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Tuesday, July 23, 2024

19th Congress to prioritize record-high 2025 National Budget in final session—Romualdez

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The House of Representatives under the leadership of Speaker Martin Romualdez is set to prioritize the approval of a record-breaking P6.2 trillion national budget for 2025 as the 19th Congress kicks off its third and final regular session on July 22.

Speaking to reporters over the weekend, Romualdez emphasized the paramount importance of the budget legislation. “’Yun ang pinakamabigat at pinakamalaking legislation (That is the biggest legislation and it carries a lot of weight),” he said. 

The proposed budget for 2025 exceeds this year’s allocation of P5.768 trillion, reflecting the government’s continued commitment to economic growth and public welfare.

Romualdez was in Tiaong, Quezon last Friday, attending a financial aid distribution event organized by the Department of Labor and Employment (DOLE) under the Tulong Panghanapbuhay para sa ating Disadvantaged atDisplaced Workers (TUPAD) program. 

He lauded the initiative, noting its positive impact on farmers and disadvantaged workers. “You can see the joy and enthusiasm among the beneficiaries. We will ensure this program continues to receive funding in the next budget,” Romualdez assured.

In addition to the budget, Romualdez highlighted ongoing legislative efforts to amend the Rice Tariffication Law, aiming to lower rice prices. 

The proposed changes would empower the National Food Authority (NFA) to buy palay (unmilled rice) and sell rice, allowing the agency to directly influence market prices. Discussions between the House and the Senate on these amendments are progressing towards a resolution, according to the Speaker.

Romualdez has said the recent decision of President Marcos to reduce rice import tariff from 35 percent to 15 percent and direct rice sales to consumers would significantly bring down the price of the staple.

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