

asr-008925

naging positive yung...

08:16:54Source

Senator Sherwin "Win" T. Gatchalian

asr-008926

Resulta.

08:16:55Source

Senator Sherwin "Win" T. Gatchalian

asr-008927

And that's what I want to learn.

08:16:57Source

Senator Sherwin "Win" T. Gatchalian

asr-008928

You mentioned the word sustained gain.

08:17:00Source

Senator Sherwin "Win" T. Gatchalian

asr-008929

So I want to see a study that there was a gain.

08:17:04Source

Senator Sherwin "Win" T. Gatchalian

asr-008930

May gain na nangyari sa mga LGUs.

08:17:07Source

Senator Sherwin "Win" T. Gatchalian

asr-008931

And that's why it led you to repeat it again in 2027.

08:17:12Source

Senator Sherwin "Win" T. Gatchalian

asr-008932

Prior to that, maliliit lang yan.

08:17:14Source

Senator Sherwin "Win" T. Gatchalian

asr-008933

10 billion, 14 billion.

08:17:16Source

Senator Sherwin "Win" T. Gatchalian

asr-008934

Pero ngayon, naging quadruple yung amount niya.

08:17:18Source

Senator Sherwin "Win" T. Gatchalian

asr-008935

So you don't have to give it to us today, but just submit to us through you.

08:17:24Source

Senator Sherwin "Win" T. Gatchalian

asr-008936

Or DILG.

08:17:26Source

Senator Sherwin "Win" T. Gatchalian

asr-008937

A study in which the LGSF stimulated growth in the countryside,

08:17:33Source

Senator Sherwin "Win" T. Gatchalian

asr-008938

helped our LGU achieve their developmental goals,

08:17:37Source

Senator Sherwin "Win" T. Gatchalian

asr-008939

kung kaya, reduce poverty, improve educational outcomes,

08:17:42Source

Senator Sherwin "Win" T. Gatchalian

asr-008940

all of these things.

08:17:43Source

Senator Sherwin "Win" T. Gatchalian

asr-008941

We want to learn how LGSF helped our LGUs and their constituents.

08:17:48Source

Senator Sherwin "Win" T. Gatchalian

asr-008942

We will comply, Your Honor.

08:17:49Source

Senator Sherwin "Win" T. Gatchalian

asr-008943

Thank you.

08:17:50Source

Senator Sherwin "Win" T. Gatchalian

asr-008944

And with that, Mr. Chairman, I don't have any more questions.

08:17:54Source

Senator Joseph Victor "JV" G. Ejercito

asr-008945

So, yes, thank you, our Senate President.

08:17:59Source

Senator Sherwin "Win" T. Gatchalian

asr-008946

Actually, nag-overtime kami para hindi na kayo bumalik bukas.

08:18:01Source

Senator Sherwin "Win" T. Gatchalian

asr-008947

Unless gusto nyo bumalik bukas.

08:18:04Source

Senator Sherwin "Win" T. Gatchalian

asr-008948

Si Chairman.

08:18:04Source

Senator Joseph Victor "JV" G. Ejercito

asr-008949

That's okay.

08:18:07Source

Senator Joseph Victor "JV" G. Ejercito

asr-008950

Kahit mag-late tayo, at least you don't have to return tomorrow.

08:18:11Source

Senator Joseph Victor "JV" G. Ejercito

asr-008951

We'll just finish everything today.

08:18:13Source

Senator Joseph Victor "JV" G. Ejercito

asr-008952

So, our last to, ano, no?

08:18:16Source

Senator Joseph Victor "JV" G. Ejercito

asr-008953

Senate Senator Tiberos.

08:18:18Source

Senator Joseph Victor "JV" G. Ejercito

asr-008954

Actually, dapat si Senate President has the priority,

08:18:21Source

Senator Joseph Victor "JV" G. Ejercito

asr-008955

but he chose to let everyone.

08:18:24Source

Senator Joseph Victor "JV" G. Ejercito

asr-008956

Go ahead, no?

08:18:26Source

Senator Joseph Victor "JV" G. Ejercito

asr-008957

So, our Senator Tiberos, please, you have the floor now.

08:18:32Source

Senator Risa Hontiveros

asr-008958

Salamat, Mr. Chair.

08:18:34Source

Senator Risa Hontiveros

asr-008959

So, gaya ng sinimulang kong itanong kaninang umaga,

08:18:38Source

Senator Risa Hontiveros

asr-008960

kailangan paghandaan natin yung El Niño.

08:18:42Source

Senator Risa Hontiveros

asr-008961

Warning kasi ng mga scientists,

08:18:43Source

Senator Risa Hontiveros

asr-008962

ito yung magiging pinakamatinding El Niño

08:18:47Source

Senator Risa Hontiveros

asr-008963

sa loob nitong nakaraang ilang mga dekada.

08:18:51Source

Senator Risa Hontiveros

asr-008964

So, unang tanong po, dito sa 2027,

08:18:54Source

Senator Risa Hontiveros

asr-008965

proposed budget,

08:18:56Source

Senator Risa Hontiveros

asr-008966

magkano pong nakalaan para mapaghandaan ng,

08:19:00Source

Senator Risa Hontiveros

asr-008967

well, lahat ng Pilipino, lalo na yung mga magsasaka natin,

08:19:04Source

Senator Risa Hontiveros

asr-008968

ang El Niño at malampasan yung mga magiging epekto nito sa atin?

08:19:15Source

Senator Risa Hontiveros

asr-008969

And across agencies po, kung maaari, yung nakalaan.

08:19:18Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008970

Actually, Your Honor, we have started preparing for the possible effect of El Niño

08:19:23Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008971

as early as now because we have actually captured the possible effect,

08:19:29Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008972

of El Niño, under the uplift framework.

08:19:32Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008973

That is why we have facilitated some augmentation to the Department of Agriculture

08:19:39Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008974

to start front-loading some farm inputs because they tried to change their planting calendar.

08:19:48Source

Senator Risa Hontiveros

asr-008975

Inurong nila ng isa o dalawang buwan, ano po?

08:19:50Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008976

Yes. So, we have provided some augmentation, Your Honor, on additional inputs,

08:19:55Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008977

both on the fertilizer side, but also supporting,

08:19:59Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008978

even the fuel requirements of our farmers, so that's under the uplift framework.

08:20:04Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008979

So, we're not waiting for 2027. So, we've started working right now.

08:20:09Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008980

So, for 2027…

08:20:10Source

Senator Risa Hontiveros

asr-008981

Before you continue, Sec, but dahil nga dinilay nila yung pagtatanim by one to two months,

08:20:16Source

Senator Risa Hontiveros

asr-008982

kailangan paghandaan din, maybe even still using the uplift framework,

08:20:20Source

Senator Risa Hontiveros

asr-008983

yung insecurity sa food security dapat dahil sa pagdilay ng planting?

08:20:25Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008984

We fully note that, Your Honor. So, uplift is still ongoing.

08:20:29Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008985

In fact, while it hasn't been disbanded, so the interventions continue.

08:20:35Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008986

So, that's on the farmer side, not only on the fertilizer, but even their possible fuel consumption.

08:20:42Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008987

We're even looking at support, possible support for forms of irrigation.

08:20:50Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008988

So, we're looking at different irrigation projects that would also include exploring solar irrigation

08:20:58Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008989

for next years.

08:20:59Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008990

So, we are utilizing not extraordinary line items.

08:21:06Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008991

As a matter of fact, DA is maximizing its existing line items as a matter of front-loading,

08:21:13Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008992

prioritizing as well the beneficiaries, but we also have on standby the NDRIM fund

08:21:19Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008993

for any possible shortfall that may arise if the regular funding sources under DA

08:21:26Source

Acting DBM Secretary Kim Robert C. De Leon

asr-008994

would not be enough, Your Honor.

08:21:28Source

Senator Risa Hontiveros

asr-008995

So, Sec.

08:21:29Source

Senator Risa Hontiveros

asr-008996

Magkano lahat-lahat yung naka-allocate proposed sa 2027 budget para doon across agencies?

08:21:35Source

Senator Risa Hontiveros

asr-008997

Kahit isubmit nyo na lang po in writing sa chair, yung breakdown per agency.

08:21:38Source

Senator Risa Hontiveros

asr-008998

Pero, total, magkano po?

08:21:44Source

Senator Risa Hontiveros

asr-008999

Yes, pero may ballpark figure po ba magkano lahat-lahat kahit across agencies, pero yung suma

08:21:50Source

Senator Risa Hontiveros

asr-009000

para sa El Nino response and preparations?

08:21:54Source

Acting DBM Secretary Kim Robert C. De Leon

asr-009001

Because our current risk resilience data, Your Honor, is not just exclusive to El Nino.

08:22:00Source

Acting DBM Secretary Kim Robert C. De Leon

asr-009002

So, maybe we have to disaggregate.

08:22:02Source

Acting DBM Secretary Kim Robert C. De Leon

asr-009003

Maybe attributable programs and projects for El Nino alone.

08:22:06Source

Senator Risa Hontiveros

asr-009004

Okay po.

08:22:07Source

Senator Risa Hontiveros

asr-009005

Pakisubmit na rin yun in writing kasama nyo doon sa chair.

08:22:11Source

Senator Risa Hontiveros

asr-009006

Follow up po sa current 2026 budget naman, anong available resources ang ginagamit natin

08:22:18Source

Senator Risa Hontiveros

asr-009007

ngayon para sa buffer stocking ng bigas at pati repair ng mga rainwater catchment facilities

08:22:25Source

Senator Risa Hontiveros

asr-009008

or water storage facilities in general?

08:22:32Source

Acting DBM Secretary Kim Robert C. De Leon

asr-009009

For buffer stocking of rice, Your Honor, and if...

08:22:36Source

Acting DBM Secretary Kim Robert C. De Leon

asr-009010

The NFA is utilizing its existing budget as part of its mandate for the repair of rainwater

08:22:44Source

Acting DBM Secretary Kim Robert C. De Leon

asr-009011

collection facilities, I believe DPWH is using available resources including their regular

08:22:53Source

Acting DBM Secretary Kim Robert C. De Leon

asr-009012

budget for repair to rehabilitate if there are damaged facilities for that matter, Your Honor.

08:23:01Source

Senator Risa Hontiveros

asr-009013

Pakisubmit na rin in writing yan, Secretary, para sa pag-interpolate namin doon sa agent.

08:23:06Source

Acting DBM Secretary Kim Robert C. De Leon

asr-009014

We will comply, Your Honor.

08:23:08Source

Senator Risa Hontiveros

asr-009015

Salamat po.

08:23:09Source

Senator Risa Hontiveros

asr-009016

Tapos, yun.

08:23:11Source

Senator Risa Hontiveros

asr-009017

So, amid the global trade policy uncertainties, I think around the table, sa ayan tayong lahat,

08:23:19Source

Senator Risa Hontiveros

asr-009018

we really need to bring in those foreign direct investments into the country.

08:23:24Source

Senator Risa Hontiveros

asr-009019

So, tanong po pareho sa DOF at saka sa DEPDev rin, paano tutugunan ng proposed 2027 budget?

08:23:32Source

Senator Risa Hontiveros

asr-009020

Yung constraints, mga constraints sa pagpasok.

08:23:36Source

Senator Risa Hontiveros

asr-009021

Noong mga gusto nating foreign direct investments yan.

08:23:39Source

Senator Risa Hontiveros

asr-009022

Particularly, yung constraints ng napakamahal na kuryente, doubling cost of logistics,

08:23:46Source

Senator Risa Hontiveros

asr-009023

at yung pagiging puno o crowded noong mga ports natin.

08:23:51Source

Senator Risa Hontiveros

asr-009024

Would the DOF like to address that or DEV?

08:23:53Source

DEPDev Secretary Arsenio M. Balisacan

asr-009025

I, Mr. Chair, and Your Honor, earlier I flashed the amendment,

08:24:08Source

DEPDev Secretary Arsenio M. Balisacan

asr-009026

law amendments that we would like to be prioritized by Congress,

08:24:12Source

DEPDev Secretary Arsenio M. Balisacan

asr-009027

and one of that is the EPIRA, because that will go a long way in reducing cost of energy in the longer term.

08:24:21Source

DEPDev Secretary Arsenio M. Balisacan

asr-009028

And we are talking about a more effective ERC, better coordination between ERC and PCC in going after abuse of market power,

08:24:38Source

DEPDev Secretary Arsenio M. Balisacan

asr-009029

as well as investment in downstream and upstream in the energy sector.

08:24:44Source

DEPDev Secretary Arsenio M. Balisacan

asr-009030

I think that the waste of energy is also a high priority that we are asking Congress to pay attention to, Your Honor.

08:24:54Source

DEPDev Secretary Arsenio M. Balisacan

asr-009031

So, those are...

08:24:56Source

Senator Risa Hontiveros

asr-009032

And in addition po sa legislative, kasi shop naman namin yun, pero dito po sa proposed 2027 budget,

08:25:04Source

Senator Risa Hontiveros

asr-009033

paano ini-intend na ma-address itong mga constraints?

08:25:08Source

Senator Risa Hontiveros

asr-009034

From the executive side naman po.

08:25:11Source

DEPDev Secretary Arsenio M. Balisacan

asr-009035

I think we are focusing on, as we said earlier, on the more efficient bureaucracy.

08:25:20Source

DEPDev Secretary Arsenio M. Balisacan

asr-009036

I think the ease of doing business that we need to keep improving because the World Bank report still puts us,

08:25:33Source

DEPDev Secretary Arsenio M. Balisacan

asr-009037

identifies the ease of doing business, particularly permitting...

08:25:38Source

DEPDev Secretary Arsenio M. Balisacan

asr-009038

And the regulation of the various agencies have made it, still make it so difficult to do business in the country.

08:25:50Source

DEPDev Secretary Arsenio M. Balisacan

asr-009039

So, I think we are mindful of that support for our bureaucracy.

08:26:00Source

DEPDev Secretary Arsenio M. Balisacan

asr-009040

Mr. Chair?

08:26:02Source

Senator Risa Hontiveros

asr-009041

Sek, what about yung problematic ports natin?

08:26:06Source

Senator Risa Hontiveros

asr-009042

At saka yung napakamahal na logistics?

08:26:08Source

Senator Risa Hontiveros

asr-009043

May proposed spending items ba kayo sa proposed 2027 budget para i-address yun?

08:26:15Source

Senator Risa Hontiveros

asr-009044

Yeah, logistics and for agriculture, for post-harvest facilities, that's quite, I understand, high in the agenda of Department of Agriculture.

08:26:27Source

Senator Risa Hontiveros

asr-009045

And I think that our colleague in DBM can provide the numbers, Mr. Chair.

08:26:34Source

Senator Risa Hontiveros

asr-009046

Salamat, Sek R.C.

08:26:35Source

Senator Risa Hontiveros

asr-009047

Yes, Sek, go.

08:26:37Source

DOF Secretary Frederick D. Go

asr-009048

Yes, hi.

08:26:38Source

DOF Secretary Frederick D. Go

asr-009049

Your Honor, Mr. Chair, I completely share your desire to increase investments in the country.

08:26:44Source

DOF Secretary Frederick D. Go

asr-009050

As a matter of fact, that's practically what I was doing for the first two years I was here in government.

08:26:52Source

DOF Secretary Frederick D. Go

asr-009051

And I think the answer lies in policy reforms.

08:26:57Source

DOF Secretary Frederick D. Go

asr-009052

They're not, unfortunately, I don't think they'll be found in the budget.

08:27:02Source

DOF Secretary Frederick D. Go

asr-009053

But they revolve around two things, the ease of doing business and the predictability of doing business.

08:27:08Source

DOF Secretary Frederick D. Go

asr-009054

Fortunately, in the first two years of mine in government, I worked with the legislature and we passed several very good reforms like the Create More Act, the PPP Code, the Accelerated Right-of-Way Law, and the Mining Fiscal Regime, as well as the Land Lease Act.

08:27:33Source

DOF Secretary Frederick D. Go

asr-009055

So I think those are all very good laws.

08:27:39Source

DOF Secretary Frederick D. Go

asr-009057

that ensure the ease of doing business and the predictability of doing business.

08:27:42Source

DOF Secretary Frederick D. Go

asr-009058

But they're really not found in the budget.

08:27:45Source

DOF Secretary Frederick D. Go

asr-009059

There is one agency that you're probably referring to if you're talking about increasing the number of ports in the country, and that would be the PPA, the Philippine Ports Authority.

08:27:57Source

DOF Secretary Frederick D. Go

asr-009060

And uncrowding them, Sek.

08:27:59Source

DOF Secretary Frederick D. Go

asr-009061

Yes.

08:28:01Source

DOF Secretary Frederick D. Go

asr-009062

First of all, on PPA, we do not provide subsidy to them, I'm told by the DBM, because they have their own revenue source.

08:28:07Source

DOF Secretary Frederick D. Go

asr-009063

So they...

08:28:08Source

DOF Secretary Frederick D. Go

asr-009064

They take care of their own port projects.

08:28:11Source

DOF Secretary Frederick D. Go

asr-009065

But specifically on the crowding of ports, and if you're referring to the customs, the crowding of containers in the shipyards, that is a very serious concern.

08:28:25Source

DOF Secretary Frederick D. Go

asr-009066

What I have been told is that in the last two administrations, so probably 15 years running, they've been trying to solve this problem.

08:28:35Source

DOF Secretary Frederick D. Go

asr-009067

And I think we're now in the midst of probably passing a joint

08:28:38Source

DOF Secretary Frederick D. Go

asr-009068

I think we're now in the midst of a joint administrative order where we are dividing the territory, if you will, between the ships that belong to Marina.

08:28:47Source

DOF Secretary Frederick D. Go

asr-009069

And as soon as you unload the container from the ship, it now belongs to the Bureau of Customs territory.

08:28:56Source

DOF Secretary Frederick D. Go

asr-009070

We hope that if we can finalize that joint administrative order, we'll be able to resolve this issue.

08:29:02Source

DOF Secretary Frederick D. Go

asr-009071

Because there's a gray area in the ports of...

08:29:08Source

DOF Secretary Frederick D. Go

asr-009072

Which agency is responsible for what?

08:29:12Source

Senator Risa Hontiveros

asr-009073

In addition to resolving that or making clear that gray area, Sec,

08:29:16Source

Senator Risa Hontiveros

asr-009074

dun sa logistics in general,

08:29:20Source

Senator Risa Hontiveros

asr-009075

ang laking bagay halimbawa kung DA natuloy yung kanilang unang magandang plano to build yung mga cold chain storage facility sa lahat ng ports at lahat ng airports.

08:29:34Source

Senator Risa Hontiveros

asr-009076

So siguro pagdating sa pag-examine namin sa agency budget ng DA,

08:29:38Source

Senator Risa Hontiveros

asr-009077

hahanapin ko ulit yun.

08:29:43Source

Senator Risa Hontiveros

asr-009078

Lastly, Mr. Cherque, salamat si Sec, RC is raising his hand.

08:29:47Source

Senator Risa Hontiveros

asr-009079

I wanted to go back to him nga.

08:29:48Source

Senator Risa Hontiveros

asr-009080

Sa planning inputs po kasi ng DepDev for the 2027 budget, meron ba kayong inputs noon regards these constraints to bringing...

08:30:00Source

Senator Risa Hontiveros

asr-009081

yung FDIs, yung mahal na kuryente, yung mahal na logistics, at saka yung baradong mga ports?

08:30:07Source

DEPDev Secretary Arsenio M. Balisacan

asr-009082

Yeah.

08:30:09Source

DEPDev Secretary Arsenio M. Balisacan

asr-009083

Oh, maybe I can come later because I would want to raise an elephant in the room.

08:30:15Source

Senator Risa Hontiveros

asr-009084

Please, by all means.

08:30:17Source

DEPDev Secretary Arsenio M. Balisacan

asr-009085

Because we talked about food security a lot and we have seen that food inflation

08:30:23Source

DEPDev Secretary Arsenio M. Balisacan

asr-009086

and high cost of food in the country is really a major issue.

08:30:30Source

DEPDev Secretary Arsenio M. Balisacan

asr-009087

It has made the price of food in the country is almost twice than what you can get in Vietnam or Thailand or Indonesia.

08:30:42Source

DEPDev Secretary Arsenio M. Balisacan

asr-009088

This is really a very serious problem on food security.

08:30:45Source

DEPDev Secretary Arsenio M. Balisacan

asr-009089

And that cuts across our social fabric, education, health, and so on, and the competitiveness of our workers.

08:30:58Source

DEPDev Secretary Arsenio M. Balisacan

asr-009090

And this is the problem.

08:31:00Source

DEPDev Secretary Arsenio M. Balisacan

asr-009091

I look at the census of agriculture.

08:31:08Source

DEPDev Secretary Arsenio M. Balisacan

asr-009092

Do we know, for example, that because we don't have a national land use,

08:31:15Source

DEPDev Secretary Arsenio M. Balisacan

asr-009093

that we have been trying to ask the Congress to pass a national land use for the past quarter century,

08:31:23Source

DEPDev Secretary Arsenio M. Balisacan

asr-009094

and we have not succeeded?

08:31:26Source

DEPDev Secretary Arsenio M. Balisacan

asr-009095

And in 2002,

08:31:30Source

DEPDev Secretary Arsenio M. Balisacan

asr-009096

there were 9.67 million hectares of agricultural land.

08:31:35Source

DEPDev Secretary Arsenio M. Balisacan

asr-009097

By 2022, there are only 6.31 million hectares.

08:31:40Source

DEPDev Secretary Arsenio M. Balisacan

asr-009098

Or we lost 3.4 million hectares of land.

08:31:45Source

Senator Risa Hontiveros

asr-009099

Conversion po.

08:31:47Source

DEPDev Secretary Arsenio M. Balisacan

asr-009100

Yeah, conversion.

08:31:49Source

DEPDev Secretary Arsenio M. Balisacan

asr-009101

Now, rice.

08:31:54Source

DEPDev Secretary Arsenio M. Balisacan

asr-009102

Out of that 6.3 million,

08:32:00Source

DEPDev Secretary Arsenio M. Balisacan

asr-009103

there are about 3.13 million so-called irrigable areas.

08:32:08Source

DEPDev Secretary Arsenio M. Balisacan

asr-009104

I mean, those lands that have potential for irrigation.

08:32:11Source

DEPDev Secretary Arsenio M. Balisacan

asr-009105

But only 1.84 million of that is irrigated.

08:32:17Source

DEPDev Secretary Arsenio M. Balisacan

asr-009106

All right.

08:32:18Source

DEPDev Secretary Arsenio M. Balisacan

asr-009107

In the last 15 years,

08:32:20Source

DEPDev Secretary Arsenio M. Balisacan

asr-009108

it's almost exactly the same amount at the same level of irrigation.

08:32:27Source

DEPDev Secretary Arsenio M. Balisacan

asr-009109

There you are.

08:32:28Source

DEPDev Secretary Arsenio M. Balisacan

asr-009110

You have 20.

08:32:29Source

DEPDev Secretary Arsenio M. Balisacan

asr-009111

You have lost our land,

08:32:31Source

DEPDev Secretary Arsenio M. Balisacan

asr-009112

and for those remaining land,

08:32:33Source

DEPDev Secretary Arsenio M. Balisacan

asr-009113

you have not made them productive by building the proper irrigation.

08:32:39Source

DEPDev Secretary Arsenio M. Balisacan

asr-009114

Now, rice production in the last 10 years grew by only 0.9% every year.

08:32:48Source

DEPDev Secretary Arsenio M. Balisacan

asr-009115

Our population is growing at 1.23% average per year.

08:32:57Source

DEPDev Secretary Arsenio M. Balisacan

asr-009116

So, by the increase,

08:33:00Source

DEPDev Secretary Arsenio M. Balisacan

asr-009117

the population,

08:33:01Source

DEPDev Secretary Arsenio M. Balisacan

asr-009118

kulang na kulang yung,

08:33:03Source

DEPDev Secretary Arsenio M. Balisacan

asr-009119

ina-outpace na yung rice production.

08:33:08Source

DEPDev Secretary Arsenio M. Balisacan

asr-009120

So, are we surprised why we are importing so much?

08:33:14Source

DEPDev Secretary Arsenio M. Balisacan

asr-009121

We should not be surprised

08:33:16Source

DEPDev Secretary Arsenio M. Balisacan

asr-009122

because of that situation

08:33:23Source

DEPDev Secretary Arsenio M. Balisacan

asr-009123

where we have allowed our very productive farms

08:33:28Source

DEPDev Secretary Arsenio M. Balisacan

asr-009124

to be converted into non-use,

08:33:32Source

DEPDev Secretary Arsenio M. Balisacan

asr-009125

and you can think,

08:33:33Source

DEPDev Secretary Arsenio M. Balisacan

asr-009126

you can go around,

08:33:34Source

DEPDev Secretary Arsenio M. Balisacan

asr-009127

travel to the south,

08:33:36Source

DEPDev Secretary Arsenio M. Balisacan

asr-009128

to the north,

08:33:37Source

DEPDev Secretary Arsenio M. Balisacan

asr-009129

you see irrigated lands being converted into,

08:33:44Source

DEPDev Secretary Arsenio M. Balisacan

asr-009130

and that's something that you cannot see

08:33:46Source

DEPDev Secretary Arsenio M. Balisacan

asr-009131

and you don't see in Thailand or Vietnam.

08:33:49Source

DEPDev Secretary Arsenio M. Balisacan

asr-009132

My colleagues in Vietnam told me that

08:33:51Source

DEPDev Secretary Arsenio M. Balisacan

asr-009133

if it is irrigated land,

08:33:54Source

DEPDev Secretary Arsenio M. Balisacan

asr-009134

it is never converted

08:33:57Source

DEPDev Secretary Arsenio M. Balisacan

asr-009135

into non-traditional use.

08:34:02Source

DEPDev Secretary Arsenio M. Balisacan

asr-009136

Non-agricultural uses.

08:34:05Source

DEPDev Secretary Arsenio M. Balisacan

asr-009137

So, it's that,

08:34:07Source

DEPDev Secretary Arsenio M. Balisacan

asr-009138

Madam Chair,

08:34:08Source

DEPDev Secretary Arsenio M. Balisacan

asr-009139

if you are looking for the root problem

08:34:11Source

DEPDev Secretary Arsenio M. Balisacan

asr-009140

of our incapacity to produce enough food

08:34:14Source

DEPDev Secretary Arsenio M. Balisacan

asr-009141

and reasonably priced food,

08:34:18Source

DEPDev Secretary Arsenio M. Balisacan

asr-009142

it's that.

08:34:19Source

DEPDev Secretary Arsenio M. Balisacan

asr-009143

We haven't made our farmlands more productive

08:34:22Source

DEPDev Secretary Arsenio M. Balisacan

asr-009144

by investing in their productivity-enhancing measures

08:34:27Source

DEPDev Secretary Arsenio M. Balisacan

asr-009145

like irrigation.

08:34:28Source

DEPDev Secretary Arsenio M. Balisacan

asr-009146

And we haven't passed a national land use code

08:34:32Source

DEPDev Secretary Arsenio M. Balisacan

asr-009147

that would have allowed us

08:34:34Source

DEPDev Secretary Arsenio M. Balisacan

asr-009148

to rationally manage our land resources.

08:34:43Source

DEPDev Secretary Arsenio M. Balisacan

asr-009149

And I appeal that

08:34:44Source

DEPDev Secretary Arsenio M. Balisacan

asr-009150

that will be a game-changer for this country

08:34:49Source

DEPDev Secretary Arsenio M. Balisacan

asr-009151

if this Congress can finally pass a law,

08:34:53Source

DEPDev Secretary Arsenio M. Balisacan

asr-009152

a national land use code

08:34:54Source

DEPDev Secretary Arsenio M. Balisacan

asr-009153

that has been languishing for the last 25 years.

08:35:00Source

Senator Risa Hontiveros

asr-009154

Salamat, Sec. Arcee.

08:35:02Source

Senator Risa Hontiveros

asr-009155

Actually, Mr. Chair,

08:35:04Source

Senator Risa Hontiveros

asr-009156

may dalawa pa akong topics.

08:35:05Source

Senator Risa Hontiveros

asr-009157

Isabit ko na lang sa inyo in writing

08:35:07Source

Senator Risa Hontiveros

asr-009158

para sa mga ahensya

08:35:09Source

Senator Risa Hontiveros

asr-009159

because, sorry po, I need to leave.

08:35:12Source

Senator Risa Hontiveros

asr-009160

Pero, salamat kay Sec. Arcee

08:35:13Source

Senator Risa Hontiveros

asr-009161

na dagdagan yung mga tanong ko

08:35:15Source

Senator Risa Hontiveros

asr-009162

para sa mga agencies

08:35:16Source

Senator Risa Hontiveros

asr-009163

pagdating sa mga hearings nila.

08:35:19Source

Senator Risa Hontiveros

asr-009164

Last na lang for the record, Mr. Chairman,

08:35:20Source

Senator Risa Hontiveros

asr-009165

may manifestation na

08:35:23Source

Senator Risa Hontiveros

asr-009166

ito pong mga constraints na to,

08:35:25Source

Senator Risa Hontiveros

asr-009167

kuryente,

08:35:27Source

Senator Risa Hontiveros

asr-009168

logistics, ports, at iba pa.

08:35:30Source

Senator Risa Hontiveros

asr-009169

Ito ay masasagot ng isang mga agensya.

08:35:32Source

Senator Risa Hontiveros

asr-009171

Ito ay masasagot ng isang matatag

08:35:33Source

Senator Risa Hontiveros

asr-009172

at malinaw na industrial policy.

08:35:35Source

Senator Risa Hontiveros

asr-009173

Naging simula na yung tatak Pinoy,

08:35:38Source

Senator Risa Hontiveros

asr-009174

pero a full-blown industrial policy.

08:35:40Source

Senator Risa Hontiveros

asr-009175

Yun pa rin yung kailangang

08:35:42Source

Senator Risa Hontiveros

asr-009176

i-articulate sa gobyerno.

08:35:44Source

Senator Risa Hontiveros

asr-009177

At kasi, ayon sa mga sagot

08:35:47Source

Senator Risa Hontiveros

asr-009178

so far ng DBCC,

08:35:49Source

Senator Risa Hontiveros

asr-009179

paano naman natin masisimulang buo-in

08:35:51Source

Senator Risa Hontiveros

asr-009180

itong industrial policy

08:35:52Source

Senator Risa Hontiveros

asr-009181

kung wala itong pondo

08:35:54Source

Senator Risa Hontiveros

asr-009182

or wala pa itong focus

08:35:56Source

Senator Risa Hontiveros

asr-009183

dito sa ating 2027 NEP?

08:35:59Source

Senator Risa Hontiveros

asr-009184

The 2026 budget, for example,

08:36:02Source

Senator Risa Hontiveros

asr-009185

yes, it was formulated

08:36:03Source

Senator Risa Hontiveros

asr-009186

before a crisis

08:36:04Source

Senator Risa Hontiveros

asr-009187

and when that new oil crisis erupted,

08:36:08Source

Senator Risa Hontiveros

asr-009188

it seems hindi tayo handa

08:36:11Source

Senator Risa Hontiveros

asr-009189

at inabsorb natin yung parehong shock na yun

08:36:14Source

Senator Risa Hontiveros

asr-009190

ng mas matindi

08:36:15Source

Senator Risa Hontiveros

asr-009191

kesa sa mga peers natin.

08:36:18Source

Senator Risa Hontiveros

asr-009192

Sila nagpakita ng higit na kahandaan,

08:36:21Source

Senator Risa Hontiveros

asr-009193

resilience, at ngayon, bounce back.

08:36:23Source

Senator Risa Hontiveros

asr-009194

So, ito po yung mga bagay

08:36:25Source

Senator Risa Hontiveros

asr-009195

na hinahanap ko pa rin

08:36:26Source

Senator Risa Hontiveros

asr-009196

sa ating 2027 NEP

08:36:28Source

Senator Risa Hontiveros

asr-009197

dahil gusto po namin dito sa Senado

08:36:31Source

Senator Risa Hontiveros

asr-009198

mag-aproba ng isang plano

08:36:33Source

Senator Risa Hontiveros

asr-009199

o isang budget na may proactive na plano.

08:36:36Source

Senator Risa Hontiveros

asr-009200

So, maraming salamat po, Mr. Chair,

08:36:38Source

Senator Risa Hontiveros

asr-009201

at maraming salamat sa ating mga resource persons.

08:36:41Source

Senator Joseph Victor "JV" G. Ejercito

asr-009202

Thank you, Senator De Beros.

08:36:44Source

Senator Joseph Victor "JV" G. Ejercito

asr-009203

The Chair just has some concerns.

08:36:47Source

Senator Joseph Victor "JV" G. Ejercito

asr-009204

The others have been touched,

08:36:49Source

Senator Joseph Victor "JV" G. Ejercito

asr-009205

but just to set the record,

08:36:51Source

Senator Joseph Victor "JV" G. Ejercito

asr-009206

stated for DBCC forecast,

08:36:55Source

Senator Joseph Victor "JV" G. Ejercito

asr-009207

inflation of 4 to 5 percent in 2027,

08:36:58Source

Senator Joseph Victor "JV" G. Ejercito

asr-009208

still above the BSP midpoint.

08:37:00Source

Senator Joseph Victor "JV" G. Ejercito

asr-009209

Okay.

08:37:01Source

Senator Joseph Victor "JV" G. Ejercito

asr-009210

How much of the projected revenue increase

08:37:03Source

Senator Joseph Victor "JV" G. Ejercito

asr-009211

is simply nominal revenue growth

08:37:04Source

Senator Joseph Victor "JV" G. Ejercito

asr-009212

caused by inflation

08:37:06Source

Senator Joseph Victor "JV" G. Ejercito

asr-009213

rather than improvement

08:37:07Source

Senator Joseph Victor "JV" G. Ejercito

asr-009214

in the government's real revenue capacity?

08:37:21Source

Senator Joseph Victor "JV" G. Ejercito

asr-009215

A sec, Kim.

08:37:22Source

Senator Joseph Victor "JV" G. Ejercito

asr-009216

We'll answer.

08:37:23Source

Senator Joseph Victor "JV" G. Ejercito

asr-009217

Secretary Deck.

08:37:25Source

DOF Secretary Frederick D. Go

asr-009218

Our tax revenues is projected to grow

08:37:29Source

DOF Secretary Frederick D. Go

asr-009219

from 4.4 trillion to 4.85 trillion.

08:37:32Source

DOF Secretary Frederick D. Go

asr-009220

That's a 9.21 percent increase

08:37:34Source

DOF Secretary Frederick D. Go

asr-009221

or a 9.3 percent increase

08:37:36Source

DOF Secretary Frederick D. Go

asr-009222

as was mentioned earlier.

08:37:37Source

DOF Secretary Frederick D. Go

asr-009223

If you look at the GDP projections

08:37:42Source

DOF Secretary Frederick D. Go

asr-009224

and the inflation,

08:37:44Source

DOF Secretary Frederick D. Go

asr-009225

there is a little bit of buoyancy

08:37:47Source

DOF Secretary Frederick D. Go

asr-009226

in those numbers.

08:37:50Source

DOF Secretary Frederick D. Go

asr-009227

So, if you assume the low end of both,

08:37:54Source

DOF Secretary Frederick D. Go

asr-009228

then there's a little bit of buoyancy

08:37:56Source

DOF Secretary Frederick D. Go

asr-009229

from 9 percent to 9.3 percent.

08:38:01Source

Senator Joseph Victor "JV" G. Ejercito

asr-009230

Thank you.

08:38:01Source

Senator Joseph Victor "JV" G. Ejercito

asr-009231

Also, likewise, DOF is targeting to raise

08:38:04Source

Senator Joseph Victor "JV" G. Ejercito

asr-009232

101.5 billion through privatization.

08:38:07Source

Senator Joseph Victor "JV" G. Ejercito

asr-009233

Is that correct?

08:38:08Source

Senator Joseph Victor "JV" G. Ejercito

asr-009234

That's right.

08:38:08Source

Senator Joseph Victor "JV" G. Ejercito

asr-009235

That's right, Mr. Chair.

08:38:10Source

Senator Joseph Victor "JV" G. Ejercito

asr-009236

So, how will we ensure that the assets

08:38:11Source

Senator Joseph Victor "JV" G. Ejercito

asr-009237

that we will receive will be disposed

08:38:13Source

Senator Joseph Victor "JV" G. Ejercito

asr-009238

at a fair value?

08:38:15Source

Senator Joseph Victor "JV" G. Ejercito

asr-009239

Won't this privatization be used to address

08:38:17Source

Senator Joseph Victor "JV" G. Ejercito

asr-009240

just short-term fiscal problems?

08:38:21Source

DOF Secretary Frederick D. Go

asr-009241

The privatization efforts of the government

08:38:25Source

DOF Secretary Frederick D. Go

asr-009242

have been continuous.

08:38:29Source

DOF Secretary Frederick D. Go

asr-009243

For next year,

08:38:30Source

DOF Secretary Frederick D. Go

asr-009244

the reason why we were more confident

08:38:31Source

DOF Secretary Frederick D. Go

asr-009245

to project 100 billion

08:38:33Source

DOF Secretary Frederick D. Go

asr-009246

was because we already have

08:38:34Source

DOF Secretary Frederick D. Go

asr-009247

in hand about 37 billion

08:38:38Source

DOF Secretary Frederick D. Go

asr-009248

from the...

08:38:38Source

DOF Secretary Frederick D. Go

asr-009249

from the privatization of the CBK,

08:38:41Source

DOF Secretary Frederick D. Go

asr-009250

hydroelectric facility.

08:38:45Source

Senator Joseph Victor "JV" G. Ejercito

asr-009251

And I saw earlier,

08:38:46Source

Senator Joseph Victor "JV" G. Ejercito

asr-009252

pati yung atrium pala, no?

08:38:47Source

Senator Joseph Victor "JV" G. Ejercito

asr-009253

That will be privatized.

08:38:49Source

DOF Secretary Frederick D. Go

asr-009254

We have already sold it, Mr. Chair,

08:38:51Source

DOF Secretary Frederick D. Go

asr-009255

for 1 billion pesos.

08:38:53Source

DOF Secretary Frederick D. Go

asr-009256

Our...

08:38:54Source

DOF Secretary Frederick D. Go

asr-009257

I think we own...

08:38:55Source

Senator Joseph Victor "JV" G. Ejercito

asr-009258

But we were...

08:38:56Source

Senator Joseph Victor "JV" G. Ejercito

asr-009259

Our Senate President and I

08:38:57Source

Senator Joseph Victor "JV" G. Ejercito

asr-009260

were conferring

08:38:58Source

Senator Joseph Victor "JV" G. Ejercito

asr-009261

instead of a fair market value

08:39:00Source

Senator Joseph Victor "JV" G. Ejercito

asr-009262

kasi sa...

08:39:01Source

Senator Joseph Victor "JV" G. Ejercito

asr-009263

parang bahay sa Forbes,

08:39:02Source

Senator Joseph Victor "JV" G. Ejercito

asr-009264

mga 1 billion,

08:39:03Source

Senator Joseph Victor "JV" G. Ejercito

asr-009265

1.5 billion eh.

08:39:05Source

DOF Secretary Frederick D. Go

asr-009266

Now, we don't own the whole building,

08:39:07Source

DOF Secretary Frederick D. Go

asr-009267

Mr. Chair.

08:39:08Source

DOF Secretary Frederick D. Go

asr-009268

So...

08:39:09Source

DOF Secretary Frederick D. Go

asr-009269

I think the exact number...

08:39:10Source

Senator Joseph Victor "JV" G. Ejercito

asr-009270

Sa joint vent, parang ano ba yan?

08:39:11Source

Senator Joseph Victor "JV" G. Ejercito

asr-009271

Just a portion sa government.

08:39:13Source

DOF Secretary Frederick D. Go

asr-009272

The exact number is we own...

08:39:15Source

DOF Secretary Frederick D. Go

asr-009273

How many units?

08:39:19Source

DOF Secretary Frederick D. Go

asr-009274

24 units.

08:39:21Source

DOF Secretary Frederick D. Go

asr-009275

Ah, just 24 units.

08:39:22Source

DOF Secretary Frederick D. Go

asr-009276

So, 24 condominium units

08:39:24Source

DOF Secretary Frederick D. Go

asr-009277

in the atrium

08:39:24Source

DOF Secretary Frederick D. Go

asr-009278

was equivalent to a billion pesos.

08:39:26Source

DOF Secretary Frederick D. Go

asr-009279

Ah, okay.

08:39:27Source

Senator Joseph Victor "JV" G. Ejercito

asr-009280

That's why we were thinking

08:39:28Source

Senator Joseph Victor "JV" G. Ejercito

asr-009281

halamin yung the whole property,

08:39:30Source

Senator Joseph Victor "JV" G. Ejercito

asr-009282

sabi namin.

08:39:31Source

Senator Joseph Victor "JV" G. Ejercito

asr-009283

Yung bahay sa Forbes kasi

08:39:32Source

Senator Joseph Victor "JV" G. Ejercito

asr-009284

1.5 billion eh.

08:39:33Source

Senator Joseph Victor "JV" G. Ejercito

asr-009285

Okay.

08:39:34Source

Senator Joseph Victor "JV" G. Ejercito

asr-009286

So, thank you for clearing that.

08:39:36Source

Senator Joseph Victor "JV" G. Ejercito

asr-009287

Tapos on the borrowing,

08:39:37Source

Senator Joseph Victor "JV" G. Ejercito

asr-009288

um,

08:39:38Source

Senator Joseph Victor "JV" G. Ejercito

asr-009289

of the 3.304 trillion

08:39:41Source

Senator Joseph Victor "JV" G. Ejercito

asr-009290

projected gross balance

08:39:42Source

Senator Joseph Victor "JV" G. Ejercito

asr-009291

for 2027,

08:39:44Source

Senator Joseph Victor "JV" G. Ejercito

asr-009292

1.695 trillion

08:39:45Source

Senator Joseph Victor "JV" G. Ejercito

asr-009293

will finance the deficit

08:39:47Source

Senator Joseph Victor "JV" G. Ejercito

asr-009294

while 1.590 trillion

08:39:51Source

Senator Joseph Victor "JV" G. Ejercito

asr-009295

will go to maturing debt?

08:39:53Source

DOF Secretary Frederick D. Go

asr-009296

That's right, Mr. Chair.

08:39:54Source

Senator Joseph Victor "JV" G. Ejercito

asr-009297

That's correct.

08:39:54Source

Senator Joseph Victor "JV" G. Ejercito

asr-009298

That's correct, Mr. Chair.

08:39:55Source

Senator Joseph Victor "JV" G. Ejercito

asr-009299

So, yung ano lang,

08:39:56Source

Senator Joseph Victor "JV" G. Ejercito

asr-009300

ang question lang,

08:39:57Source

Senator Joseph Victor "JV" G. Ejercito

asr-009301

is there sustainability

08:39:59Source

Senator Joseph Victor "JV" G. Ejercito

asr-009302

with this kind of

08:40:00Source

Senator Joseph Victor "JV" G. Ejercito

asr-009303

borrowing cycle?

08:40:03Source

Senator Joseph Victor "JV" G. Ejercito

asr-009304

Yan yung parang ano na

08:40:04Source

Senator Joseph Victor "JV" G. Ejercito

asr-009305

na-concern kanina

08:40:05Source

Senator Joseph Victor "JV" G. Ejercito

asr-009306

ni Senate President also,

08:40:06Source

Senator Joseph Victor "JV" G. Ejercito

asr-009307

you know,

08:40:07Source

Senator Joseph Victor "JV" G. Ejercito

asr-009308

we are borrowing,

08:40:08Source

Senator Joseph Victor "JV" G. Ejercito

asr-009309

just to finance the deficit

08:40:10Source

Senator Joseph Victor "JV" G. Ejercito

asr-009310

and the debt.

08:40:11Source

DOF Secretary Frederick D. Go

asr-009311

I will,

08:40:12Source

DOF Secretary Frederick D. Go

asr-009312

if you'll allow me to answer this,

08:40:14Source

DOF Secretary Frederick D. Go

asr-009313

this way, Mr. Chair.

08:40:15Source

DOF Secretary Frederick D. Go

asr-009314

Yes, please.

08:40:16Source

DOF Secretary Frederick D. Go

asr-009315

If we sustain

08:40:17Source

DOF Secretary Frederick D. Go

asr-009316

a fiscal deficit

08:40:18Source

DOF Secretary Frederick D. Go

asr-009317

of 5.5%,

08:40:19Source

DOF Secretary Frederick D. Go

asr-009318

then it's not sustainable.

08:40:21Source

DOF Secretary Frederick D. Go

asr-009319

Which is why the plan

08:40:22Source

DOF Secretary Frederick D. Go

asr-009320

is to bring down

08:40:23Source

DOF Secretary Frederick D. Go

asr-009321

the fiscal deficit

08:40:24Source

DOF Secretary Frederick D. Go

asr-009322

from where it is today,

08:40:26Source

DOF Secretary Frederick D. Go

asr-009323

around 5.45%,

08:40:28Source

DOF Secretary Frederick D. Go

asr-009324

down to about 3.5%

08:40:30Source

DOF Secretary Frederick D. Go

asr-009325

by the year 2030.

08:40:32Source

DOF Secretary Frederick D. Go

asr-009326

So, I,

08:40:33Source

DOF Secretary Frederick D. Go

asr-009327

it's very important

08:40:34Source

DOF Secretary Frederick D. Go

asr-009328

that the economic team

08:40:35Source

DOF Secretary Frederick D. Go

asr-009329

for this administration

08:40:38Source

DOF Secretary Frederick D. Go

asr-009330

and the next administration

08:40:38Source

DOF Secretary Frederick D. Go

asr-009331

has to

08:40:40Source

DOF Secretary Frederick D. Go

asr-009332

try to stay

08:40:42Source

DOF Secretary Frederick D. Go

asr-009333

as true

08:40:43Source

DOF Secretary Frederick D. Go

asr-009334

to the path,

08:40:45Source

DOF Secretary Frederick D. Go

asr-009335

the plan.

08:40:47Source

DOF Secretary Frederick D. Go

asr-009336

If it is,

08:40:48Source

DOF Secretary Frederick D. Go

asr-009337

if it doesn't stick

08:40:49Source

DOF Secretary Frederick D. Go

asr-009338

to the plan,

08:40:49Source

DOF Secretary Frederick D. Go

asr-009339

then you will see

08:40:50Source

DOF Secretary Frederick D. Go

asr-009340

what was raised earlier

08:40:52Source

DOF Secretary Frederick D. Go

asr-009341

by several

08:40:54Source

DOF Secretary Frederick D. Go

asr-009342

honorable members

08:40:56Source

DOF Secretary Frederick D. Go

asr-009343

of the Senate

08:40:56Source

DOF Secretary Frederick D. Go

asr-009344

that interest payments

08:40:58Source

DOF Secretary Frederick D. Go

asr-009345

will become a larger

08:40:59Source

DOF Secretary Frederick D. Go

asr-009346

and larger portion

08:41:00Source

DOF Secretary Frederick D. Go

asr-009347

of the national budget.

08:41:02Source

DOF Secretary Frederick D. Go

asr-009348

So, it's really important

08:41:04Source

DOF Secretary Frederick D. Go

asr-009349

that the fiscal deficit

08:41:06Source

DOF Secretary Frederick D. Go

asr-009350

reduction plan

08:41:07Source

DOF Secretary Frederick D. Go

asr-009351

is followed.

08:41:08Source

Senator Joseph Victor "JV" G. Ejercito

asr-009362

Thank you.

08:41:11Source

Senator Joseph Victor "JV" G. Ejercito

asr-009363

And then,

08:41:12Source

Senator Joseph Victor "JV" G. Ejercito

asr-009364

between 2026

08:41:13Source

Senator Joseph Victor "JV" G. Ejercito

asr-009365

and 2027,

08:41:15Source

Senator Joseph Victor "JV" G. Ejercito

asr-009366

we noticed

08:41:16Source

Senator Joseph Victor "JV" G. Ejercito

asr-009367

that the gross bar

08:41:17Source

Senator Joseph Victor "JV" G. Ejercito

asr-009368

increased by approximately

08:41:18Source

Senator Joseph Victor "JV" G. Ejercito

asr-009369

21%.

08:41:19Source

Senator Joseph Victor "JV" G. Ejercito

asr-009370

Is this correct?

08:41:23Source

Senator Joseph Victor "JV" G. Ejercito

asr-009371

Yung

08:41:23Source

Senator Joseph Victor "JV" G. Ejercito

asr-009372

gross bar

08:41:25Source

Senator Joseph Victor "JV" G. Ejercito

asr-009373

increased by 21%

08:41:26Source

Senator Joseph Victor "JV" G. Ejercito

asr-009374

between 2026

08:41:27Source

Senator Joseph Victor "JV" G. Ejercito

asr-009375

and 2027?

08:41:33Source

DOF Secretary Frederick D. Go

asr-009376

Parowing, yes.

08:41:34Source

DOF Secretary Frederick D. Go

asr-009377

Because of the maturing debt,

08:41:35Source

DOF Secretary Frederick D. Go

asr-009378

yes.

08:41:35Source

DOF Secretary Frederick D. Go

asr-009379

But technically,

08:41:36Source

DOF Secretary Frederick D. Go

asr-009380

our deficit this year

08:41:38Source

DOF Secretary Frederick D. Go

asr-009381

is 1.6 trillion.

08:41:39Source

DOF Secretary Frederick D. Go

asr-009382

Our deficit next year

08:41:40Source

DOF Secretary Frederick D. Go

asr-009383

is 1.7 trillion.

08:41:42Source

DOF Secretary Frederick D. Go

asr-009384

So, in terms of

08:41:42Source

DOF Secretary Frederick D. Go

asr-009385

So, in terms of deficit,

08:41:43Source

DOF Secretary Frederick D. Go

asr-009386

it's only 100 billion more.

08:41:48Source

Senator Joseph Victor "JV" G. Ejercito

asr-009387

Just a few more questions

08:41:49Source

Senator Joseph Victor "JV" G. Ejercito

asr-009388

to the DBCC.

08:41:52Source

Senator Joseph Victor "JV" G. Ejercito

asr-009389

Ito po from the

08:41:53Source

Senator Joseph Victor "JV" G. Ejercito

asr-009390

because just like

08:41:54Source

Senator Joseph Victor "JV" G. Ejercito

asr-009391

the Senate President,

08:41:56Source

Senator Joseph Victor "JV" G. Ejercito

asr-009392

we involved

08:41:56Source

Senator Joseph Victor "JV" G. Ejercito

asr-009393

the civil society

08:41:59Source

Senator Joseph Victor "JV" G. Ejercito

asr-009394

organizations, no?

08:42:01Source

Senator Joseph Victor "JV" G. Ejercito

asr-009395

So, ito po may mga questions.

08:42:03Source

Senator Joseph Victor "JV" G. Ejercito

asr-009396

There are about

08:42:03Source

Senator Joseph Victor "JV" G. Ejercito

asr-009397

three questions lang naman.

08:42:05Source

Senator Joseph Victor "JV" G. Ejercito

asr-009398

According to the latest

08:42:06Source

Senator Joseph Victor "JV" G. Ejercito

asr-009399

Asian Development Outlook,

08:42:08Source

Senator Joseph Victor "JV" G. Ejercito

asr-009400

inflation in the Philippines

08:42:09Source

Senator Joseph Victor "JV" G. Ejercito

asr-009401

stands at 5.9%

08:42:11Source

Senator Joseph Victor "JV" G. Ejercito

asr-009402

compared with the

08:42:12Source

Senator Joseph Victor "JV" G. Ejercito

asr-009403

ASEAN average

08:42:13Source

Senator Joseph Victor "JV" G. Ejercito

asr-009404

of 3.8%,

08:42:14Source

Senator Joseph Victor "JV" G. Ejercito

asr-009405

with the Philippines

08:42:15Source

Senator Joseph Victor "JV" G. Ejercito

asr-009406

seeing the largest

08:42:16Source

Senator Joseph Victor "JV" G. Ejercito

asr-009407

upward revision

08:42:17Source

Senator Joseph Victor "JV" G. Ejercito

asr-009408

in the region.

08:42:19Source

Senator Joseph Victor "JV" G. Ejercito

asr-009409

IMF data

08:42:20Source

Senator Joseph Victor "JV" G. Ejercito

asr-009410

likewise show

08:42:21Source

Senator Joseph Victor "JV" G. Ejercito

asr-009411

that our fiscal deficit

08:42:22Source

Senator Joseph Victor "JV" G. Ejercito

asr-009412

is wider

08:42:23Source

Senator Joseph Victor "JV" G. Ejercito

asr-009413

than those of

08:42:24Source

Senator Joseph Victor "JV" G. Ejercito

asr-009414

Middle Asia,

08:42:25Source

Senator Joseph Victor "JV" G. Ejercito

asr-009415

Malaysia,

08:42:25Source

Senator Joseph Victor "JV" G. Ejercito

asr-009416

Thailand,

08:42:25Source

Senator Joseph Victor "JV" G. Ejercito

asr-009417

and Vietnam.

08:42:27Source

Senator Joseph Victor "JV" G. Ejercito

asr-009418

Our neighbors

08:42:28Source

Senator Joseph Victor "JV" G. Ejercito

asr-009419

face the same

08:42:29Source

Senator Joseph Victor "JV" G. Ejercito

asr-009420

oil shocks,

08:42:30Source

Senator Joseph Victor "JV" G. Ejercito

asr-009421

the same El Nino,

08:42:31Source

Senator Joseph Victor "JV" G. Ejercito

asr-009422

and the same

08:42:31Source

Senator Joseph Victor "JV" G. Ejercito

asr-009423

high global interest rates,

08:42:33Source

Senator Joseph Victor "JV" G. Ejercito

asr-009424

yet our outcomes

08:42:34Source

Senator Joseph Victor "JV" G. Ejercito

asr-009425

have been different.

08:42:35Source

Senator Joseph Victor "JV" G. Ejercito

asr-009426

So, the question is,

08:42:36Source

Senator Joseph Victor "JV" G. Ejercito

asr-009427

we must ask ourselves

08:42:38Source

Senator Joseph Victor "JV" G. Ejercito

asr-009428

is what can we do

08:42:40Source

Senator Joseph Victor "JV" G. Ejercito

asr-009429

differently

08:42:40Source

Senator Joseph Victor "JV" G. Ejercito

asr-009430

and what

08:42:41Source

Senator Joseph Victor "JV" G. Ejercito

asr-009431

must we do?

08:42:42Source

DOF Secretary Frederick D. Go

asr-009432

If I may,

08:42:46Source

DOF Secretary Frederick D. Go

asr-009433

the answer to the

08:42:46Source

DOF Secretary Frederick D. Go

asr-009434

first question,

08:42:47Source

DOF Secretary Frederick D. Go

asr-009435

I think,

08:42:48Source

DOF Secretary Frederick D. Go

asr-009436

was answered by

08:42:49Source

DOF Secretary Frederick D. Go

asr-009437

the Banco Central

08:42:50Source

DOF Secretary Frederick D. Go

asr-009438

earlier this morning

08:42:51Source

DOF Secretary Frederick D. Go

asr-009439

that most of our

08:42:53Source

DOF Secretary Frederick D. Go

asr-009440

regional neighbors

08:42:54Source

DOF Secretary Frederick D. Go

asr-009441

have fuel sources,

08:42:57Source

DOF Secretary Frederick D. Go

asr-009442

either gas,

08:42:58Source

DOF Secretary Frederick D. Go

asr-009443

oil,

08:42:59Source

DOF Secretary Frederick D. Go

asr-009444

or even coal

08:43:00Source

DOF Secretary Frederick D. Go

asr-009445

in the case of,

08:43:01Source

DOF Secretary Frederick D. Go

asr-009446

say, Indonesia.

08:43:02Source

Senator Joseph Victor "JV" G. Ejercito

asr-009447

Indonesia and Malaysia.

08:43:03Source

Senator Joseph Victor "JV" G. Ejercito

asr-009448

They have petroleum

08:43:04Source

Senator Joseph Victor "JV" G. Ejercito

asr-009449

and they have oil

08:43:05Source

Senator Joseph Victor "JV" G. Ejercito

asr-009450

and coal.

08:43:07Source

DOF Secretary Frederick D. Go

asr-009451

Yes, and coal.

08:43:08Source

DOF Secretary Frederick D. Go

asr-009452

Yes, Mr. Chair.

08:43:10Source

DOF Secretary Frederick D. Go

asr-009453

The answer to the

08:43:11Source

DOF Secretary Frederick D. Go

asr-009454

second question

08:43:12Source

DOF Secretary Frederick D. Go

asr-009455

is a confirmation

08:43:13Source

DOF Secretary Frederick D. Go

asr-009456

of what I said earlier

08:43:14Source

DOF Secretary Frederick D. Go

asr-009457

that we are outspending

08:43:16Source

DOF Secretary Frederick D. Go

asr-009458

all our regional

08:43:17Source

DOF Secretary Frederick D. Go

asr-009459

neighbors.

08:43:20Source

DOF Secretary Frederick D. Go

asr-009460

Hence,

08:43:21Source

DOF Secretary Frederick D. Go

asr-009461

we have a larger

08:43:22Source

DOF Secretary Frederick D. Go

asr-009462

fiscal deficit

08:43:23Source

DOF Secretary Frederick D. Go

asr-009463

than our neighbors.

08:43:28Source

Senator Joseph Victor "JV" G. Ejercito

asr-009464

Ito po, second.

08:43:29Source

Senator Joseph Victor "JV" G. Ejercito

asr-009465

Just two more

08:43:30Source

Senator Joseph Victor "JV" G. Ejercito

asr-009466

and then we can already,

08:43:32Source

Senator Joseph Victor "JV" G. Ejercito

asr-009467

you know,

08:43:33Source

Senator Joseph Victor "JV" G. Ejercito

asr-009468

the government's own

08:43:34Source

Senator Joseph Victor "JV" G. Ejercito

asr-009469

BASF projection

08:43:35Source

Senator Joseph Victor "JV" G. Ejercito

asr-009470

showed that

08:43:36Source

Senator Joseph Victor "JV" G. Ejercito

asr-009471

the revenue to GDP ratio

08:43:38Source

Senator Joseph Victor "JV" G. Ejercito

asr-009472

will decline from

08:43:39Source

Senator Joseph Victor "JV" G. Ejercito

asr-009473

15.9% in 2025

08:43:41Source

Senator Joseph Victor "JV" G. Ejercito

asr-009474

to 15.7% in 2027

08:43:43Source

Senator Joseph Victor "JV" G. Ejercito

asr-009475

and 15.4%

08:43:46Source

Senator Joseph Victor "JV" G. Ejercito

asr-009476

in 2028

08:43:47Source

Senator Joseph Victor "JV" G. Ejercito

asr-009477

while tax effort

08:43:48Source

Senator Joseph Victor "JV" G. Ejercito

asr-009478

remains at 14.6%.

08:43:50Source

Senator Joseph Victor "JV" G. Ejercito

asr-009479

With tax revenues

08:43:52Source

Senator Joseph Victor "JV" G. Ejercito

asr-009480

growing at roughly

08:43:53Source

Senator Joseph Victor "JV" G. Ejercito

asr-009481

the same pace

08:43:54Source

Senator Joseph Victor "JV" G. Ejercito

asr-009482

as nominal GDP,

08:43:55Source

Senator Joseph Victor "JV" G. Ejercito

asr-009483

we are essentially relying

08:43:56Source

Senator Joseph Victor "JV" G. Ejercito

asr-009484

on existing

08:43:57Source

Senator Joseph Victor "JV" G. Ejercito

asr-009485

revenue sources

08:43:58Source

Senator Joseph Victor "JV" G. Ejercito

asr-009486

to fund our growing

08:43:59Source

Senator Joseph Victor "JV" G. Ejercito

asr-009487

expenditures.

08:44:01Source

Senator Joseph Victor "JV" G. Ejercito

asr-009488

Question is,

08:44:03Source

Senator Joseph Victor "JV" G. Ejercito

asr-009489

with revenues projected

08:44:05Source

Senator Joseph Victor "JV" G. Ejercito

asr-009490

to remain below the level

08:44:06Source

Senator Joseph Victor "JV" G. Ejercito

asr-009491

needed to finance

08:44:07Source

Senator Joseph Victor "JV" G. Ejercito

asr-009492

our expenses,

08:44:07Source

Senator Joseph Victor "JV" G. Ejercito

asr-009493

how confident is the

08:44:08Source

Senator Joseph Victor "JV" G. Ejercito

asr-009494

department that we can

08:44:09Source

Senator Joseph Victor "JV" G. Ejercito

asr-009495

sustainably

08:44:10Source

Senator Joseph Victor "JV" G. Ejercito

asr-009496

service our debt,

08:44:12Source

Senator Joseph Victor "JV" G. Ejercito

asr-009497

rebuild our infrastructure,

08:44:13Source

Senator Joseph Victor "JV" G. Ejercito

asr-009498

and fully implement?

08:44:14Source

Senator Joseph Victor "JV" G. Ejercito

asr-009499

Ito, syempre,

08:44:14Source

Senator Joseph Victor "JV" G. Ejercito

asr-009500

ay concern ako.

08:44:16Source

Senator Joseph Victor "JV" G. Ejercito

asr-009501

Universal healthcare

08:44:17Source

Senator Joseph Victor "JV" G. Ejercito

asr-009502

without compromising

08:44:18Source

Senator Joseph Victor "JV" G. Ejercito

asr-009503

other essential services.

08:44:32Source

Senator Joseph Victor "JV" G. Ejercito

asr-009504

How confident is the department

08:44:33Source

Senator Joseph Victor "JV" G. Ejercito

asr-009505

that we can sustainably

08:44:34Source

Senator Joseph Victor "JV" G. Ejercito

asr-009506

service our debt,

08:44:36Source

Senator Joseph Victor "JV" G. Ejercito

asr-009507

rebuild our infrastructure,

08:44:38Source

Senator Joseph Victor "JV" G. Ejercito

asr-009508

and fully implement

08:44:39Source

Senator Joseph Victor "JV" G. Ejercito

asr-009509

universal healthcare

08:44:40Source

Senator Joseph Victor "JV" G. Ejercito

asr-009510

without compromising

08:44:41Source

Senator Joseph Victor "JV" G. Ejercito

asr-009511

other essential services?

08:44:44Source

DOF Secretary Frederick D. Go

asr-009512

Mr. Chair,

08:44:46Source

DOF Secretary Frederick D. Go

asr-009513

I will

08:44:47Source

DOF Secretary Frederick D. Go

asr-009514

stand by my earlier response

08:44:51Source

DOF Secretary Frederick D. Go

asr-009515

that

08:44:51Source

DOF Secretary Frederick D. Go

asr-009516

if we follow

08:44:54Source

DOF Secretary Frederick D. Go

asr-009517

a fiscal deficit reduction path,

08:44:56Source

DOF Secretary Frederick D. Go

asr-009518

then our debt is

08:44:57Source

DOF Secretary Frederick D. Go

asr-009519

more than sustainable

08:44:59Source

DOF Secretary Frederick D. Go

asr-009520

and

08:44:59Source

DOF Secretary Frederick D. Go

asr-009521

we can

08:45:00Source

DOF Secretary Frederick D. Go

asr-009522

It can be very easily managed by the country.

08:45:04Source

DOF Secretary Frederick D. Go

asr-009523

However, if we maintain our fiscal deficit at 5.5% or more,

08:45:12Source

DOF Secretary Frederick D. Go

asr-009524

then we will see that more and more of our revenues

08:45:18Source

DOF Secretary Frederick D. Go

asr-009525

or more and more of our expenditure will be going to servicing debt.

08:45:24Source

Senator Joseph Victor "JV" G. Ejercito

asr-009526

Last but not the least, health budget and rising prices.

08:45:28Source

Senator Joseph Victor "JV" G. Ejercito

asr-009527

Of course, I'm very much concerned because this concerns budget of DOH and PhilHealth,

08:45:34Source

Senator Joseph Victor "JV" G. Ejercito

asr-009528

which of course are the NGC's primary that will implement universal health care.

08:45:42Source

Senator Joseph Victor "JV" G. Ejercito

asr-009529

The DOH budget is projected to decline by 11.4%,

08:45:45Source

Senator Joseph Victor "JV" G. Ejercito

asr-009530

while the government subsidy to PhilHealth is projected to fall by 42.6% to 74.4 billion.

08:45:53Source

Senator Joseph Victor "JV" G. Ejercito

asr-009531

That's because of the 60 billion.

08:45:54Source

Senator Joseph Victor "JV" G. Ejercito

asr-009532

That was reduced.

08:45:58Source

Senator Joseph Victor "JV" G. Ejercito

asr-009533

Return.

08:45:59Source

Senator Joseph Victor "JV" G. Ejercito

asr-009534

Take it together, national government funding for health would decline by 20.8%

08:46:03Source

Senator Joseph Victor "JV" G. Ejercito

asr-009535

from 427.6 billion to 338.8 billion.

08:46:10Source

Senator Joseph Victor "JV" G. Ejercito

asr-009536

Question is, why is the government reducing health sector funding

08:46:13Source

Senator Joseph Victor "JV" G. Ejercito

asr-009537

at a time when inflation is increasing the cost of health care

08:46:17Source

Senator Joseph Victor "JV" G. Ejercito

asr-009538

and placing the greater pressure on household incomes?

08:46:21Source

Acting DBM Secretary Kim Robert C. De Leon

asr-009539

Mr. Chair, Your Honor, again, one of the factors that we have considered

08:46:25Source

Acting DBM Secretary Kim Robert C. De Leon

asr-009540

in terms of the level of DOH in particular,

08:46:28Source

Acting DBM Secretary Kim Robert C. De Leon

asr-009541

are possible continuing appropriations that will spill over until the next year.

08:46:34Source

Acting DBM Secretary Kim Robert C. De Leon

asr-009542

A significant portion would be the Health Facilities Enhancement Program, or HFEP,

08:46:40Source

Acting DBM Secretary Kim Robert C. De Leon

asr-009543

which is still unutilized at this point by the DOH,

08:46:45Source

Acting DBM Secretary Kim Robert C. De Leon

asr-009544

as well as some additional MOOE provisions for operations of the hospital.

08:46:50Source

Acting DBM Secretary Kim Robert C. De Leon

asr-009545

But as the Chair has already noted, the reduction for PhilHealth is mainly attributed

08:46:57Source

Acting DBM Secretary Kim Robert C. De Leon

asr-009546

to the one-time savings.

08:46:58Source

Acting DBM Secretary Kim Robert C. De Leon

asr-009547

We have a $60 billion that we returned, but with the discussion,

08:47:02Source

Acting DBM Secretary Kim Robert C. De Leon

asr-009548

we will be sitting down with Secretary Edwin Mercado and President Beverly Ho

08:47:07Source

Acting DBM Secretary Kim Robert C. De Leon

asr-009549

on how we can work on the $19.8 billion variance to cover what's supposedly earmarked

08:47:16Source

Acting DBM Secretary Kim Robert C. De Leon

asr-009550

to PhilHealth without sacrificing, of course, because it will be a zero-sum game.

08:47:21Source

Acting DBM Secretary Kim Robert C. De Leon

asr-009551

There will have to be some agency who will experience some sort of a $19.8 billion reduction

08:47:28Source

Acting DBM Secretary Kim Robert C. De Leon

asr-009552

to accommodate the same to be transferred to PhilHealth, Your Honor.

08:47:32Source

Senator Joseph Victor "JV" G. Ejercito

asr-009553

Well, we'll definitely be monitoring that, and hopefully we will be able to support that

08:47:38Source

Senator Joseph Victor "JV" G. Ejercito

asr-009554

because I think it will be very important now to really...

08:47:45Source

Senator Joseph Victor "JV" G. Ejercito

asr-009555

Since the President also mentioned that zero-balance billing and other benefits of PhilHealth will improve,

08:47:54Source

Senator Joseph Victor "JV" G. Ejercito

asr-009556

so we're not so sure that we will also...

08:47:58Source

Senator Joseph Victor "JV" G. Ejercito

asr-009557

We will do our part also in scraping the barrel, so to speak.

08:48:02Source

Senator Joseph Victor "JV" G. Ejercito

asr-009558

I just want to bring it up that one problem with the...

08:48:09Source

Senator Joseph Victor "JV" G. Ejercito

asr-009559

Zero-balance billing and the improvement of the PhilHealth's coverage,

08:48:17Source

Senator Joseph Victor "JV" G. Ejercito

asr-009560

the medical inflation, there are some.

08:48:20Source

Senator Joseph Victor "JV" G. Ejercito

asr-009561

I brought this up with the meeting with the DOH and the PhilHealth.

08:48:25Source

Senator Joseph Victor "JV" G. Ejercito

asr-009562

Probably, there are some institutions...

08:48:28Source

Senator Joseph Victor "JV" G. Ejercito

asr-009563

So, hospitals, doctors, they said that the payment of PhilHealth is slow.

08:48:35Source

Senator Joseph Victor "JV" G. Ejercito

asr-009564

They have increased the professional fees and other expenses.

08:48:39Source

Senator Joseph Victor "JV" G. Ejercito

asr-009565

So, the previous one, for example, 5 million or 10 million per LGU that is being given assistance for them,

08:48:49Source

Senator Joseph Victor "JV" G. Ejercito

asr-009566

it used to be long, but now it's just a little because hospital bills have an average now.

08:48:56Source

Senator Joseph Victor "JV" G. Ejercito

asr-009567

Now, it's six digits already.

08:48:58Source

Senator Joseph Victor "JV" G. Ejercito

asr-009568

So, that's why I brought this up that now that the medical inflation is a problem,

08:49:07Source

Senator Joseph Victor "JV" G. Ejercito

asr-009569

the prices have skyrocketed.

08:49:10Source

Senator Joseph Victor "JV" G. Ejercito

asr-009570

So, we should...

08:49:12Source

Senator Joseph Victor "JV" G. Ejercito

asr-009571

I think the timing of reducing the funding for the health sector might not be a good idea.

08:49:23Source

Senator Joseph Victor "JV" G. Ejercito

asr-009572

So, anyway, we will still...

08:49:26Source

Senator Joseph Victor "JV" G. Ejercito

asr-009573

Hopefully, during...

08:49:28Source

Senator Joseph Victor "JV" G. Ejercito

asr-009574

I think the budget of the agencies themselves, especially DOH, will try to resolve this.

08:49:37Source

Senator Joseph Victor "JV" G. Ejercito

asr-009575

Last is, does the DBM and DOF consider the remaining PhilHealth reserves sufficient to sustain benefits and services

08:49:43Source

Senator Joseph Victor "JV" G. Ejercito

asr-009576

despite the lower government subsidy in 2027?

08:49:48Source

Acting DBM Secretary Kim Robert C. De Leon

asr-009577

If I may.

08:49:49Source

Acting DBM Secretary Kim Robert C. De Leon

asr-009578

We are working with PhilHealth.

08:49:51Source

Acting DBM Secretary Kim Robert C. De Leon

asr-009579

In fact, we are cognizant that there are previously issued allotments that remain unfunded.

08:49:58Source

Acting DBM Secretary Kim Robert C. De Leon

asr-009580

At this point, we're working on a workable, on a viable solution, of course, mindful of

08:50:04Source

Acting DBM Secretary Kim Robert C. De Leon

asr-009581

the deficit level that we also have to maintain.

08:50:08Source

Acting DBM Secretary Kim Robert C. De Leon

asr-009582

So we maintain close coordination, Mr. Chair, with PhilHealth to ensure that they will continue

08:50:14Source

Acting DBM Secretary Kim Robert C. De Leon

asr-009583

to provide the benefits that is approved by PhilHealth without really affecting or putting

08:50:21Source

Acting DBM Secretary Kim Robert C. De Leon

asr-009584

so much pressure on the deficit level that we have.

08:50:29Source

Senator Joseph Victor "JV" G. Ejercito

asr-009585

Okay.

08:50:30Source

Senator Joseph Victor "JV" G. Ejercito

asr-009586

Thank you.

08:50:31Source

Senator Joseph Victor "JV" G. Ejercito

asr-009587

So, with that, we would like to fast-track our briefing.

08:50:35Source

Senator Joseph Victor "JV" G. Ejercito

asr-009588

We will send to the concerned agencies the rest of my questions for their appropriate

08:50:41Source

Senator Joseph Victor "JV" G. Ejercito

asr-009589

responses, and also, before we end, I would like to put on record that Senator Alan Caetano,

08:50:46Source

Senator Joseph Victor "JV" G. Ejercito

asr-009590

our minority leader, also sent his questions for the DBCC, which we'll furnish you, and

08:50:52Source

Senator Joseph Victor "JV" G. Ejercito

asr-009591

we will endorse this to each of the agencies for their appropriate responses.

08:50:56Source

Senator Joseph Victor "JV" G. Ejercito

asr-009592

With that, we would like to thank our colleagues.

08:50:59Source

Senator Joseph Victor "JV" G. Ejercito

asr-009593

Our Senate President.

08:51:00Source

Senator Joseph Victor "JV" G. Ejercito

asr-009594

patiently waiting for the return to ask

08:51:02Source

Senator Joseph Victor "JV" G. Ejercito

asr-009595

questions, as well as our economic

08:51:04Source

Senator Joseph Victor "JV" G. Ejercito

asr-009596

managers and other resource persons

08:51:06Source

Senator Joseph Victor "JV" G. Ejercito

asr-009597

for their presentations

08:51:08Source

Senator Joseph Victor "JV" G. Ejercito

asr-009598

and for responding to the questions of our

08:51:10Source

Senator Joseph Victor "JV" G. Ejercito

asr-009599

colleagues. Since we do not

08:51:12Source

Senator Joseph Victor "JV" G. Ejercito

asr-009600

have any more questions and

08:51:14Source

Senator Joseph Victor "JV" G. Ejercito

asr-009601

concerns, we will no longer request you

08:51:16Source

Senator Joseph Victor "JV" G. Ejercito

asr-009602

to be here tomorrow.

08:51:21Source

Senator Joseph Victor "JV" G. Ejercito

asr-009603

Parang

08:51:22Source

Senator Joseph Victor "JV" G. Ejercito

asr-009604

alakpakan ah.

08:51:24Source

Senator Joseph Victor "JV" G. Ejercito

asr-009605

Thank you again for your time.

08:51:26Source

Senator Joseph Victor "JV" G. Ejercito

asr-009606

So pasensya na kung humaba, at least you don't have to

08:51:28Source

Senator Joseph Victor "JV" G. Ejercito

asr-009607

return tomorrow.

08:51:30Source

Senator Joseph Victor "JV" G. Ejercito

asr-009608

So, since you do not

08:51:32Source

Senator Joseph Victor "JV" G. Ejercito

asr-009609

have any more questions, again, this

08:51:34Source

Senator Joseph Victor "JV" G. Ejercito

asr-009610

briefing is hereby suspended. Thank you. We'll see

08:51:36Source

Senator Joseph Victor "JV" G. Ejercito

asr-009611

you during the budget of

08:51:38Source

Senator Joseph Victor "JV" G. Ejercito

asr-009612

your respective agencies proper.

08:51:40Source

Senator Joseph Victor "JV" G. Ejercito

asr-009613

Maraming salamat sa inyo.