Wazzup Pilipinas!
"A historic first in the history of the Philippine budget system."
This is how Akbayan Senator Risa Hontiveros described the passage of the 2017 national government budget that contains a special provision mandating Congress to conduct a comprehensive audit of the country's debt.
The said provision tasked the Congressional Oversight Committee on Overseas Development Assistance to conduct a debt audit to determine the legitimacy of a list of loan agreements challenged as illegitimate. The said debt audit will be conducted in the 2017 fiscal year.
Hontiveros, who introduced the said general provision, said that the process of a debt audit is an important policy tool to unburden the Filipino people from paying onerous and illegitimate debts and beef up funding for social service spending.
"This is truly a historic first. With this provision, we commit to diligently scrutinize the country’s debts if they are indeed in accordance with the principles on promoting responsible sovereign lending and borrowing by the United Nations Conference on Trade and Development (UNCTAD), and repudiate the illegitimate part of our overall debt," Hontiveros said.
"I would like to commend the Senate Finance Committee chaired by Senator Loren Legarda, my fellow senators, the Executive branch and the Freedom from Debt Coalition (FDC) for supporting the inclusion of this provision in our national budget," Hontiveros added.