MANILA, Philippines – The proposal for a reenacted budget for the entire 2019 would mean “lost opportunities” for higher economic growth, Malacañang said Thursday. “A reenacted budget as a result of a budget impasse would hurt our economy,” Presidential Spokesperson Salvador Panelo said in a statement. ADVERTISEMENT“This would translate to lost opportunities for higher growth as our economic managers are estimating a loss of 1 to 2.3 percentage points in the full-year gross domestic product in the event that the 2019 budget will not be passed,” Panelo added. His statement came after Executive Secretary Salvador Medialdea said a reenacted budget for the whole year would be “disastrous” to our economy. Senate President Vicente Sotto III on Wednesday propose a reenacted national budget for the entire 2019 as the budget impasse continues due to alleged “insertions” and questionable allocations.

Source: Philippine Daily Inquirer January 31, 2019 03:55 UTC