ROXAS PUSHES P100 BILLION IN BUDGET CHANGES

After meeting with economic experts, Liberal President Senator Mar Roxas today said he is pushing the revamp of the 2009 budget to give way to P100 billion worth of safety net and social welfare programs that will help Filipinos weather the effects of the global financial crisis.

"Ang pinakamalakas na sandata na nasa kamay ngayon ng gobyerno ay ang pambansang budget. P1.4 trilyon ito na dapat maitutok sa pagpapalago sa ekonomiya at pagsiguro sa mga trabaho. (The single biggest weapon in the government's hands is the national budget. We have P1.4 trillion for next year. We have to realign this to ensure job security and the growth of our domestic economy)," said Roxas, who has consulted this week with the country's top economists in coming up with the most efficient package to help stimulate economic growth during times of uncertainty.

"We should spend the full budget, in a targeted manner, so we can protect ourselves from this turmoil and turbulence internationally," said Roxas, who pushed for added spending for food security, job security and health and education services.

"The people themselves, who are in trouble and who are going to feel the pinch, should be able to help in the domestic stimulus of our economy," he added.

The Chairman of the Senate Committee on Trade and Commerce explained that of the P1.4-trillion proposed budget for next year, already about P1 trillion is already locked in for salaries, interest payments and other maintenance expenditures.

With only P400 billion left that the government could use to create meaningful impact, Roxas said he will make sure that at least this P100 billion is focused on the country's most pressing priorities.

"Sinuwerte tayong nakaligtas sa 'first wave' ng krisis na ito, pero hindi pa ito tapos. Dapat ngayon pa lang, handa na tayong protektahan ang kabuhayan ng mamamayan (We are lucky to have escaped the first wave of this crisis, but it is far from over. As early as now, we should already have the means to provide safety nets for our people)," he said.

He also called for the following reforms, which do not require outlays:

1. A 3-year temporary increase in insurance for bank deposits up to P500,000, from the present P250,000 coverage;
2. A 90-day moratorium on foreclosures, to protect those unable to pay off their loans or mortgages;
3. An elimination of penalties for early withdrawal of bank deposits; and
4. Corporate income tax credit for each additional permanent employee hired, as an incentive for employers to provide job security.