DOF agrees to give up confidential funds request

MANILA, Philippines — The Department of Finance (DOF) has officially let go of its request for confidential and intelligence funds (CIF), Finance Undersecretary Catherine Fong confirmed on Friday.

Fong announced this during the Senate’s budget deliberations on the proposed P29 billion budget of DOF and its attached agencies for next year.

“The Secretary of Finance has already agreed to give up the CIF in the House of Representatives,” said Fong after admitting that the agency initially asked for P1 million in secret funds.

Before Fong’s disclosure, Senate Minority Leader Aquilino “Koko” Pimentel III asked why the agency needed to obtain confidential and intel allocation.

“It’s for facilitating swift and vital information gathering in terms of addressing economic vulnerabilities and safeguarding national financial security,” Fong explained.

Later in the hearing, Pimentel commended DOF for letting go of its CIF request, adding that the agency should be “added to the list of those who should be emulated.”

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