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Manila Bulletin devider Philippines devider National devider Solon calls for transparency, timely reporting on gov't earmarked revenues

Solon calls for transparency, timely reporting on gov't earmarked revenues

Published Aug 15, 2024 09:39 am

At A Glance

  • Bagong Henerasyon (BH) Party-list Rep. Bernadette Herrera is calling for greater transparency and timely reporting on the management of earmarked revenues for the proposed national budget for 2025.

MONEY FILE PHOTO_02.jpg(MANILA BULLETIN)

 

 

 

 

 

 

Bagong Henerasyon (BH) Party-list Rep. Bernadette Herrera is calling for greater transparency and timely reporting on the management of earmarked revenues for the proposed national budget for 2025.

This, as Herrera raised the alarm on the supposed inconsistencies between the revenue figures reported by collecting agencies and the Bureau of the Treasury (BTr). 

During the recent briefing on the proposed P6.352-trillion national budget for 2025, Herrera noted that, since last year, she has been flagging the disparity between the amounts being reported.

“Have we resolved that? Does the BTr now have real-time access to the amounts in earmarked revenue upon collection?" the solon asked.

"The collection reporting before was inaccurate due to delays. Has that system been corrected?" she continued.

In response, National Treasurer Rosalia de Leon explained that while the BTr receives the reports days after collection, real-time data is still unavailable. She added that reconciliations are conducted monthly to ensure the records are in agreement. 

With this, Herrera asked for a detailed breakdown of interest income and standardized reporting processes to ensure accurate financial oversight.

The congresswoman also raised concern about the reported decline in interest income despite increasing earmarked funds. 

Funds that are earmarked are required to be used for designated activities, benefits, or purposes, and must be accounted for separately from the government’s general revenues.

“If we have P700 billion deposited, I'm expecting interest income of about P30 billion to P35 billion,” said Herrera. “Is that correct? I want to understand this”.

Department of Finance (DOF) Secretary Ralph Recto gave clarification on this concern, as he noted that some are merely accounting entries.

“For example, we collect something like P11.8 billion a day this year, we spend P15.8 billion a day, and we borrow P4 billion a day. So there is no amount of money—there is no P700 billion of earmarked revenues in cash in a separate account,” he said.

Recto explained that these funds were managed as part of the broader budget and not necessarily held as cash in reserve.

Related Tags

2025 national budget Department of Finance (DOF) Bureau of Treasury bernadette herrera
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