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Monday, March 03, 2003
Debt servicing now 79% of RP's budget
AS part of its "grand plans" for this year, the government is bent on paying the services of employees in different offices.
Speaking before reporters on Sunday at the Marco Polo Hotel Davao, Senate finance committee chair Manuel Villar revealed that 79 percent of the country's P804 billion budget for this year is allocated for debt servicing, Internal Revenue allotment (IRA), and personnel services.
The senator added that 28% or P225.12B of the total budget has been allocated to paying the country's debt, while 17.1 percent (P136.68B) goes to the IRA.
The other 34 percent (P273.36B) is the budget for the payment of personnel services.
Villar noted that the said budget allocation is not that different to last year's budget allocation, that is why, according to him, even if the 2003 budget was submitted late, it was hastily approved because noboby questioned the allotments.
Aside from the increase in the budget for debt services, the Department of National Defense (DND) reportedly has also a bigger chunk of the allocation compared to 2002.
When asked about this, Villar explained that they have approved for the increase in personnel services among the soldiers and policemen.
"Pinayagan namin sila na mag-hire ng additional 7,000 soldiers at 4,000 more policemen (We have allowed them to hire 7,000 more soldiers and 4,000 more policemen)," Villar explained.
"Wala namang pinaglalaan ng malaki sa budget na ito (No one department gets a big slice)," Villar said, trying to dismiss rumors that they are favoring the DND over the other sectors of the government.
He also added that the budget for basic services has gone down to P4 million compared to 2002's allotment.
Villar also however said their promise to extend lending services and other forms of support to the Small and Medium Enterprises (SMEs) in the country can still be done because the banking sector has long been holding the funds for the SME development projects. CEU
(March 2, 2003 issue)
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