lucky rainbow No budget reenactment talk in Marcos’ meeting with cabinet members

Pres. Ferdinand Marcos Jr. and Executive Secretary Lucas Bersamin confer with cabinet officials whose agencies are part of the economic cluster that is tackling the P6.3 trillion national budget for 2025. (Photo from PRESIDENTIAL COMMUNICATIONS OFFICE)

MANILA, Philippines — There were no discussions on budget reenactment during President Ferdinand Marcos Jr.’s meeting with cabinet officials, according to the Presidential Communications Office (PCO).

PCO chief Cesar Chavez made the remark as he announced that Marcos is conferring with the economic cluster about the budget on Monday.

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“In the past two meetings that I attended with them, there was never discussion on that,” Chavez told reporters, referring to the talks of a reenacted budget.

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Sen. Imee Marcos previously said she would be more in favor of reenacting the 2024 national fund than push for the 2025 General Appropriations Bill (GAB) which supposedly contains contentious provisions.

Section 25 (7) and Article VI of the 1987 Constitution states that if by the end of any fiscal year, Congress failed to pass the GAB for the ensuing year, the General Appropriations Act (GAA) for the preceding year shall be deemed reenacted and shall remain in force and in effect until the GAB is passed by Congress.

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The scheduled signing of the P6.3 trillion national budget for 2025 was supposed to be on Friday, Dec. 20, but Executive Secretary Lucas Bersamin said it would not push through “to allow more time for a rigorous and exhaustive review.”

Department of Trade and Industry (DTI) Acting Secretary Ma. Cristina Roque said the companies reaffirmed their investment plans in the Philippines during her visit to the United Arab Emirates (UAE) on Oct. 3 to 5.

In its latest report on fiscal policy, the IMF said it expects global public debt to hit 93 percent of global gross domestic product (GDP) this year, and to approach 100 percent of GDP by 2030 – 10 percentage points higher than in 2019, before the COVID-19 pandemic hit.

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The final version of the proposed national budget for next year featured massive cuts on several public services.

The cuts include P86 billion from the Department of Social Welfare and Development, P74.5 billion from the Philippine Health Insurance Corporation, and P12 billion from the Department of Education.

Chavez said Marcos “hopes to act on the measure before the year ends.”

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