29.5 C
Manila
Friday, March 29, 2024

International Budget Partnership praises Bayanihan 1 law

- Advertisement -

AN international independent watchdog has hailed the Bayanihan to Heal as One Act or the Bayanihan 1 law as one of “global best practices” by any government as a response to the ongoing Covid-19 pandemic.

In a report released in May, the International Budget Partnership (IBP) said the Philippines is one of only four countries that demonstrated an adequate level of accountability in its early Covid-19 fiscal policy responses, based on the rapid assessment survey conducted IBP, covering the period of March to September 2020.

The other three countries sharing the same ranking with the Philippines are Australia, Norway and Peru.

The watchdog lauded the Philippines’ efforts in its passage of Republic Act 11469 or the Bayanihan to Heal as One Act specifically its provisions “ensuring weekly reports on COVID-19 response actions” to oversee the landmark bill’s implementation.

The IBP is an independent watchdog advocating transparent, inclusive and accountable government budget processes.

Swiftly passed under the leadership of former House Speaker Alan Peter Cayetano, Bayanihan 1 was the country’s first economic recovery plan to help curb the impending effects of the pandemic.

Bayanihan 1 allowed the national government to reallocate, realign, and reprogram P275 billion from the annual budget in response to the pandemic.

The passage of Bayanihan 1 also provided for the purchase of testing kits and medical supplies, as well as the building of quarantine facilities and isolation centers for those suspected to have contracted the virus.

Together with Bayanihan 2, or the Bayanihan to Recover as One Act, it formed the backbone of Cayetano’s efforts to usher the country into the better normal.

Before it went on sine die adjournment, the Lower Chamber approved House Bill (HB) 9538 on second reading. HB9538 seeks to further extend the release, obligation and disbursement of funds of RA 11494 or the “Bayanihan to Recover as One Act” or the “Bayanihan 2” until the end of 2021.

The measure would amend RA 11519, which extended the validity period of the Bayanihan 2 Act until June 2021.

Read full article on BusinessMirror

- Advertisement -
- Advertisement -

Related Articles

- Advertisement -
- Advertisement -

Latest Articles

- Advertisement -