Senate reduces standby fund to P140B

in News

Published June 3, 2020, 3:28 PM

By Vanne Elaine Terrazola

Heeding the advice of government finance managers, senators have reduced their proposed standby fund for COVID-19 response under the “Bayanihan to Recover as One” bill.

(Henzberg Austria/Senate PRIB)

From P236 billion, the proposed standby fund would now be P140 billion, as they agreed during a caucus meeting Tuesday night.

“We all agreed in caucus also to limit the amount that can be realigned in the 2020 budget to roughly P140 billion,” Senate President Pro Tempore Ralph Recto said in his interpellation on Senate Bill No. 1564, citing a recommendation from its sponsor, finance committee chair Sen. Sonny Angara.

Economic and finance managers earlier said the government does not have enough resources for this year to further

Read More Senate reduces standby fund to P140B

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