SECTOR: Economy
SONA YEAR: 2022
Pass Budget Modernization Bill
PROMISE STATUS - DATE: In progress as of 07/17/2023
- The Budget Modernization Bill is among the LEDAC-priority bills that both the House and the Senate have yet to pass. In January, Pangandaman said pursuing the bill is on “top of their list” for 2023.
- SB 2045, filed by Sen. Imee Marcos, seeks to institutionalize the Cash-based Budgeting System (CBS) under EO 91, s. 2019 to strengthen the fiscal discipline in the allocation and use of budget resources. Under the CBS, all authorized appropriations’ obligation and disbursement will be available only until the end of each fiscal year, while payments may be settled until the first three months of the following fiscal year. The Philippines previously followed an obligation-based budgeting system that allows contracts awarded within the fiscal year to be delivered even after the end of year.
- SB 2045 and SB 1020, filed by Sen. Jinggoy Estrada, have been pending with the Finance Committee since May 8, 2023 and Sept. 5, 2022 respectively. All 11 versions in the House (HB 5809, 5266, 4650, 4260, 4114, 3419, 418, 19, 8087, 7749, 6384) are pending since 2022.