PNoy not getting wrong advice: Abad


Posted at Jul 24 2014 03:49 PM | Updated as of Jul 24 2014 11:49 PM


MANILA - President Aquino is not receiving wrong information about the disbursement acceleration program especially since the DAP is clearly benefiting the economy, Budget Secretary Florencio Butch Abad said Thursday.

In his testimony before the Senate finance committee hearing, Abad denied that the President is ill-advised about the program.

"Isa na po siya sa mga pinakamapanuri at masinop na kumikilatis sa budget. By himself, the President is able to scrutinize the issues regarding budget. Hindi po ganoon kalaki ang pangangailangan niya ng advice," he said.

He added that proposing a program to Aquino was like "undergoing an oral exam" because the President "scrutinizes every word and number."

Abad noted that under the DAP, the Aquino administration was able to increase investments in key sectors in government without raising new taxes. These include additional funding for Philhealth, the conditional cash transfer program and construction of classrooms.

"Without increasing taxes and borrowing less, we have made unprecedented increases in investments in key priorities of government because we are collecting taxes well diyan ho sa Bureau of Internal Revenue, diyan ho sa Customs..." he said.

He noted that for the first time in history, the Philippines received an investment grade rating which meant that the interest rates would be lower if it chooses to make more loans. This is after the country's gross domestic product rose by 6.8 percent and 7.23 percent in 2012 and 2013, respectively.

For his part, Senator Joseph Victor "JV" Ejercito said he believes the administration is trying to justify technical malversation since it is wrong to juggle funds no matter the intention.

"As they say, the road to hell is paved with good intentions," he said.