6,282

Ping vs gov’t plan to borrow P1.2Tr

  • Written by Marlon Purificacion
  • Published in Nation
  • Read: 242

SENATOR Panfilo “Ping” Lacson yesterday expressed his opposition against the government’s plan to borrow around P1.2-trillion in 2019.

Lacson frankly said that there are huge amount of appropriations every year that the government failed to use and later on went into the pockets of unscrupulous government officials.

“Ang mas masama pa, ninanakaw lang ng ilang mga masisiba na walang kabusugan sa pera, samantalang tayong mga mamamayan ang magbabayad ng kaukulang buwis,” Lacson insisted.

The senator clarified that he is not against the government entering into international loans, but only if the funds are being utilized effectively. He added that the budget must directly go into developmental projects as a form of investments.

He also aired his frustration on when the government will be able to operate with the available budget and when the country achieve a balanced budget.

Economist Senator Ralph Recto meanwhile vowed to scrutinize every detail of the proposed budget for 2019.

He said the government should be careful on how to spend the fund especially if it comes from loans.

“Interest rates are going up and future generations will pay for them. 1.2 trillion is a large amount. When government borrows too much money it crowds out the private sector and may cause inflation.” said Recto.