The Budget Reform bill passed by the House of Representatives on third and final reading by 158-8 vote Tuesday aims to ensure public spending integrity and accountability through greater transparency, fiscal responsibility, result orientation, efficiency and effectiveness.
Albay Rep. Joey Sarte Salceda, House appropriations committee vice chair, said House Bill 7302 was expected to reform the country’s budget management system and support the government’s push to substantially increase investments in infrastructure.
Salceda steered the measure’s plenary deliberation. He said the strategic elements of the breakthrough reform measure included a shift from an obligation-based budgeting to an annual cash-based budgeting making the appropriations law the authority of agencies to contract out and disburse funds within the fiscal year.
It also enforces a one-fund-concept where money received by the national government will accrue to the general fund and remitted to the national treasury.
