Congress is ready to approve any request from Malacañang for a supplemental budget to address the devastation caused by last week’s deadly floods triggered by continuous monsoon rains.
Senate committee on finance chairman Franklin Drilon gave the assurance after a briefing held by the Development Budget Coordinating Council (DBCC) on the proposed P2-trillion national budget for 2013.
“If necessary, we are willing to recommend to the Senate a supplementary budget or adjust the 2013 proposed budget for medium- and long ter- projects that will be needed to immediately address the calamities,” Drilon said.
Drilon said that as much as P10.9 billion could be made available for the government if it runs out of funds.
He noted that the Department of Public Works and Highways has a provision in its budget for road maintenance and rehabilitation efforts.
A Quick Response Fund (QRF) of P7.5 billion for this year has already been depleted and, according to Drilon, the balance might not be enough to cover the requirements of the government for the recent disaster.
During the DBCC hearing, Budget Secretary Florencio Abad said that he is finalizing with the President the financial requirements for easing the impact of the recent calamity.
However, he expressed confidence that the available funds would be enough to cover immediate and short-term requirements.
“So far, the DBM said they can manage with their QRF and Calamity Fund. But on the medium- and long-term, they may have to take a look at a supplemental budget or adjusting the 2013 budget which we are now discussing,” Drilon said.
“Infusion of funds for rehabilitation will enable the economy to achieve the programmed GDP growth of five to six percent. It should be noted that the result of typhoon ‘Ondoy’ in 2009, there was a reduction in gross domestic growth of 0.4 percent as against programmed,” he added.
Drilon said that the P10.9 billion could be sourced from the realignment of funds in the national budget consisting of P9.4 billion in savings this year and another P1.5 billion from 2011.
Earlier, Drilon said the government may need foreign loans to implement a long-term flood mitigation plan estimated to be around P352 billion.
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