Oversight committee to monitor stimulus fund sought

MANILA, Philippines - Sen. Manuel Villar Jr. is pushing for the creation of an oversight committee that would monitor the allocation and disbursement of the P330-billion economic stimulus fund announced by President Arroyo.

Through Senate Resolution No. 982, Villar asked the Senate committee on finance to study the feasibility of establishing an oversight committee as well as an enabling law for the economic stimulus plan.

Villar said Bayan Muna Rep. Satur Ocampo has revealed that the stimulus package lacked details on projects that would benefit from the approved fund.

He said the establishment of an oversight committee should be prioritized as it should be accountable for monitoring the utilization of the stimulus fund.

“Various sectors supported the clamor asserting that the government should not be given blanket authority on the disbursement of the economic resiliency plan which was initially earmarked for infrastructure and basic social services,” Villar said.

“The government declared that the proposed stimulus plan of P330 billion will be shelled out from a lump sum apportionment composed of P160 billion in incremental budget allocations, P100 billion from government financial institutions, social security institutions and a total of P70 billion from the private sector,” Villar said.

Villar added that Cebu Rep. Ramon Durano VI, chairman of the House economic affairs committee, also stressed the importance of crafting an enabling law, just like what the US government did for its stimulus program.

For her part, Sen. Loren Legarda said in stimulating the economy, the government must not depend solely on the private sector, “which is precisely the sector that is being badly impacted by the global financial meltdown.”

In the US, Europe and even in Asian countries like China, Japan, Singapore and South Korea, it is the government that is coming to the aid of the private sector.

“It is true that the private sector must cooperate with the government in its stimulus program, but the initiative must come from the government,” she said.