Calamity funds nearly depleted

[claRkEnt]

swerte naman ng mga Cabalen! The fund for the whole country poured in just one District.

2010 Calamity fund used (daw) for 2009 disasters.Where naman napunta yung 2009 Fund?

I really want to see her behind bars!

DBM finds anomaly: Calamity funds nearly depleted


MANILA, Philippines - The new administration's economic team has uncovered another alleged anomaly in the previous government's fiscal management. Budget Secretary Butch Abad said on Friday there aren't enough funds left to deal with calamity disasters this year.

Following a review of the 2010 Calamity Fund, Abad said only 29.6% or P592,034,346 remained of the fund allocated for this year, confirming President Benigno Aquino's fears that the balance of the calamity fund will be sorely inadequate to meet calamity contingencies in the second half of the year.

In a press release, Abad said the Arroyo administration has already used up 70.4% or P1,407,965,654 in the first half of the year.

Of the remaining funds, the previous administration had not released the Quick Response Fund (QRF) of the Department of Social Welfare and Development (DSWD), Department of Public Workds and Highways (DPWH), and Department of National Defense (DND) amounting to P605,500,000.

Once deducted, Abad said this will result to a negative balance in the calamity funds. The negative balance grows even more if commitments of the previous Arroyo administration amounting to P315,150,000 are also to be deducted.

"Ito yung sa konkreto sa sinasabi ni President Aquino, hindi pa sa panahon ng kalamidad ay ubos na ang pera. Ngayong papasok tayo sa panahon ng kalamidad ay kulang na kulang tayo." (President Aquino says we are not even in a time of calamity and we are seriously lacking in funds to address disasters.)

Pampanga favored in releases
In documents shown by Abad, nearly all of the funds released by the Arroyo administration were for infrastructure damaged by Typhoons Ondoy and Pepeng in 2009.

Noticeably, much of it went to towns in the second district of Pampanga like Lubao, Floridablanca, Porac, Guagua, Sta. Rita and Sasmuan, where former President Gloria Arroyo is a congresswoman.

This is bad news, since the second semester is the most vulnerable to calamity due to the typhoon season. Earlier this week, President Aquino instructed the country's disaster agencies to prepare for disasters expected to happen around September.

Skewed collection targets
The calamity fund issue is the latest discrepancy uncovered by the Aquino economic team.
On Thursday, Bureau of Internal Revenue (BIR) Commissioner Kim Henares said the government skewed first-half collection targets to make it appear they were exceeding goals.

Former BIR Commissioner Joel Tan Torres has denied the accusations.

Social Welfare Secretary Corazon Soliman said the DSWD had used up P186 million of its P333 million calamity fund for the rehabilitation of areas damaged by storm "Ondoy" and typhoon "Pepeng" last year, and for the internally-displaced persons in conflict areas in Mindanao.

"We are eating up into the 2010 budget for a 2009 disaster," she said.

http://www.abs-cbnnews.com/-depth/07...early-depleted

[tidus1203]

Syempre nga election na time for her to sipsip on her constituents...

[uls]

not surprising

it would be surprising if those funds were intact

Aquino inherited a looted govt

[niwde11]

from time immemorial na lagi naman from looted govt ang new administration.:D
so sabi nga ni uls, its not new.:D

[andywesteast]

Uutang na naman ang Pilipinas, so what else is new.

[uls]

the first Aquino admin bond auction

http://business.inquirer.net/money/b...er-Aquino-govt

First Posted 15:54:00 07/06/2010
MANILA, Philippines -- The yield on the 20-year Treasury bonds dropped 20.8 basis points to 8.521 percent on Tuesday as buyers scrambled to lock in their free funds to long-term debt papers.

"The auctions’ results show investor confidence in the new [Aquino] administration and good economic fundamentals. June inflation was 3.9 percent, which is on the lower end of the government's 3.8 percent to 4.7 percent," National Treasurer Roberto B. Tan.

Tuesday's auction for P8.5 billion worth of 20-year T-bonds marks the first issuance of government debt papers under the new administration.

the demand was so strong that another P8.5B was issued

http://business.inquirer.net/money/t...nds-fetch-8521

THE GOVERNMENT Tuesday raised P8.5 billion from the sale of 20-year treasury bonds and has opened a tap facility to double the amount as buyers scrambled for long-term debt paper.

http://www.bworldonline.com/main/content.php?id=13770

THE GOVERNMENT is selling another P8.5 billion worth of 20-year Treasury bonds today through a tap facility after investors swamped yesterday’s auction with orders.

RTBs planned for Aug or Sept

http://business.inquirer.net/money/t...treasury-bonds

MANILA, Philippines – (UPDATE) The government plans to offer up to P75 billion worth of retail treasury bonds in August or September to refinance maturing securities, according to a Treasury official.

Deputy Treasurer Eduardo S. Mendiola said yesterday the offer may be set initially at between P20 billion and P30 billion.

“In August, [maturing T-bonds would amount] to P75.23 billion,” Mendiola said. “We are proposing another offering to refinance [that batch],” Mendiola said.

He added that government securities that need to be paid next month include P36.47 billion in three-year T-bonds and P38.76 billion worth of five-year T-bonds.

Mendiola said the proposal to issue new retail T-bonds will be processed in July, but that it would take another month to launch the fresh offer.

Asked about the terms of the new RTBs, Mendiola said the Bureau of the Treasury was still finalizing the details.

[CVT]

Kailan kaya maibabalanse ang budget na iyan? Simula pa lang,- wala na ang para sa 2010...

10.3K:sumo:

[andywesteast]

Kailan kaya maibabalanse ang budget na iyan? Simula pa lang,- wala na ang para sa 2010...
10.3K:sumo:

With a population of almost 95,0000,000, majority of which are poor and not tax-paying, it is almost impossible to balance the budget.