COA open to tweaking rules on audit of CIF
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HE Commission on Audit (COA) is open to amending a 2015 joint circular governing the use and auditing of confidential and intelligence funds (CIF). At the hearing for COA’s P13.3billion budget for 2024, Commission on Audit Chairman Gamaliel Cordoba said concerned agencies that created the Joint Circular 2015-01, or the guideline on the entitlement, release, use, reporting, and audit of confidential and intelligence funds, will convene to review the circular. “Your suggestion is good because of the increasing confidential and intelligence funds. We will try to convene the agencies who promulgated [this circular]
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because 2015 has been quite a long time. That’s eight years,” said Cordoba on the queries of Kabataan party-list Rep. Raoul Manuel. "Within the third quarter of this year, we will call a meeting with other stakeholders. We will try to finish [the review] within the year, and we will update the appropriation committee and Congress about the changes," he added. The joint circular was issued on January 8, 2015, by the COA, Department of Budget and Management, Department of the Interior and Local Government, the Governance Commission for Government-Owned and Controlled Corporations, and the Department of National Defense.
The circular refers to confidential expenses as those expenses pertaining to or related to surveillance activities in civilian government agencies that are intended to support the mandate or operations of the agency. It defines the intelligence fund as the lump sum amount provided as such in the general appropriations for the national government agencies. Earlier, the Department of Budget and Management (DBM) assured taxpayers that the allocation for CIF in the 2024 proposed budget will be covered by circulars and will be properly accounted for. Budget Sec ret a r y A men a h Pangandaman said the joint circular identifies the projects and
programs that can be funded using CIF, pointing out a section of the joint circular detailing the disbursement procedures for the funds. According to the budget chief, there is a P120-million increase in the confidential and intelligence funds, with the Department of Information and Communications Technology (DICT), Anti-Money Laundering Council, and Presidential Security Group (PSG) receiving additional allocations. The biggest allocations that drew attention, however, are those for the Office of the President and the Office of Vice President and education secretary. See “COA,” A2
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Friday, August 25, 2023 Vol. 18 No. 312
By Cai U. Ordinario
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BSP@30: DIGITAL FINANCIAL SYSTEM ACCESSIBLE TO ALL
@caiordinario
NVESTING as much as a quarter of a billion dollars for the remainder of the current administration in developing a solar photovoltaic (PV) manufacturing industry in the Philippines could add nearly P10 billion to the country’s GDP by 2030, according to the Asian Development Bank (ADB).
Based on its new report titled, “Renewable Energy Manufacturing: Opportunities for Southeast Asia,” ADB said the Philippines needs to invest $150 million to $250 million in the next 3 to 5 years to develop a solar PV manufacturing industry. This would lead to an addition to GDP of $100 million to $175 million or around P5.6 billion to P9.8 billion by 2030. This is based on an exchange rate of P56 to the dollar. “As we often say in ADB, the battle against climate change will be won or lost in Asia and the Pacific. A decisive front in that battle is Southeast Asia,” said ADB Sectors Group Director General and Group Chief Ramesh Subramaniam. “This research shows the promise of renewable energy manufacturing—with policy, technical, and financing support—in helping the region's developing countries to transition away from coal-based energ y, while lowering carbon emissions, expanding local industrial capabilities, spurring job creation, and driving long-term economic growth,” he added. See “Solar,” A2
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ILIPINOS can look forward to a more sustainable and inclusive Bangko Sentral ng Pilipinas (BSP) on its 30th anniversary as it embarks on efforts to adopt global central banking standards and transition to a digital financial system that is accessible to all nationwide. BSP Governor Eli M. Remolona Jr. said the pandemic has shaped the perspective and monetar y authorities. This has made him more optimistic that the country is ready for a better digitized financial landscape. This is especially true with the increased use of digital payments in the country over the last five years. The share in terms of volume of digital payments over total retail payments significantly increased
to 42.1 percent from 30.3 percent in 2021. “While the technical nature of our work requires managing a delicate balance between inflation and growth, we also acknowledge our role in helping Filipinos access banking services, increase their financial literacy, and protect themselves from fraud and cybersecurity threats,” Remolona said. “We consider these facets of central banking critical to inclusive and sustainable economic growth—where individuals in far-flung areas in the provinces are offered the same financial services as those living in Metro Manila or in any urbanized city,” he added. See “BSP,” A2
Solons, BOC check out rice warehouses By Jovee Marie N. dela Cruz
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FIBA FEVER! Amidst a national holiday in the Philippines, reflecting the nation's basketball fervor, efforts are underway to draw over 32,000 fans as the country’s cohosts the FIBA Basketball World Cup with Japan and Indonesia, aiming to break a 1994 attendance record. With around 25,000 indoor courts and numerous outdoor venues across the country, basketball is a deep-rooted passion, exemplified by the photo above capturing Filipino boys playing basketball in floodwaters. Top photo shows Yuko Mitsuya, chairman of the Japan Basketball Association, Samahang Basketbol ng Pilipinas Chairman Emeritus Manuel V. Pangilinan and President of Indonesia’s NOC Erick Thohir posing with the Naismith Trophy, the FIBA Basketball World Cup trophy, after the host announcement ceremony for the FIBA Basketball World Cup in 2023, at the FIBA’s headquarters in Mies, Switzerland, December 9, 2017. FIBA stories in B8 Sports. AP/AARON FAVILA & LAURENT GILLIERON/KEYSTONE VIA AP
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HE House of Representatives will study the amendments to the Rice Tariffication Law (Republic Act No. 11203), which created the Rice Competitiveness Enhancement Fund (RCEF), so that the government can use collected unappropriated funds and tariffs as cash assistance for farmers and import subsidies, according to Speaker Ferdinand Martin Romualdez. “We will study all means possible of oversight; we will use RCEP to help our farmers. Maybe we can use part of the fund, so we can subsidize the importation to bring down the price, either directly or indirectly,” he said on Thursday. Under the Rice Tariffication Law, the RCEF allocates P10 billion to four component programs: mechanization (P5 billion), seeds (P3 billion), extension (P1 bil-
lion), and credit (P1 billion). Amid allegations that hoarders are driving up the cost of rice in the market, Romualdez on Thursday led a team from the House of Representatives on a fact-finding mission and inspected large rice warehouses in Bulacan, where they concluded that rice hoarding has been happening. “We will explore all the means that we can use here; that's why we are here. We are talking to everyone so that we can work together here and bring it out. We have the supply, right?” added Romualdez. According to Romualdez, the chamber w i l l a lso st udy t he amendments to the Price Act to strengthen consumer protection by stabilizing the prices of basic necessities and prime commodities. “We will also study the [Price Act]. That is one of our ways to lower the price [of rice],” he said. See “Solons,” A2
PESO exchange rates n US 56.5210 n japan 0.3904 n UK 71.9004 n HK 7.2087 n CHINA 7.7650 n singapore 41.7931 n australia 36.6143 n EU 61.4044 n KOREA 0.0426 n SAUDI arabia 15.0691 Source: BSP (August 24, 2023)