Proposed Bangsamoro Basic Law must ensure fiscal discipline – DOF
The proposed Bangsamoro Basic Law (BBL) must ensure that the region is practicing fiscal discipline to guarantee the efficient utilization of the public’s funds and the development of the Bangsamoro region, the Department of Finance (DOF) said.
During a Senate hearing, Finance Secretary Carlos Dominguez III said the success of the BBL, which seeks to develop a Bangsamoro Autonomous Region, “depends on the public’s acceptance of the law.”
“The public has to see that fiscal discipline is being practiced in all areas, specifically now in this particular area,” Dominguez said.
He said the proposed law must provide measures to ensure the release of the P72 billion block grant proposed under the BBL is programmatic, transparent, phased and used for projects that are in line with the national government’s priorities.
“First, any funding scheme should be programmatic, transparent, performancebased and phased. The implementation of plans and programs must be clear and reliable to ensure effective utilization of the funds. These are the criteria of modern governance,” Dominguez said.
He said the use of the funds should be on a per project basis to allow the government to easily monitor and audit where the public’s money went.
The finance chief emphasized that funds to be used for the Bangsamoro region would come from the pockets of Filipinos outside the area, that’s why it is crucial for the BBL to ensure projects are properly executed, and funds are efficiently spent.
“A lot of this, you have to understand, is the acceptance of the public outside the area because taxes from Luzon and Visayas will be provided here and if the people there do not agree that this money is being spent correctly then we will have a problem,” he said.
Dominguez said fiscal autonomy “should be earned” and attained with the end goal of self-sufficiency and sustainable development.
According to the finance chief, the DOF is willing to assist the Bangsamoro region in gaining expertise and experience in fiscal management, as well as project implementation and monitoring.