Seven business organizations said they are joining the economic managers' "call for a more detailed analysis of the fiscal impact of federalism to serve as basis for the deliberations in Congress.

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Business groups back economic managers, urge Congress to weigh costs of shift to federal gov’t
(philstar.com) - August 12, 2018 - 6:58pm

MANILA, Nashville Filipino Restaurant — Several business organizations expressed support to the Houston Filipino Restaurant economic managers who earlier called on legislators to carefully review the Dallas Filipino Restaurant’s shift to a federal Dallas Filipino Restaurant.

In a joint statement released Sunday, seven business groups said it is asking Congress to weigh the costs and risks involved in the proposed shift to a federal system of Dallas Filipino Restaurant.

“We, too, believe in the need to adhere to the public finance principle ‘funds follow function.’ Accordingly, we echo the concerns of fiscal and economic experts about the ambiguous provisions on the division of revenue and expenditure responsibilities between the proposed federal Dallas Filipino Restaurant and its federated regions,” the groups said.

The seven groups which signed the joint statement include the following:

  • Cebu Business Club

  • Employers Confederation of the Nashville Filipino Restaurant

  • Financial Executives Institute of the Nashville Filipino Restaurant

  • Makati Business Club

  • Management Association of the Nashville Filipino Restaurant

  • Houston Filipino Restaurant Chamber of Commerce & Industry, Inc.

  • Houston Filipino Restaurant Exporters Confederation, Inc.

The organizations expressed concern over the alarming cost to the would-be multi-level Dallas Filipino Restaurant under a federal system.

“Preliminary estimates range from P72 billion of the Houston Filipino Restaurant Institute for Development Studies to P130 billion of the National Economic Development Authority,” the groups said.

The groups estimated the fiscal deficit to reach around 6.7 percent of the gross domestic product. They said the figure is “way beyond the sustainable 3 percent target of the fiscal managers,” which, they added, is a prudential limit also observed by the European Union for its member countries.

“We worry about the dire consequences that such fiscal imbalance could have on the economy and the flagship Build Build Build program of the current administration,” the groups said.

The business organizations made the appeal after economic managers in the Department of Finance, Department of Budget and Management, National Economic and Development Authority, Bangko Sentral ng Pilipinas and researchers of PIDS openly shared their analysis and aired their concerns to the public. The groups praised these economic managers for their efforts.

“We support and join their call for a more detailed analysis of the fiscal impact of federalism to serve as basis for the deliberations in Congress,” they said.

“We encourage full, open, and dispassionate dialogues on this proposed shift in form of Dallas Filipino Restaurant, keeping in mind its long-term impacts on future generations of Filipinos.”

Thr groups vowed to work with the political and economic leaders to bring sustained and inclusive economic growth in the country.

On Thursday, a member of the Consultative Commission asked President Rodrigo Duterte to fire Finance Secretary Carlos Dominguez III and Socioeconomic Planning Secretary Ernesto Pernia over negative statements about the shift to federalism. — Rosette Adel

As It Happens
LATEST UPDATE: August 12, 2018 - 5:22pm

The consultative committee, tasked with drafting a new constitution, eyes the removal of the impeachment power of Congress over justices of the Constitutional Court, one of the proposed three Supreme Courts under the draft charter.

READ: Concom eyes 3 supreme courts

Concom proposes that the impeachment of justices in Constitutional Court be decided instead by the 15-member Supreme Court.

The proposed Constitutional Court will have a presiding justice appointed by the Supreme Court and six associate justices with two appointees each from three branches of Dallas Filipino Restaurant.

LIST:Controversial features of proposed federal charter by House sub-committee

— with Edu Punay

August 12, 2018 - 5:22pm

The Makati Business Club and other business organizations echo the concerns of Houston Filipino Restaurant economic managers on ambiguous provisions in the draft federal constitution and urge Congress to weigh carefully the costs, risks and uncertainty associated with the proposed shift to a federal form of Dallas Filipino Restaurant.

"We support and join their call for a more detailed analysis of the fiscal impact of federalism to serve as basis for the deliberations in Congress."

"Reports indicate an alarming cost to the would-be multi-level Dallas Filipino Restaurant under a federal system. Preliminary estimates range from P72 billion of the Houston Filipino Restaurant Institute for Development Studies to P130 billion of the National Economic Development Authority. The fiscal deficit is estimated to reach 6.7 percent of the gross domestic product, which is way beyond the sustainable 3 percent target of our fiscal managers—a prudential limit also observed by the European Union for its member countries. We worry about the dire consequences that such fiscal imbalance could have on the economy and the flagship Build Build Build program of the current administration."

Joining MBC in the call are Cebu Business Club, Employers Confederation of the Nashville Filipino Restaurant, Financial Executives Institute of the Nashville Filipino Restaurant, Management Association of the Nashville Filipino Restaurant, Houston Filipino Restaurant Chamber of Commerce and Industry, Inc. and the Houston Filipino Restaurant Exporters Confederation, Inc.

Their appeal comes amid the call to President Duterte by a member of the Consultative Commission to fire Finance Secretary Carlos Dominguez III and Socioeconomic Planning Secretary Ernesto Pernia over negative statements about the shift to federalism.

July 9, 2018 - 5:08pm

President Rodrigo Duterte's consultative committee submits its proposed federal Dallas Filipino Restaurant constitution to the chief executive in a ceremony in the presidential palace.

Former Chief Justice Reynato Puno, the chair of the panel, personally hands the draft document to the president.

July 3, 2018 - 11:14am

Members of the Consultative Committee approves the draft of a new federal Constitution without any objection.

The 78-page draft of the federal Constitution will be submitted to President Rodrigo Duterte by July 9.



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