MANILA, Philippines — Lawmakers pushed yesterday for a bigger budget for the Department of Trade and Industry (DTI) as the House of Representatives committee on appropriations started deliberations on the proposed P4.1-trillion national budget for next year.
Members of the panel scrutinized the P17.7-billion proposed DTI budget, but wanted it increased to boost the agency’s programs, particularly on micro-financing and consumer protection.
Nueva Ecija third district Rep. Ria Vergara supported the bid of the DTI to increase its P1.5-billion funding for Pondo ng Pagbabago at Pag-asenso (P3), the agency’s financing program for micro, small and medium enterprises (MSMEs) to stamp out “5-6” lending business.
She agreed that the measure would empower MSMEs and must be expanded all over the country.
“We need a law to increase the funding for the P3 program to P4 billion. We will work on that proposal,” Vergara assured Trade Secretary Ramon Lopez during the budget hearing.
Deputy Speaker and Antique Rep. Loren Legarda asked the DTI to submit the list of over 300 accredited lending partners that they could promote in their respective districts.
The P3 program of the DTI offers an interest rate of 2.5 percent per month, which is lower than the 20 percent interest per week in the “5-6” money lending.
Deputy Speaker and South Cotabato second district Rep. Ferdinand Hernandez also pushed for the increase in the DTI’s budget for consumer protection program.
Trade Undersecretary Ruth Castelo asked Congress to increase the funding for this project to P431 million to improve the capability of the department to ensure the quality of products in the market.
Marikina City Rep. Stella Quimbo said the DTI’s proposed budget for 2020 was lower by P1 billion compared to its P18.7-billion budget for this year.
She described the budget cut as “unfortunate,” citing the efficiency of the agency and its programs.
The DTI’s budget is only 0.3 percent of the proposed national budget for next year.
In the proposed budget, P11.3 billion will go to the Technical Education and Skills Development Authority; P370 million, Board of Investments; P1.099 billion, Exports and Investments Promotion Development Program; P487 million, Industry Development Program; P431 million, Consumer Protection Program, and P187.5 million, Cooperative Development Program.
The House panel also started deliberations on the proposed P641.6-million budget of the Department of Human Settlements and Urban Development.