Photo from the office of Sen. Grace Poe
MANILA, Philippines — Senator Grace Poe on Tuesday urged government agencies to accelerate the spending of their budgets to stir up economic activity and create more jobs.
With just over a month before the expiration of the Bayanihan 2 funds, Poe reminded government agencies to act fast to utilize their budget allocations aimed at helping people cope with the economic impacts of the pandemic.
Congress has extended the validity of unspent funds under the P140-billion Bayanihan 2 funds up to June 30 this year. The unused amount of around P110 billion under the 2020 General Appropriations Act will likewise remain accessible until the end of December.
Poe noted that failure to fully utilize these funds before the deadlines will cause the money to be reverted to the national treasury.
“The cash aid and bag of groceries are needed, but will never be enough to sustain our people. Government programs must make opportunities for them to be productive and earn income again,” Poe said in a statement.
“The national budget and the Bayanihan funds should act as stimulus of the economy. They should be felt by the people, especially in areas badly-hit by the pandemic,” she added.
Meanwhile, Poe pointed out that the rapid implementation of targeted expenditures will complement the vaccine rollout to revive the economy and deliver income for the people.
She also stressed the need to vaccinate as many Filipinos as possible to allow them to return to work, as she expressed alarm over a report by the National Economic and Development Authority (NEDA) which showed that the country has the worst job market in emerging Asia.
“Jobs are the best cure for poverty, just as jabs are our relief to the pandemic. In both situations, the urgency of the action is critical,” said Poe.
“We must take the fast action that will allow us to not just get through COVID-19, but more crucially, gain ground that will pave the way for our sustainable growth in the coming years,” she added.