MANILA - The House of Representatives is tackling House Bill 9513, which would allow government to tap excess funds from government owned and controlled corporations to fund items in the 2023 budget that do not have funds yet.
The bill will amend section 1 of the Special Provisions of the Unprogrammed Appropriations under Republic Act 11936 to add a 4th criterion to fund those items: funds of state firms in excess of their current administrative and operational expenses, benefit obligations and reserve requirements.
Unprogrammed appropriations refer to items that will only be implemented once government is able to identify a funding source such as revenues or loans.
The committee fact sheet submitted by the Appropriations Committee explained that the measure seeks to maximize idle funds of state firms.
"These funds lie idle in the banks or are invested in time deposits and other securities with other government and non-government financial institutions and results in the inefficient use of national government resources." House Ways and Means Committee Chair Joey Salceda said in his explanatory note as author of the bill.
The bill explained that it does not violate the Administrative Code.
The bill is in the period of interpellation and debate.