by magnolia_eic | Aug 18, 2010 | Headlines, National News
The Aquino Administration approved on Monday its FY2011 borrowing program in the amount of P307.8 billion.
Presidential Communications Development and Strategic Planning Secretary Ricky Carandang announced in a press briefing at Malacanang on Tuesday that the decision was reached after President Benigno S. Aquino III met on Monday with Finance Secretary Cesar Purisima and Budget Secretary Florencio Butch Abad.
“The foreign mix will be 70%-30%, in favor of domestic borrowing,” Carandang said.
He explained that of the P307.8 billion net borrowing expected, P45.1 billion will be external or foreign borrowing, and P262.7 billion will be the domestic borrowing.
At the same time, Carandang said the Aquino administration will also issue peso denominated global bonds aimed at raising funds to plug the country’s swelling budget deficit.
Programmed budget deficit next year was pegged at P285 billion.
Carandang noted that this will be the first securities float of the peso instruments in the global market as the Philippines usually floats global bonds denominated in dollars and even in Japanese yen.
The move is part of the Aquino Administration’s liability management efforts. (PIA/PCOO)
by magnolia_eic | Aug 18, 2010 | Headlines, National News
Malacanang is standing by its directive of prohibiting officials from placing their names and images in government project billboards and reminded those who are opposing it, that it is the people’s money being used in those projects.
“I think the message of the President is very clear; This is not the money of this administration, it’s not the money of the members of Congress, it is the money of tax payers,” according to Secretary Ricky Carandang of Presidential Communications Development And Strategic Planning office.
Last Monday, minority congressmen in the House of Representatives met with Department Of Public Works and Highways (DPWH) Secretary Rogelio Singson to voice out their opposition to President Benigno S. Aquino’s directive not to place their names and pictures on project billboards.
Last week in accordance with the President’s instructions, DPWH issued Department Order 37, banning the placement of names and pictures of officials on government projects.
The Department of Interior and Local Government (DILG) followed suit by banning the names and pictures of politicians from project billboards and government patrol vehicles.
Carandang stressed that it is within the departments’ authority to issue memos pertaining to the banning of names and images on government projects.
He said the congressmen can question the memos but until proven otherwise, Carandang added, the order will stand. (PIA/PCOO)
