Budget for recovery plan possible only by 2021
A ranking Department of Finance (DOF) executive said the proposed Accelerated Recovery and Investments Stimulus for the Economy (ARISE) bill can be funded but not this year.
In a virtual economic briefing hosted by Security Bank Corporation (Security Bank), Finance Undersecretary Gil Beltran said the DOF can look for the needed revenues but not this time since the proposed measures need a huge budget.
“The (revenue) estimates for 2020 to 2022 have been very conservative. We know that we can look for efficiencies somewhere,” he said.
Among the keys to get the needed funds for the proposed measure include the more efficient tax collections, tax administration improvements, and electronic invoicing (e-invoicing).
The government targets to fully implement e-invoicing by 2022 to further improve tax collections and tax administration.
Beltran added that as much as the Finance department wants to fund ARISE, this will not happen this year because this measure will exceed the financing program set by economic managers.
The House of Representatives has approved on third and final reading its version of the ARISE bill, which needs about PHP1.3-trillion budget.
The Senate’s version, in turn, requires about PHP140 billion.
Business groups support the said measure but Finance Secretary Carlos Dominguez III earlier cautioned legislators on the approval of stimulus measures that the government cannot finance or are unsustainable, as these will just push the government’s budget gap wider.
The Commission on Higher Education (CHED) has no budget to create "smart campuses" next year, even as the education sector continues to shift to a distance learning system due to the global pandemic, according to a report by ABS-CBN. While...
The International Basketball Federation (FIBA) will do away with the home-and-away format for the remainder of its continental cup qualifiers due to the coronavirus disease (Covid-19) pandemic, according to a report by Philippine News Agency. "...
I find it frustrating to hear the discussions among concerned agencies on a new ruling that we, the people, have to follow under this pandemic environment. The argument on the shortening of the distance between passengers in public transportation re...
Do you want to learn more about the challenges and predictions for the gambling industry in the Philippines? Find all answers in this article!