House ratifies budget; P50B slashed from debt servicing

(Update) MANILA, Philippines - With hardly any objection, the House of Representatives on Wednesday night ratified the P1.415-trillion national budget for 2009. In an interview with reporters, appropriations committee chair Junie Cua said P50 billion was slashed from debt servicing while P6 billion from various agencies was realigned. The budget cuts were allocated for an economic stimulus fund, he said. Members of the minority led by Minority Floor Leader Ronaldo Zamora voted against the proposed budget. In his manifestation after the budget ratification, Zamora said the cut from debt servicing is not enough and that Congress should study further what debts need to be automatically repaid. "Let us try and determine what debts are really justified and what debts are totally unjustified to pay under any circumstances. I am glad that in fact the conference committee has approved a reduction in debt service. But that is not enough," said Zamora. "May I suggest to the Department of Budget and Management... that we start with tainted, unconscionable loans, a recommendation that we have made in past years," he said. Zamora said funds saved from budget cuts should be allocated to an economic stimulus package. He also called for "equitable representation" in the setting up of an "oversight mechanism" in the appropriations committee. "I hope that my words will not fall on dry earth. I hope that my words will find some shoots that will bear fruit in the future," said Zamora. For his part, Bayan Muna Rep. Teodoro Casino said he is hoping for a "more transparent, more democratic" budget process. The budget was ratified at 6:40 p.m. Session was adjourned after the minority members' manifestations. In a statement, Speaker Prospero Nograles said he is pleased with the House's ratification of the budget, which he said will help the country weather the global financial crisis. "The 2009 GAA gives maximum focus on infrastructure development, carry out the constitutional mandate to underscore the vitality of education to nation building, social protection and economic reforms, and food security programs to arrest the immediate and long-term adverse effects of the current global financial crisis," Nograles said. - GMANews.TV