NEDA and DOLE Projections Critical To Responsive 2009 Budget

Senator Rodolfo G Biazon today asked the NEDA and the Department of Labor and Employment to submit projections to the Senate while the 2009 national budget is now being examined and assessed.

"There was an announcement from Malacanang that the 2009 budget is structured to provide the economic stimulus that would cushion the possible effect of the global economic meltdown."

"The President even encouraged Christmas spending to pump prime the economy."

Senator Biazon said the 2009 budget should be scrutinized relative to the Malacanang statements.

"Do we need to realign programs from one area of interest to another to ensure that the 2009 budget will be responsive to this need?"

"My fear is, if indeed the economic meltdown will result in the firing of our Overseas Filipino Workers (OFW) from their employment somewhere out there in other countries and they come back, they increase the ranks of the unemployed."

Biazon cautioned," In addition, if indeed US President Obama will implement his threat to tax outsourcing, our export processing zones all over the country could be affected because American companies may close down and release other unemployed Filipinos to us."

"It is a known fact that the remittances of our OFWs are the ones that are propping the economy of this country to a great extent, what happens if those remittances are reduced very drastically because of the massive firing? Are we prepared?"

"What if collections from projected revenues in the 2009 budget dips to very low that would force us to borrow money again from foreign banks to support government operations?"

Biazon concluded, "The NEDA and DOLE projections will guide the members of the Senate in maximizing the judicious utilization of the national wealth to sustain fiscal stability, spur economic growth despite what is happening outside the country."