Take Ralph’s pork medicine
Vacillation will not serve the country, as an economist said; if the expectation is that things will get worse, then it’s time to implement determined measures such as fuel rationing.
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Vacillation will not serve the country, as an economist said; if the expectation is that things will get worse, then it’s time to implement determined measures such as fuel rationing.
The flood control corruption debacle appears to have dulled the judgment of the Palace occupants, who treat the current crisis as if it does not require an immediate response.
Executive Order 110, declaring a state of national energy emergency, has been issued, yet tentative actions, such as the reluctance to impose any controls on fuel prices, belie the supposed urgency.
Economists believe the situation will get far worse, making it the nation’s biggest challenge, greater than the lockdowns that placed economic activity in suspended animation during the Covid pandemic.
Then, there were lockdowns and though people couldn’t move around, there were ample supplies of basic commodities.
Vacillation will not serve the country, as an economist said; if the expectation is that things will get worse, then it’s time to implement determined measures such as fuel rationing.
The situation calls for a thorough review of the national budget to reallocate funds toward more social interventions targeting marginal households.
Congress knows the protocol but it has employed it in a devious manner — juggling funds for pork barrel projects. It had allowed the transfer of funds while skirting the Supreme Court’s rulings on the Priority Development Assistance Fund (PDAF) and the Disbursement Acceleration Program (DAP) regarding the use of lump sums.
As Executive Secretary, Ralph Recto may have known how to siphon funds from government-owned and controlled corporations (GOCC).
Manipulating the annual national budget to raise slush funds proves the resources are available.
Ask Recto, who was at the scene from the crafting of the 2025 budget provision allowing the Department of Finance to accumulate funds and who, later as Finance Secretary, issued the directive for GOCCs, including the Philippine Health Insurance Corp. and the Philippine Deposit Insurance Corp., to surrender their “excess funds” where there was none.
Before this Gulf War, the nation was already reeling from the budget anomalies where money was being funneled into kickbacks, which had a strong effect on growth.
Tax revenues, thus, slowed at a time when the government needed more money for subsidies. The uncertain times forced the government to borrow more, adding to the gargantuan P18.13-trillion debt.
President Ferdinand Marcos Jr.’s administration has the fastest borrowing clip among recent administrations, as measured by the average monthly increase in the national government’s outstanding debt.
Borrowings in Marcos’ term averaged P124 billion per month, the highest among the administrations.
Economists also worry about the prospect of hundreds of thousands of workers coming home as Middle East economies have been flattened by the bombings on vital facilities, which could very well lead to job losses.
The dire situation calls for resourcefulness, but not the kind that involves reorienting budget funds to appease House allies, a practice that has resulted in substandard and even ghost projects designed to generate kickbacks and commissions.
Recto is the “little president” for a reason. He possesses a level of creativity and cunning that may prove useful in the days ahead.
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