The government can sustain during the extended lockdown its social amelioration packages to vulnerable families, temporary wage benefits to displaced workers, financial assistance to those in the informal sector, and other forms of assistance to affected persons because the Bangko Sentral ng Pilipinas (BSP) has recently infused P300-billion to the National Treasury.
The BSP purchased government securities from the Bureau of Treasury (BTr) under a repurchase agreement in the amount of P300-billion with a maximum repayment period of six months.
National Treasurer Rosalia V. de Leon confirmed to me in a telephone conversation yesterday afternoon (Monday) that the amount of P300-billion has been remitted to the BTr to “provide an extra lifeline to the national government to support the programs to fight this pandemic.”
When President Rodrigo Duterte in one of his telecasts said that “may pera ako” to address the pandemic, he must have been referring to the P300-billion from BSP, among other funding sources.
Since the expected revenues from the collections of the Bureau of Internal Revenue (BIR) and the Bureau of Customs (BoC) have not been realized due to the national emergency caused by the COVID-19 menace, the amounts necessary to fund the allocations under the 2020 General Appropriations Act (GAA) for social and labor amelioration can be sourced from BSP’s fund relief.
Among others, the unreleased portions of the following appropriations under the 2020 GAA can be funded from the subject P300-billion:
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The Department of Social Welfare and Development’s (DSWD) P8,733,927,000 for “protective services for individuals and families in especially difficult circumstances” and P108,765,970,000 for “Pantawid Pamilyang Pilipino Program”;
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The Department of Labor and Employment’s (DOLE) P9,941,858,000 for “Workers Protection and Welfare”; P6,787,305,000 for “Tulong Panghanapbuhay sa Ating Disadvantaged/Displaced Workers – Government Internship Program” (TUPAD-GIP); and P423,126,000 livelihood program;
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The Department of Health’s (DOH) P19,090,000,000 “for the purchase and allocation of drugs, medicines and vaccines”; P10,500,000,000 “for the social health protection program”; and P2,033,000,000 “for family health, nutrition and responsible parenting”;
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The President’s contingent fund of P12,000,000,000; and
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The National Risk Reduction and Management Fund (NDRRMF) or calamity fund of P16,000,000,000, as well as the various quick response funds (QRFs).
These multi-billion funds which have comprehensive budgetary purposes can be funded and released without the need of reprogramming, reallocation or realignment by President Duterte, and even without the enactment of the so-called “Bayanihan Act”.
EDCEL C. LAGMAN