The Standard - 2015 August 14 - Friday

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VOL. XXIX  NO. 183  3 Sections 32 Pages P18  FRIDAY : AUGUST 14, 2015  www.thestandard.com.ph  editorial@thestandard.com.ph

Gozon agrees to return Ang’s P1b

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PH DEBT HITS RECORD P6.4T Budget hearing. Budget Secretary Florencio Abad is joined by Finance Secretary Cesar Purisima and Treasurer Roberto Tan Jr. during a Senate hearing on the proposed 2016 national budget on Thursday. EY ACASIO

By Christine F. Herrera

THE country has incurred some P6.422 trillion in total debts, up P1.7 trillion from the Arroyo government’s P4.718 trillion, National Treasurer Roberto Tan said Thursday.

Comelec OKs lease deal for PCOS machines

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At a hearing on the 2016 national budget, members of the House appropriations committee demanded that Budget Secretary Florencio Abad disclose the loan contracts that the Aquino government has entered into during the last five years. “We demand to know why the country’s debts have been increasing? What kinds of loans have you contracted and where did all these money go?” Anakpawis Rep. Fernando Hicap said.

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The total revenues to be collected for 2016 are pegged at P2.696.8 trillion with the Bureau of Internal Revenue contributing P2.025 trillion, Bureau of Customs P498.7 billion, other offices with P19 billion and non-tax revenues amounting to P151.4 billion. Expenditures are expected to reach P3.005 trillion, Purisima said. He said the interest payment-to-revenue ratio has declined by almost half resulting in more funds being channeled into productive spending. “Proactive debt management has decreased the debt burden on expenditures, creating more fiscal space to fund social commitments,” Purisima said. Purisima, Tan and Abad failed to give details of the domestic and foreign loans contracted as demanded by Hicap. but the Budget chief said they would provide a list of loans next week.

MILF seeks Senate meet on alternate BBL By Florante S. Solmerin

Mar reprises old role as ‘Mr. Palengke’ in Mindanao

But Tan said the debt burden has been lessened due to the government’s improved revenue collection and better expenditure program. Tan said the deficit is projected at P308.7 billion next year or 2 percent of gross domestic product. Finance Secretary Cesar Purisima said only a third of the national government’s outstanding debt is foreign. For this year, Tan said, of the P5.8 trillion being serviced, domestic debts account for P3.8 trillion while foreign loans account for the balance of P1.976 trillion. “Further consolidation of debt created a sustainable fiscal environment and improving the debt metrics resulted in lower reliance on foreign debt,” Purisima told the panel. Purisima said revenues continued to move up in 2015 at double-digit rates with a revenue growth of 16 percent for the first six months of 2015.

THE chief negotiator of the Moro Islamic Liberation Front (MILF) hinted Thursday that they can meet with the Senate to hammer out a version of the Bangsamoro Basic Law (BBL) that would be acceptable, backing away from their outright rejection of the version drafted by Senator Ferdinand Marcos Jr. Marcos, chairman of the Senate committee on local government, had earlier rejected the draft BBL prepared by the MILF and government peace negotiators as unconsti-

tutional. Ghadzali Jaafar, vice-chairman for political affairs and chief negotiator of the MILF had initially said the MILF would not accept the Senate version of the bill, but told a TV interview Thursday that they wanted to make sure that the measure would be acceptable to the Bangsamoro people. “It may be constitutional but will it serve the purpose why BBL was created? The other concern is-- will it be accepted by the people? That’s the important question,” he told the ANC news channel.

“We will try to change the provisions that they changed. At the end of the day, if the Muslims didn’t get what they wanted, at least we did everything we could,” he added in Filipino. The BBL faced rough sailing in Congress after the Mamasapano massacre of 44 police commandos at the hands of Muslim rebels, including fighters belonging to the MILF. Marcos on Thursday said he is ready to defend his draft of the bill next week when the period of interpellation begins.

Marcos’ committee led hearings on the Malacanangproposed BBL which aims to end decades of insurgency in Mindanao. He wrote a substitute bill after finding the Palace draft riddled with constitutional infirmities. Asked if he expects to have a tough time defending his substitute bill, Marcos said: “No, not in the slightest. I’m looking forward to it so I can explain what we did.” But Marcos said he is unsure if the measure can be enacted before the term of the current administration ends. Next page


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