KIKO TO COLLEAGUES: LETS PASS THE 2006 BUDGET

Senate Majority Leader Kiko Pangilinan today called on his Senate colleagues to work double time to enact a new budget for 2006.

Im not comfortable with the possibility that we would be working on another re-enacted budget for the coming year. There is no constitutional and legal prohibition or impediment to enacting a national budget twice, but were talking here more of the practical implications of a re-enactment. That would include not providing even the additional 16 billion needed from the IRA, that local government units all over the country depend on. We must all have a sense of urgency. It is bad enough that the House of Representatives managed to transmit the budget to the Senate almost five months late. The failure to pass a new budget will reflect on the legislatures inability to act on such an important piece of legislation, the lifeblood in fact of the country, Kiko pointed out.

In the past year, both Houses have passed revenue generating measures. We will be tackling soon enough the Biofuels bill to offset hopefully the shocks generated by almost regular oil price hikes. We have to start spending within our very meager means. At a time when hunger and poverty remains prevalent, a bigger percentage of the 2006 budget should be allocated to improving our social services. We must put an end to the wanton practice of resorting to borrowings at a drop of a hat. It is this knee-jerk response to our fiscal situation that has caused huge budget deficits in the past. We need to consider during the next couple of weeks the possibility of regulating our borrowings. When the borrowings are regulated then government becomes hard pressed to firstly, raise more revenue internally and secondly, to spend resources more efficiently. , Kiko ended.