Saturday 17 August
Pro-growth Diokno defends interest rate cut Dec 12, 2018 @ 17:54

Reenacted budget means slower growth, Diokno warns

 

Holding the budget hostage won’t do good for anyone.

It may be the legacy of ex-President Gloria Macapagal-Arroyo to run under reenacted budgets, but Secretary Benjamin Diokno revealed how this is a bad practice for the overall economy.

During his stand-off with former Budget Chief Rolando Andaya at the “Question Hour” of the House of Representatives on Tuesday, Dec. 11, Diokno revealed how big a growth drag will a reenacted budget be.

“If you reduce the budget, you interrupt our growth momentum,” Diokno told lawmakers.

Data from the National Economic and Development Authority likewise show that operating on a reenacted budget will delay government projects, resulting to a 1.1%-2.3% reduction in the overall growth for 2019.

Around 600,000 jobs will also be unavailable due to delayed progress in construction, public administration and defense, wholesale and retail trade, land transport and education.

Congress is yet to finalize the 2019 national budget just days before December ends.

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