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BSP set to require banks to use standard form for business loan applications

BW FILE PHOTO

THE BANGKO SENTRAL ng Pilipinas (BSP) has approved a circular requiring financial institutions to use a standard business loan application form (SBLAF) to make credit more accessible for small businesses, an official said on Wednesday.

BSP Director of Financial Inclusion Group Ellen Joyce L. Suficiencia said the new circular was signed by BSP Governor Felipe M. Medalla on Wednesday and will soon be issued by the central bank. 

“The BSP is issuing this new loan application form, basically a standard form that will be used by the banks,” Ms. Suficiencia said during the Financial Executives Institute of the Philippines’ (FINEX) annual conference on Wednesday.

“This aims to reduce the intimidation and make the business loan application form less intimidating and more borrower friendly,” she said, adding that this would encourage more micro, small, and medium enterprises (MSMEs) to tap banks for loans.

Ms. Suficiencia said the SBLAF is part of the central bank’s initiatives to promote the strategic objectives of the new National Strategy for Financial Inclusion (NSFI).

“At least for the BSP, what we want to see is for the MSME and the (agriculture) sector to be recognized as a viable target market segment for credit and other financial services because the moment the market players see that this market segment is viable, then we will see strategic investments flow from them,” Ms. Suficiencia said.

“They will invest in their specialization tools, innovative approaches, product development, and that ultimately benefits the MSMEs and the agri sector in terms of innovative product offerings, hopefully at better prices,” she added.

The central bank in July released a draft of the circular on the adoption of the SBLAF.

“The adoption of the SBLAF templates by covered entities supports the MSMEs’ access to financial products and services by facilitating transparency, ease of understanding, and efficiency in loan applications (i.e., reduced turnaround time in processing loan applications),” the BSP said in the draft.

Under the proposal, the prescribed templates for loan application will serve as the primary application screening tool to be accomplished by a borrower.

There will be two kinds of SBLAF: one for individuals, sole proprietorships, and one person corporations, and another for cooperatives, partnerships, and corporations. The forms shall be used for new, renewal, and restructuring of covered loan applications.

In the draft circular, covered entities are given a one-year compliance period, with an additional six months for those that need to make adjustments in the processes and systems to meet the BSP’s new guidelines.

Ms. Suficiencia on Wednesday also mentioned recent initiatives of the BSP such as the Paleng-QR PH and the proposed basic merchant account framework to promote digital payment adoption among micro and small businesses.

BSP Deputy Governor Bernadette Romulo-Puyat in a video message said the central bank has been pushing for various policies, programs, and reforms as it targets to introduce 70% of Filipino adults into the financial system.

“Transformational change like advancements in digital payments will reshape our future. These developments not only contribute to economic growth, but also empower those who are financially excluded,” Ms. Romulo-Puyat said.

In January, the BSP relaunched an updated six-year NSFI meant to improve consumer welfare and Filipinos’ financial resiliency.

“The updated strategy aims to financially include Filipinos and their families, allowing them to establish financial resilience and maximize opportunities,” Ms. Romulo-Puyat said.

The country’s banked population was at about 56% of all adults in 2021, up from just 29% in 2019, results of the central bank’s 2021 Financial Inclusion Survey showed.

Digital payments also made up 30.3% of the total volume of retail transactions in 2021, and the value of payments done online represented 44.1% of total transactions last year.

The BSP wants to digitize at least 50% of the volume and value of total retail payments by 2023. — K.B. Ta-asan

How PSEi member stocks performed — October 5, 2022

Here’s a quick glance at how PSEi stocks fared on Wednesday, October 5, 2022.

Stocks inch up despite higher inflation in Sept.

PHILIPPINE STOCKS eked out gains on Wednesday despite the release of data showing inflation reached a new peak last month.

The Philippine Stock Exchange index (PSEi) inched up by 0.87 point or 0.01% to close at 5,988.59 on Wednesday, while the broader all shares gained 9.50 points or 0.29% to end at 3,219.98.

Philstocks Financial, Inc. Research Analyst Claire T. Alviar said in a Viber message that the PSEi inched higher after the release of the latest consumer price index (CPI) data.

“Last month, the Philippines’ inflation rate reached 6.9%. Market gains were limited as this figure remains faster than August’s 6.3%,” Ms. Alviar said.

“Moreover, positive catalysts that could move the market were still lacking at the moment. The rally of the US markets overnight, somehow, helped boost the sentiment at home,” she added.

“The market bounced up after blood bath that saw stock prices at cheap valuations and extremely oversold technical levels. Driving the rebound has been the correction in the global bond markets.  However, the market’s momentum was dampened by the latest Philippine inflation data that saw it surge to 6.9%, the highest level since October 2018,” AB Capital Securities, Inc. Vice-President Jovis L. Vistan said in a Viber message.

Headline inflation picked up to its fastest pace in more than 13 years in September due to higher food costs, the Philippine Statistics Authority reported on Wednesday.

The consumer price index was at 6.9% in September, up from 6.3% in August and 4.2% in the same month last year. It matched the 6.9% print in October 2018 and was the fastest since the 7.2% pace logged in February 2009.

The September print fell within the 6.6-7.4% forecast given by the Bangko Sentral ng Pilipinas (BSP) for the month and marked the sixth straight month that inflation breached the central bank’s 2-4% target for the year.

For the nine-month period, headline inflation averaged 5.1%, faster than 4% last year but below the BSP’s 5.6% forecast for 2022.

The majority of sectoral indices ended higher on Wednesday except for property, which went down by 21.01 points or 0.81% to 2,552.51 and holding firms, which declined by 35.22 points or 0.6% to 5,785.22. 

Meanwhile, services went up by 19.78 points or 1.29% to 1,542.64; financials gained 14.68 points or 0.98% to end at 1,510.89; mining and oil climbed by 78.68 points or 0.73% to 10,778.07 and industrials rose by 20.09 points or 0.22% to 8,917.40.

Value turnover declined to P4.82 billion on Wednesday with 644.59 million shares changing hands from the P4.59 billion with 514.19 million issues traded on Tuesday.

Advancers outnumbered decliners, 105 versus 82 while 46 names closed unchanged.

Net foreign buying stood at P188.31 million on Wednesday, a reversal of the P96.45 million in net selling recorded on Tuesday.

AB Capital Securities’ Mr. Vistan placed the PSEi’s initial support at 5,700 and resistance at 6,150. — A.E.O. Jose

Peso closes unchanged vs dollar

BW FILE PHOTO

THE PESO was steady versus the greenback on Wednesday as the September inflation print remained in line with market expectations.

The local unit closed at P58.65 per dollar on Wednesday, unchanged from its Tuesday finish, Bankers Association of the Philippines data showed.

The peso opened Wednesday’s session stronger at P58.60 versus the dollar. Its weakest showing was at P58.78, while its intraday best was at P58.39 against the greenback.

Dollars exchanged went up to $861.15 million on Wednesday from $779.1 million on Tuesday.

“The US dollar/peso exchange rate was unchanged today … after the latest inflation [print] was at new four-year high of 6.9%, in line with market expectations, but could support the possibility of further local policy rate hikes that help support or stabilize the peso and overall inflation,” Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

MUFG Bank Currency Analyst Sophia Ng said in a report that the higher headline inflation rate for September would reinforce market expectations of further policy tightening by the Bangko Sentral ng Pilipinas (BSP) and may support the peso against the dollar.

“A high inflation rate is within our core scenario and justifies the need for more aggressive tightening by the BSP on top of the need to curb import-led inflationary pressures due to the sharp drop in the peso so far this year,” Ms. Ng said.

She added that they expect another 50-basis-point (bp) hike from the BSP in its Nov. 17 meeting and a more moderate 25-bp increase in the Dec. 15 review.

Headline inflation rose to its fastest pace in more than 13 years in September due to higher food costs, the Philippine Statistics Authority reported on Wednesday.

The consumer price index stood at 6.9% in September, preliminary data showed, picking up from 6.3% in August and 4.2% in the same month last year. This was the fastest monthly figure since the 7.2% logged in February 2009.

The result fell within the 6.6-7.4% forecast given by the BSP for September and marked the sixth straight month that inflation breached the central bank’s 2-4% target for the year.

For the first nine months, headline inflation averaged 5.1%, faster than the 4% seen in the comparable year-ago period but below the BSP’s 5.6% forecast for 2022.

The BSP’s policy-setting Monetary Board raised rates by 50 bps for a second straight meeting on Sept. 22, bringing cumulative hikes since May to 225 bps.

Mr. Ricafort added that the BSP’s move to discourage peso speculation as well as the downward correction of the dollar against major global currencies also supported the local unit.

For Thursday, Mr. Ricafort gave a forecast range of P58.50 to P58.70. — K.B. Ta-asan

Low-cost housing target set at 1M units/year

PHILIPPINE STAR/ BOY SANTOS

THE Department of Human Settlements and Urban Development (DHSUD) said it hopes to augment the affordable housing stock by 1 million homes a year, including those built by the private sector.

The target was set to address the housing backlog, estimated at 6.5 million homes, the department said.

Secretary Jose Rizalino L. Acuzar said on the first day of the 30th National Developers Convention that President Ferdinand R. Marcos, Jr. has issued a directive to implement the ‘Pambansang Pabahay Para sa Pilipino’ program.

“Kailangan gumawa ng gobyerno, sa utos ni Presidente Marcos, ng 1 million houses a year para matapos ang backlog ng housing (The government, on President Marcos’ orders, needs to build 1 million homes per year to clear out the housing backlog),” Mr. Acuzar told reporters.

The program focuses on affordable and accessible homes in selected areas, with the goal of clearing up the backlog before Mr. Marcos steps down. The program will require P1 trillion to realize at a cost of P1 million per home, which will need to be subsidized.

The DHSUD proposes a subsidy budget of P36 billion a year to cover the difference between commercial mortgage rates and the expected preferential interest for home buyers of 1%.

“The intention is to bring interest rates to 1%, so that’s where the interest subsidy will come in. The market rate that we’re looking at for this marginalized sector is 6%,” Human Settlements Undersecretary Roberto Juanchito T. Dispo said.

“The subsidy (of) P36 billion, will cover the 5%, so effectively it be just down to 1%,” Mr. Dispo added.

DHSUD also plans to tap the private sector to participate in the Pambansang Pabahay program.

“The idea is not to be dependent fully on the government. The idea is to tap the private sector to participate in this program,” particularly banks, Human Settlements Undersecretary Henry L. Yap said on the sidelines of the event.

“Private banks have already signified their intention but it’s not yet in writing. But for government institutions (we have signed) memoranda with many of them,” Mr. Yap said.

“We’ve been going around talking to the developers. They have expressed their support for this project. The SHDA (Subdivision and Housing Developers Association) is one of the housing organizations that we’ve been meeting with and many of them have expressed support,” Mr. Yap said. — Justine Irish D. Tabile

Gov’t signals slowdown on devolution, LGUs to take over health, welfare first

PHILSTAR FILE PHOTO/ RELEASE JBROS CONSTRUCTION CORP.

THE National Government said the functions it will immediately devolve to local government units (LGUs) are local infrastructure projects, basic healthcare, social welfare, and agricultural extension.

The so-called “small-ticket” items to be shed by the National Government point to a prioritization of activities to be handed over to LGUs rather than a full-scale devolution by 2024, which was the timetable set by the previous administration, amid concerns over whether LGUs are properly equipped to take responsibility for such functions.

The Committee on Devolution (ComDev), which is overseeing the process, said a technical working group has been formed to study extending the transfer period for more intricate functions.

“The devolved functions are… core expenditure responsibilities, and that is where the functions must be devolved,” Finance Secretary Benjamin E. Diokno was quoted as saying in a statement.

The ComDev met on Monday to discuss the implementation of the Supreme Court’s Mandanas-Garcia ruling, including amendments to Executive Order (EO) No. 138, issued by the previous administration, which set the devolution timeline.

Under EO No. 138, functions currently performed by the National Government that enjoy funding of P234.4 billion should be fully devolved to LGUs by 2024.

Before the ComDev meeting, the Department of Budget and Management (DBM) had called for a deferral of the transfer of infrastructure and other “big-ticket” items to LGUs, because they require specialized expertise. It proposed a devolution period for such items of 2025-2027.

“Devolution should be contingent on the LGU, development priorities, capacity, and availability of resources. Devolution should be transitioned based on magnitude, technical requirement, and nature of programs, projects and activities,” Interior and Local Government Secretary Benjamin Abalos, Jr. was quoted as saying.

“Moving forward, we will continue to strengthen coordination and extend necessary assistance to empower our LGUs in accordance with the Local Government Code and the Mandanas-Garcia ruling,” added Budget Secretary and Committee Chair Amenah F. Pangandaman. “We believe that effective devolution will be achieved if our LGUs are fully capacitated, both technically and financially.”

Also on the agenda during Monday’s meeting were updates on the submission and evaluation of Devolution Transition Plans (DTPs), as well as a review of the functions, services, and programs, activities and projects for full devolution.

“This is another crucial step towards our goal of pursuing full devolution and our manifestation of collective efforts towards fulfilling the marching order of the President to get this moving,” said Ms. Pangandaman. “So far, we continue to set important things in motion with the updates on the submission and evaluation of the National Government Agency (NGA) DTPs.”

At the time of the meeting, the DBM had received 18 out of 20 expected DTPs. Those of the Department of Health and the Commission on Population and Development (POPCOM) have been approved.

National Economic and Development Authority (NEDA) Secretary and POPCOM Board Chairman Arsenio M. Balisacan reiterated the overriding goal of achieving equity in the devolution process.

“An important contribution of the proposed amendment is the clarification and the guiding principles that might clear certain instances… so we can ensure that everyone, regardless of their place of residence, has equal opportunity for equal economic or social opportunities,” Mr. Balisacan said.

“With the Mandanas ruling now in effect, NEDA will work to improve national, regional, and local coordination, and we will need to strengthen our efforts at the subnational level,” he added in a Senate committee hearing on Wednesday. “This entails supporting the implementation of the devolution policy, strengthening activities, and providing support to LGUs in development planning.”

The Mandanas ruling granted LGUs a larger share of the national taxes by expanding their 40% cut of “internal revenue,” narrowly interpreted by previous governments to mean the collections of the Bureau of Internal Revenue, to also include revenue from Customs duties and other National Government collections.

As a result of the ruling, LGU allocations rose 37.89% to P959 billion in 2022, with the LGUs’ take based on National Government collections from three years prior. However, because government revenue took a hit from the pandemic in 2020, the allotment for next year is estimated to fall 14.47% to P820 billion.

“The ComDev agreed to form a technical working group to consider the inputs of the LGU leagues and convene after two weeks to approve the draft amendatory EO,” according to a statement issued by the DBM.

“The secretariat will continue to engage with the stakeholders in the next two weeks to finalize the draft for presentation to the President.”

The ComDev is composed of the DBM, NEDA, the Departments of Finance and Interior and Local Government, the Executive Secretary, the League of Provinces, Cities, and Municipalities of the Philippines, the Liga ng mga Barangay sa Pilipinas, and the Union of Local Authorities of the Philippines. — Diego Gabriel C. Robles

Further P11.56B released for healthcare worker allowances

THE Department of Budget and Management (DBM) said it released a further P11.56 billion to the Department of Health (DoH) to fund the health emergency allowance claims of public and private healthcare workers between January and June.

The Special Allotment Release Order (SARO) was approved on Wednesday for the One COVID-19 allowance (OCA) of over 1.6 million eligible government and private-sector health workers who were on duty in the first half of the year, the DBM said.

“Our healthcare workers deserve all the support and assistance from their government. They’ve been risking their lives to save and protect our people amidst this still prevailing pandemic. This is the least we can do for them,” Budget Secretary Amenah F. Pangandaman was quoted as saying.

According to the DBM, the P11.56 billion will cover the unfunded maintenance and other operating expenses (MOOE) amounting to P18.72 billion owed to 2.6 million approved claimants by the DoH from January to June.

The P18.72 billion includes P3.75 billion for personal services (covered healthcare workers who are government employees) and P14.98 billion for MOOE (for nonpermanent government healthcare workers and private healthcare workers).

Some P7.92 billion was released on Feb. 14 to cover 995,671 claims. Of this total, P3.42 billion was for MOOE, and P4.5 billion for personal services.

OCA is authorized by DoH Special Provision No. 14, or Benefits for COVID-19 Workers, as provided for by the 2022 General Appropriations Act, the DBM said.

At an online forum on Tuesday, DoH Officer-in-Charge Maria Rosario S. Vergeire said the department hopes to start disbursing the money by next week.

Republic Act No. 11712, or the Public Health Emergency Benefits and Allowances for Health Care Workers Act, replaced the SRA with a Health Emergency Allowance, with the latter now determined by risk exposure.

On Monday, the DBM also released a SARO amounting to P1.04 billion to cover the SRA of eligible public and private health workers who were involved in the pandemic containment effort between Sept. 15, 2020 and June 30, 2021.

However, OCA accumulated over the past years to about P64 billion, which has not been released in the absence of requests for funding to the DBM. — Diego Gabriel C. Robles

Marcos: Private help needed to ‘green’ economy

PRESIDENT Ferdinand R. Marcos, Jr. called on the private sector to help in the “greening” of the economy, calling the building of resiliency to climate change a top administration priority.

Government agencies, private companies, non-government organizations, and the academic community must work together “to steer our practices and systems towards a greener direction,” Mr. Marcos said at a forum organized by the Department of Environment and Natural Resources (DENR).

“I have always believed that there is no greater shared responsibility than the care of our environment,” he said.

“Let us identify each sector’s unique and shared challenges, bolster cooperation and gather information and priorities for possible inclusion in the DENR’s policy agenda and to be included in the multi-year roadmap for programs, activities and projects,” he added.

Participants at the DENR-hosted event are expected to provide their input on climate and disaster resilience policy.

“We ensure that the initiatives we will take will enable us to become smarter, more responsible, more sustainable in all that we do,” Mr. Marcos said.

At the United Nations General Assembly last month, Mr. Marcos urged that developed nations provide financing to poorer countries to address the “historical injustice” of climate change, which is thought to have been caused by the countries that industrialized early.

Mr. Marcos also asked them to transfer adaptation technology to vulnerable nations like the Philippines. — Kyle Aristophere T. Atienza

Senator floats proposal to refund power bill cost-of-capital charge

PHILSTAR FILE PHOTO/ SENATE PRIB/JOSEPH VIDAL

THE Energy Regulatory Commission (ERC) has been asked to consider ordering a refund of a cost-of-capital charge on electricity as a means of offsetting the impact of rising power bills.

Senator Ana Theresia N. Hontiveros-Baraquel said in a statement that the weighted average cost of capital (WACC) charge, which compensates power companies for the interest on funds they need to borrow to build power projects, could be another means of providing relief for power users.

She issued the statement after the ERC announced the reset of transmission wheeling rates, which the regulator said is likely to reduce transmission charges.

Transmission wheeling rates are the direct charge for the use of the grid network that delivers electricity.

“The beginning of the reset process is good news for fairer transmission wheeling rates which are part of our monthly electricity bill,” Ms. Hontiveros said. “But why have one piece of good news, when we can have two? Let us also start the process of refunding consumers for the unreasonably high 15% weighted average cost of capital being unduly collected since 2015.”

Ms. Hontiveros has been calling for the refund since 2019, calling the charge “outrageously excessive” compared to corresponding rates in Indonesia (2.3%) and Thailand (7.2%).

Ms. Hontiveros also urged the ERC to alter the WACC rate structure in light of expenses claimed by the National Grid Corp. of the Philippines (NGCP) and other entities, which were questioned during previous Senate investigations, including a P369 million spending item for entertainment and P672 million for public relations in 2017 and 2018.

“Previous flawed policies have allowed the NGCP to fork over billions to their shareholders at the expense of power consumers,” she said. “It is time for the consumer to benefit from the new decisions of the ERC.”

Also on Wednesday, Senator Sherwin T. Gatchalian said that the reset of power transmission rates by the ERC, delayed for 10 years, could provide some respite to consumers.

“ERC’s review of transmission rates is long overdue. I have long been following up on this from the ERC,” he said. “I’m confident that this would lower transmission rates and ultimately residential bills.”

Mr. Gatchalian also said the decision will enhance consumer confidence in the fairness of electricity charges. — Alyssa Nicole O. Tan

USDA raises PHL rice import forecast to 3.4 million MT

REUTERS

PHILIPPINE rice imports are expected to rise to 3.4 million metric tons (MT) in the July 2022-June 2023 period, the US Department of Agriculture’s (USDA) Foreign Agricultural Service (FAS) said, upgrading its previous forecast of 3.3 million MT.

“Rice is a highly political crop in the Philippines, and supply sufficiency is very important for the government. Lower-income consumers can subsist even on rice with minimal viand,” the FAS said in a report.

In the nine months to September, the Bureau of Plant Industry (BPI) said its estimate for rice imports was 2.91 million MT.

According to the USDA report, the FAS forecast for milled rice production was also cut to 11.98 million MT from 12.41 million MT over its forecast period due to the damage caused by Typhoon Karding (international name: Noru).

According to the Department of Agriculture, farm damage inflicted by the storm was P3.12 billion so far.

Rice was the most affected crop with losses worth P2.05 billion and the volume of lost production at 134,205 MT, spanning 163,162 hectares.

“Typhoon Noru made a landfall on Sept. 25 and destroyed rice crops ready for harvest in Central Luzon, most especially in Nueva Ecija, the country’s rice granary,” according to the report.

“To compensate for the expected rice supply shortfall, (we) forecast increased rice imports to 3.4 million MT,” it added.

It also cited the need for more imports due to a 3% drop in yields amid rising fertilizer prices.

“The fertilizer price data from the Fertilizer and Pesticides Authority shows fertilizer prices have increased significantly, although urea prices have tapered off a bit since May 2032… fertilizer exports to the Philippines have declined, which has pushed rice prices up,” it added.

The agency also estimated rice consumption to hit 15.6 million MT.

The FAS forecast corn imports to come in at 1.7 million MT, higher than its earlier projection of 900,000 MT. It said inbound shipments are expected to have risen after the issuance of Executive Order (EO) No. 171.

EO 171 extended lower tariffs on corn and other commodities to the end of the year.

“It modifies favorably the market access for corn… the corn minimum access volume for 2022 is still at 216,940 MT. Among feed millers and animal farmers, corn is still the most preferred energy source if available,” the FAS said.

It also projected corn production during its forecast period to decline to 7.9 million MT from 8.3 million MT, also driven by low fertilizer application due to soaring prices.

“The production decline is a combination of area harvested and yield declines,” it added.

Corn feed consumption is expected to increase by 400,000 MT to 7.5 million MT, according to the report.

“Additionally, broiler production is expected to rebound by 2% in 2023, which should nudge corn consumption upward,” it added. — Luisa Maria Jacinta C. Jocson

DPWH signs tunnel engineering deal with Japanese ministry

PHILIPPINE STAR/ MICHAEL VARCAS

THE Department of Public Works and Highways (DPWH) said on Wednesday that it signed a cooperation deal with Japan’s Ministry of Land, Infrastructure, Transport and Tourism involving tunnel engineering and road infrastructure development.

Public Works Secretary Manuel M. Bonoan said the deal will “open many opportunities for strategic partnership and collaboration to support current efforts of the administration of President Ferdinand R. Marcos, Jr.”

This will “strengthen mutual cooperation, business relations, and capacity development in relation to the construction and operation & maintenance (O&M) of road tunnels and related facilities in the ongoing Davao City Bypass Construction Project and the proposed Dalton Pass East Alternative Road Project,” the department said in a statement.

The Davao City bypass is a 45.5-kilometer road project funded by Japanese official development assistance (ODA) via a special terms for economic partnership loan from the Japan International Cooperation Agency (JICA).

The department said the project will “mitigate congestion in Davao City, with the travel time between barangay Sirawan in Toril District, Davao City and barangay J.P. Laurel in Panabo City of one hour and 44 minutes via the Pan-Philippine Highway Diversion Road to be reduced to 49 minutes via the Davao City Bypass.”

Meanwhile, the Dalton Pass East Alternative Road Project runs for 23 kilometers with 6.06 kilometers of tunnel sections across three municipalities in Nueva Vizcaya and Nueva Ecija.

The DPWH said JICA is the Philippines’ largest bilateral ODA partner with ongoing development cooperation projects nationwide in infrastructure development, disaster risk reduction, health, education, and agriculture. — Arjay L. Balinbin

House adds P77.5 billion to 2023 budget bill

PCOO

THE House of Representatives approved on Wednesday an additional P77.5 billion for the 2023 General Appropriations Bill (GAB), with augmented allocations for health, education, transportation and other social services.

The extra allocations were added during the period of amendments prior to the ratification of the 2023 GAB, Speaker Martin G. Romualdez said in a statement.

Agencies receiving additional funding were the Department of Health at P20.25 billion, the Philippine General Hospital P500 million, the Department of Education’s classroom building program P10 billion and its special education programs P581 million.

Also added was P10 billion for the Department of Public Works and Highways’ water system projects in underserved barangays.

Another P12.5 billion was added to the budget of the Department of Social Welfare and Development’s Assistance programs, with P5 billion going to the Individuals in Crisis Situations program, P5 billion to the upgraded senior citizen pension and P2.5 billion to the sustainable livelihood program.

Department of Transportation programs to address the rising cost of fuel, such as the fuel subsidy program, Libreng Sakay and bike lane construction were also granted an additional P5.5 billion.

A total of P5 billion was added to the budget for training and scholarship programs of the Technical Education and Skills Development Authority, P5 billion to the Commission on Higher Education’s Tulong Dunong Program, and P5 billion to the livelihood and emergency employment programs of the Department of Labor and Employment.

The national broadband project of the Department of Information and Communications Technology was given an additional P1.5 billion, while the Commission on Elections’ new headquarters project got P500 million.

Some P300 million was granted to the Philippine National Police for training while P250 million went to the Department of Trade and Industry to support the creative industries as mandated by Republic Act 11904.

The Energy Regulatory Commission got an additional P150 million, the Office of the Solicitor General P147 million and the National Electrification Administration P50 million.

 “I’m pleased that the House-approved version of the General Appropriations Bill responds to the most urgent needs of Filipinos,” Mr. Romualdez added. “We need to ensure that social services are sufficient for the greater good of our countrymen, especially those in dire need of basic social services to survive.”

Party-list Representative Elizaldy S. Co, who chairs the Appropriations Committee, said that the additional allocations were sourced from programs that can be implemented in later years. — Kyanna Angela Bulan

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