House adopts national medium-term fiscal plan as guide for annual budget deliberation
THE HOUSE of Representatives on Monday adopted a resolution that supports the national medium-term fiscal framework (MTFF), which will be used as guide by lawmakers for the annual budget deliberations.
House Concurrent Resolution 2 aims to consolidate the national government’s resources to achieve maximum benefits for the economy.
“It is important that Congressional initiatives are aligned with the economic recovery programs of the National Government,” said Marikina Rep. Stella Luz A. Quimbo, vice-chair of the Appropriations committee, who sponsored the resolution.
“I stand before this august chamber today to sponsor a resolution adopting the national government’s Medium Term Fiscal Framework or MTFF as anchor for the annual spending and financing plan of the national government and for Congress when preparing the annual budget,” Ms. Quimbo said in her sponsorship speech.
Albay Rep. Jose Ma. Sarte Salceda, chair of the Ways and Means Committee and was also a sponsor of the resolution, said the MTFF is an international best practice.
“Some of our best neighbors and comparators are already doing that. Indonesia, Thailand, and Korea have it in their statutes. Malaysia, Singapore, and Japan do it regularly in their budgets,” he said in a statement. — Matthew Carl L. Montecillo
