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Sen. Sonny Angara, chairman of the Senate finance committee, sponsors two separate measures in plenary that seek to extend the availability of funds under the 2020 national budget and the Bayanihan to Recover as One Law. Photo courtesy of Senator Angara’s office.
MANILA, Philippines – The Senate on Tuesday passed two separate measures in third and final reading that would extend the validity of the 2020 national budget and the Bayanihan to Recover as a Bill or Bayanihan 2.
This translates to a total of P148 billion in appropriations under those laws that have yet to be published.
It was Senator Sonny Angara, chairman of the Senate finance panel, who endorsed for plenary approval the two commission reports containing bills No. 6656 and 8063, which were approved in final reading by the lower house on Monday.
READ: House OK extends the validity of the 2020 budget until December 2021
READ: House gives final go-ahead to Bayanihan 2 extension
“Ultimately, the main objective is that by extending the validity of allocations in the General Appropriations Act or the 2020 budget and in the Bayanihan 2 law, we are opening a wider window for the country to return to its original path. of growth and development, ”Angara said in sponsoring the bills.
Said House bills seek to extend the availability of appropriations under the General Appropriations Act of 2020 until December 31, 2021, and Bayanihan 2 until the end of June next year.
Citing data from the Department of Budget and Management (DBM), about four percent of the 2020 budget or P110 billion has yet to be released as of November 20 this year.
“With the adoption of the cash budget system, that means that these P110 billion should be committed before the end of the year or else they will be returned to the national treasury,” Angara noted.
“With only a few weeks to go in the year, it would be extremely difficult for agencies with pending releases to submit the required documents and obtain the necessary approval,” he added.
Meanwhile, some P38 billion of the P140 billion of funds under Bayanihan 2 have yet to be released as of December 11, 2020.
“These unpublished balances add up to around P148 billion, which is not a small amount. Allowing these allocations to expire in the midst of a pandemic and recession would not have a minor impact, ”Angara said.
The proposed extension of the validity of both laws would allow the government to disburse unspent funds beyond their initial maturity.
The 2020 budget was supposed to expire on December 31, 2020, while the Bayanihan 2 was supposed to expire on Saturday, December 19.
The Senate was able to act immediately on the approval of both measures because President Rodrigo Duterte certified their approval as urgent on Monday.
KGA
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