NEDA says Philippines would need to borrow for Bayanihan 3

The National Economic and Development Authority (NEDA) on Friday said the Philippines will need to borrow more money should it pass the proposed Bayanihan to Arise as One Act or Bayanihan 3.

When asked on the supposed lack of urgency on the passing of the Bayanihan 3 on The Mangahas Interviews, NEDA Secretary Karl Chua said he proposed to the economic team to let agencies spend available funds from the Bayanihan 2 law and the national budget.

“‘Yung Bayanihan 2, ‘yung 2020, at ‘yung napakalaking 2021 budget kasi ang dami nating nakalaan na pera na pwede naman natin gamitin para tulungan ‘yung mga naapektuhan,” he said.

“Kasi kung mag Ba-Bayanihan 3 tayo, syempre additional funds ‘yan. Since hindi natin mako-kolekta ‘yan sa pagdagdag ng buwis, uutangin natin ‘yan, so binabalanse din natin,” he added.

The Department of Budget and Management on Thursday said P6.49 billion of the Bayanihan 2 remained unused.

“Ngayon po punta po tayo sa Bayanihan 2. ‘Yung Bayanihan 2, last year pa na-enact tapos na-extend tapos by June 30, hindi pa tapos. So naisip namin ang problema kaya siguro sulusyonan natin kung bakit hindi pa nagagastos ‘yung dating pera na nakalaan,” he said.

Chua said that money is not the problem and that agencies are limited by budget appropriation.

“Pangalawa sa pondo, marami na po tayong nakuhang pondo. Money is not a problem but we are limited by the appropriation kasi may budget tayo eh, kung ano pong sinabi ng budget iyan 'yung puwede nating gastusin,” he said.

“So yan po yung difference. We have the funds but the appropriation limits us,” he added.

Chua issued the remark days after Bayan Muna party-list Representative Carlos Zarate slammed the administration for supposedly “sleeping” on the bill while at the same time claiming that it had available funding for the purchase of weapons.

The Bayanihan 3, which was approved by the House of Representatives on third and final reading, seeks to provide P401 billion worth of interventions to help Filipinos recover from the COVID-19 pandemic.

The national government’s outstanding debt widened to a new record-high of nearly P11 trillion as of end-April 2021.—Joahna Lei Casilao/LDF, GMA News