Manila Bulletin
Philippines
National
Proposed P1.4B budget for PBBM's overseas trip justifiable—Gatchalian
Philippines
National
Proposed P1.4B budget for PBBM's overseas trip justifiable—Gatchalian
Proposed P1.4B budget for PBBM's overseas trip justifiable—Gatchalian
Published Aug 4, 2023 06:50 am
Senator Sherwin Gatchalian on Friday, August 4 echoed assessments that President Ferdinand “Bongbong” Marcos Jr.’s request of a higher allocation for his official travels for next year is justifiable.
Sen. Sherwin Gatchalian (Senate PRIB Photo)
Gatchalian pointed this out after Department of Budget and Management (DBM) Secretary Amenah Pangandaman defended the President’s request saying the proposed P1.408-billion budget for local and foreign missions and state visits for 2024 is “justified” as it would bring in more investments to the country. The Senate Committee on Ways and Means chairperson said the President so far has been successful in raking in investment pledges in the past year, but turning these into actual investments remains a big challenge. “I looked at the investments pledges by the PSE (Philippine Stock Exchange), and looking at the record, looking at the data, the pledges went up by about 120 percent. From the time President BBM came into his administration, that's quite a big jump,” Gatchalian said in an interview on CNN Philippines. “But these are pledges, admittedly, we have to translate that into real investment. But the pledges, it starts from pledges onto the different investment promotion agencies,” he stressed. Based on his analysis on Philippine Statistics Authority (PSA) data, Gatchalian said the past trips of the President are bearing fruit as it is attracting foreign investors to pledge investments in the Philippines. “Now, the biggest question and the biggest challenge is when the actual investment will come in to follow through with those investments. And that's a different story, because you have to now, pass through the government processes, you have to talk to government agencies, and admittedly we need to fix red tape in our country,” he said. “But in terms of attracting interest, especially investors to come in, it seems to me that the trips are bearing fruit,” he added. “I think to be fair, no, we have to look at the numbers and based on the PSE pledges that we've seen, (the pledges) increased to 120%. So that for me, that’s a big jump from the last administration,” Gatchalian stressed. Also, compared to the previous administrations, Gatchalian said he finds it a unique strategy of the President to personally go on international roadshows to attract investors into the country. “Our President is the chief investment officer of our country. He's the one personally going on international roadshows to attract investors to our country. That's a different formula that this administration is applying,” he said. “Compared to the Duterte administration, even the past administrations, I think it's a unique approach. It's very taxing because you have to fly around but it's a unique approach and I think it's bearing fruit because of the interest that is coming into our country,” the lawmaker stressed. Gatchalian said he is ready to support the President’s budget request as this would also mean further boosting the country’s economy. “The trips are not very long. Typically, two days, three days and packed with meetings. And the template there is to meet with the head of state, with OFWs (overseas Filipino workers) and investors,” he pointed out. “And that's the template that I've seen in the last one year. So in other words, there's a direction in the trips, it's not vacation. There's no R and R (rest and recreation). I think it's really a management issue. You know, it's all about management. So the President goes on short trips, but delegates a lot of this important day-to-day matters to the secretary,” the lawmaker explained. “So for me, it is justifiable,” the senator stressed.
Sen. Sherwin Gatchalian (Senate PRIB Photo)
Gatchalian pointed this out after Department of Budget and Management (DBM) Secretary Amenah Pangandaman defended the President’s request saying the proposed P1.408-billion budget for local and foreign missions and state visits for 2024 is “justified” as it would bring in more investments to the country. The Senate Committee on Ways and Means chairperson said the President so far has been successful in raking in investment pledges in the past year, but turning these into actual investments remains a big challenge. “I looked at the investments pledges by the PSE (Philippine Stock Exchange), and looking at the record, looking at the data, the pledges went up by about 120 percent. From the time President BBM came into his administration, that's quite a big jump,” Gatchalian said in an interview on CNN Philippines. “But these are pledges, admittedly, we have to translate that into real investment. But the pledges, it starts from pledges onto the different investment promotion agencies,” he stressed. Based on his analysis on Philippine Statistics Authority (PSA) data, Gatchalian said the past trips of the President are bearing fruit as it is attracting foreign investors to pledge investments in the Philippines. “Now, the biggest question and the biggest challenge is when the actual investment will come in to follow through with those investments. And that's a different story, because you have to now, pass through the government processes, you have to talk to government agencies, and admittedly we need to fix red tape in our country,” he said. “But in terms of attracting interest, especially investors to come in, it seems to me that the trips are bearing fruit,” he added. “I think to be fair, no, we have to look at the numbers and based on the PSE pledges that we've seen, (the pledges) increased to 120%. So that for me, that’s a big jump from the last administration,” Gatchalian stressed. Also, compared to the previous administrations, Gatchalian said he finds it a unique strategy of the President to personally go on international roadshows to attract investors into the country. “Our President is the chief investment officer of our country. He's the one personally going on international roadshows to attract investors to our country. That's a different formula that this administration is applying,” he said. “Compared to the Duterte administration, even the past administrations, I think it's a unique approach. It's very taxing because you have to fly around but it's a unique approach and I think it's bearing fruit because of the interest that is coming into our country,” the lawmaker stressed. Gatchalian said he is ready to support the President’s budget request as this would also mean further boosting the country’s economy. “The trips are not very long. Typically, two days, three days and packed with meetings. And the template there is to meet with the head of state, with OFWs (overseas Filipino workers) and investors,” he pointed out. “And that's the template that I've seen in the last one year. So in other words, there's a direction in the trips, it's not vacation. There's no R and R (rest and recreation). I think it's really a management issue. You know, it's all about management. So the President goes on short trips, but delegates a lot of this important day-to-day matters to the secretary,” the lawmaker explained. “So for me, it is justifiable,” the senator stressed.