Legarda is new head of Senate finance panel

MANILA, Philippines - Sen. Loren Legarda has been elected as the new chairperson of the Senate committee on finance in place of Sen. Francis Escudero, who resigned from the post two weeks ago.

Senate President Franklin Drilon yesterday said Legarda was elected to the post, being one of the vice chairpersons of the committee.

Escudero recently announced that he was giving up the chairmanship of the finance committee in order to avoid the possible misconception that he may use it to further his own political plans and actions.

While he has not officially announced his plans for the 2016 elections, Escudero has indicated that he is eyeing the vice presidency, preferably with Sen. Grace Poe as his running mate.

Legarda was among four vice chairpersons of the finance committee, the others being Sens. Ralph Recto, Teofisto Guingona III and Sergio Osmeña III.

Of the four, only Legarda is not running for reelection since she was elected to a second term in 2013.

Because the change in the committee chairmanship was decided before the Senate’s deliberations on the proposed P3-trillion national budget, Drilon said that there would be no delays in the approval of the measure.

“We expect the DBCC (Development Budget Coordination Committee) to brief the committee on the 2016 national budget probably by Aug. 17, so that’s the start of the budget process. We are committed to pass the budget by the end of session in December,” Drilon said.