BusinessMirror September 01, 2018

Page 1

BusinessMirror

UNITED NATIONS

www.businessmirror.com.ph

A broader look at today’s business n

Saturday, September 1, 2018 Vol. 13 No. 322

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ENDING THE BUDGET

STANDOFF

MEDAL TALLY R

Country

G

S

B

Total

1

China

112

78

56

246

2

Japan

62

50

69

181

3

Rep. of Korea

41

51

59

151

4

Indonesia

30

23

39

92

5

IR Iran

19

19

20

58

6

Chinese Taipei

16

17

26

59

7

Uzbekistan

15

19

20

54

8

India

13

21

25

59

9

DPR Korea

12

9

13

34

10

Bahrain

12

6

7

25

11

Kazakhstan

11

11

38

60

12

Thailand

10

14

40

64

13

Hong Kong

6

14

17

37

14

Malaysia

5

11

11

27

15

Qatar

5

4

3

12

16

Vietnam

4

15

18

37

17

Philippines

4

1

13

18

18

UAE

3

6

4

13

19

Mongolia

3

5

10

18

20

Singapore

3

4

11

18

21

Kuwait

3

1

2

6

22

Kyrgyzstan

2

6

12

20

23

Jordan

2

1

9

12

24

Cambodia

2

0

1

3

25

KSA

1

2

3

6

26

Macau

1

2

2

5

27

Iraq

1

2

0

3

28

Lebanon

1

1

2

4

29

Korea

1

0

2

3

30

Tajikistan

0

3

1

4

31

Lao PDR

0

2

3

5

32

Turkmenistan

0

1

2

3

As the House of Representatives and the Executive finally meet halfway to end the standoff over the shift from obligation-based to a cash-based budgeting system, experts weigh the risks along with the merits of such a fundamental change.

‘C

By Bernadette D. Nicolas

HANGE is coming” in the budgeting system as the government moves to shift from the old practice of obligation-based budgeting to the new cash-based system.

Although analysts appreciate the good side of this change, they also warn of some unintended consequences that it could bring and point out that the change in the budgeting system is just one of, and not the only solution to fully address the faster implementation of projects. As opposed to multiyear obligation-based budgeting, the annual cash-based budgeting “limits incurring obligations and

disbursing payments for goods delivered and services rendered, inspected and accepted within the fiscal year.” This means that the extent of budget implementation is just one year. Originally, the Department of Budget and Management (DBM) also proposed that the Extended Payment Period just be limited to three months after the fiscal year. However, this was extended

further to six months after the House and the Executive met to resolve the budget impasse on the proposed 2019 budget of P3.757 trillion and agreed on a transitory cash-based system. In other words, the government would have 12 months to obligate and 18 months to disburse its budget under this system. Continued on A2

New CJ: Not bitter, but determined

B

By Joel R. San Juan

EING appointed as the country’s chief magistrate was something Chief Justice Teresita Leonardo-de Castro never imagined.

Speaking to reporters days after President Duterte announced her appointment to the post in lieu of the ousted Maria Lourdes Sereno, de Castro said she has been tirelessly working on some projects since she was appointed in the SC in 2007­— all this, without ever entertaining the idea of occupying the top post. Thus, de Castro intimated, she

is confident that what she would be leaving behind as her legacy when she retires as Chief Justice in October are not things she would work on for months, but are products of her more than 10 years in the High Tribunal. “We should work as early as the time that we are first appointed to the Court and that was what I did. So, whatever legacy I may leave behind when I retire is

PESO EXCHANGE RATES n US 53.4340

NEW Philippine Supreme Court Chief Justice Teresita Leonardo-de Castro smiles as she leaves after her first news conference following her appointment by President Rodrigo Duterte over the weekend on Tuesday in Manila, Philippines. De Castro, one of eight Supreme Court justices who voted for the ouster of former Chief Justice Maria Lourdes Sereno, will be holding the position only for over a month and her first task is to hear a petition against Duterte’s decision to pull out of the International Criminal Court. AP/BULLIT MARQUEZ

not the product of two months or weeks. I’ve been working on this for many years already. In fact, even when the position of Chief Justice was beyond my imagination, I was already working on many projects, which I wanted to be done when I retire—not as chief [justice] but as an associate justice,” De Castro stressed. She is so focused on seeking a satisfactory completion­— or at least substantial progress—in the initiatives she began a decade ago, that she swears even the recently filed impeachment complaint against her and six of her fellow magistrates before the House of Representatives would not interrupt her desire to fast-track the implementation of these key projects. De Castro, who only has one month and one week (41 days)

to serve as Chief Justice, is expected to be replaced by another senior member of the SC considering President Duterte’s adherence to the seniority rule. Her historically short term had been seized on by critics as an indication that her appointment was some “payback” by the Duterte administration for her “role” in the events that led to Sereno’s ouster­ — she testified in House impeachment hearings that ended nowhere, and later voted in favor of a quo warranto petition filed by the Solicitor General to oust Sereno. Nonetheless, de Castro is unfazed and asked critics to move on, while Malacañang Palace repeatedly justified her selection as respect for the judicial seniority principle. Continued on A2

n JAPAN 0.4815 n UK 69.5283 n HK 6.8080 n CHINA 7.8074 n SINGAPORE 39.0771 n AUSTRALIA 38.8091 n EU 62.3735 n SAUDI ARABIA 14.2475

Source: BSP (August 31, 2018 )

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BusinessMirror September 01, 2018 by BusinessMirror - Issuu