Marcos to sign P5.768T national budget

The Manila Times

Marcos to sign P5.768T national budget  Speaker Martin Romualdez says President Ferdinand Marcos Jr. will sign the proposed P5.768-trillion national budget for 2024 on Wednesday. He expresses confidence that the President will not veto any provisions of the 2024 General Appropriations Bill. The Speaker joined the President in his visit to Tokyo, Japan to participate in the Association of Southeast Asian Nations-Japan Summit.    Video by Catherine S. Valente   Subscribe to The Manila Times Channel - https://tmt.ph/YTSubscribe    Visit our website at https://www.manilatimes.net    Follow us:  Facebook - https://tmt.ph/facebook  Instagram - https://tmt.ph/instagram  Twitter - https://tmt.ph/twitter  DailyMotion - https://tmt.ph/dailymotion    Subscribe to our Digital Edition - https://tmt.ph/digital    Check out our Podcasts:  Spotify - https://tmt.ph/spotify  Apple Podcasts - https://tmt.ph/applepodcasts  Amazon Music - https://tmt.ph/amazonmusic  Deezer: https://tmt.ph/deezer  Stitcher: https://tmt.ph/stitcher Tune In: https://tmt.ph/tunein  #TheManilaTimes  #tmtnews  #asean  #japan  #philippines

Transcript

00:00 (reporter speaking in the background)

00:05 - It's ready for, I think Wednesday.

00:08 (reporter speaking in the background)

00:10 (speaking in Tagalog)

00:13 So that's what the future days are.

00:15 In fact, I think he'll be able to sign it before he left.

00:20 I think, I think,

00:22 (speaking in Tagalog)

00:28 But other than that, it's ready to go.

00:30 - Wednesday, sir.

00:32 (reporter speaking in the background)

00:37 - Sir, so no vetoes?

00:38 (reporter speaking in the background)

00:39 - No vetoes.

00:40 - No vetoes.

00:41 - We're not anticipating any.

00:42 (reporter speaking in the background)

00:47 We've been working closely with them,

00:51 with OT and all the departments.

00:53 (reporter speaking in the background)

00:56 - I think so, because both houses agreed upon it.

01:00 In fact, the heads of the departments agreed to it.

01:05 And the president is of the mind of as much as possible

01:12 to minimize some serious in the civil

01:16 and the partners or agencies and another focus

01:18 where it's best suited.

01:23 Issues depends, depends the postcard, you know.

01:28 - Yeah, he's working with that additional budget

01:29 for postcards, sir.

01:30 - Yes, yes, yes.

01:31 (reporter speaking in the background)

01:34 I'm sure some of you were there.

01:35 Remember we were talking about the Mahalikas

01:37 and so on and well fun.

01:38 Well, we told him that, yes, he knows,

01:41 as you all know, the Mahalika is already established.

01:44 It's being organized, being fully organized

01:46 by the year's end.

01:47 In fact, I will go to the world economy from Davos.

01:52 I'll ask the CEO of the Mahalika to go

01:55 to Davos to meet with the other fund managers.

01:59 But over here, I told the JV chairman that it's been formed.

02:03 And as I committed to the senators

02:08 when we were trying to sell the Mahalika,

02:11 the Southern Wealth Fund to the senators,

02:12 because at first they were a bit reluctant.

02:15 Once formed, I would make a recommendation

02:17 to the Mahalika Investment Corporation,

02:20 the CEO, that why don't we invest into power?

02:24 Why don't we invest into the grid?

02:26 Actually, I just made that suggestion,

02:28 recommendation to Mr. Jogwat Gosim.

02:30 And he seemed quite open to the idea.

02:33 And even further to that, obviously,

02:36 if he would want to invest into other issues,

02:40 like in Davos, it's also all about power

02:44 because the issue that besets the country

02:47 are the high power rates.

02:48 (reporter speaking in the background)

02:50 And it's not only a bane to the locals,

02:54 to all of us, the consumers, but also to all investors.

02:56 (reporter speaking in the background)

03:01 Music in the ears of the JV chairman,

03:05 (reporter speaking in the background)

03:11 (reporter speaking in the background)

03:16 That they will continue with their pledge

03:19 to $2 to $3 billion worth of investments

03:24 into Mahalika for the power sector,

03:27 particularly the renewables.

03:29 Alongside that, I also strongly think that

03:31 why don't we consider, and I told Jogwat Gosim,

03:35 we're also considering investing

03:37 into these large infrastructure projects

03:40 like the Magadam Rehabilitation.

03:44 And the downstream, we've already provided funding

03:46 in the budget, the national budget,

03:48 in the Tomawini.

03:49 This will actually rehabilitate the original Magadam

03:52 that was there almost 50 years ago,

03:54 and it converted the region to Isabela Cagayan,

03:57 the Cagayan River, into one of the most,

04:00 well, fertile, and maybe into a granary,

04:04 and number one in court.

04:06 But Magadam now is due for rehabilitation,

04:10 and it will cost close to what, almost 80 billion pesos.

04:14 (reporter speaking in the background)

04:19 So these people are into power,

04:29 and also into (mumbles)

04:32 (reporter speaking in the background)

04:35 We're all on the right track,

04:37 we're all doing the right things.

04:38 And these are the people who are telling us

04:43 that we do these investments, those support.

04:48 So the president actually even brought it up

04:49 to Prime Minister Quixida among other things.

04:53 (reporter speaking in the background)

04:58 Oh, the JV, the JV.

05:02 It's the equivalent to the central bank,

05:04 to the USP.

05:05 So that's all I mentioned.

05:07 I remember last year, I couldn't really say it.

05:09 The president confirmed that even prior to his visit,

05:12 'cause he was invited to go to Japan,

05:14 and the Japan president has committed

05:19 on the long-term arrangement vis-a-vis the rights,

05:25 because we get the bulk of our imported rights from Vietnam.

05:30 So (speaking in the background)

05:31 Prior to his visit to Vietnam,

05:35 everything from the Department of Agriculture,

05:37 (speaking in the background)

05:41 Based on the needs, because as you know,

05:53 the drought is still on,

05:55 and the prices of rice are still spiking.

05:59 Another proposition that we were talking about,

06:02 that's why these things are nice,

06:03 (speaking in the background)

06:04 So Han Manet, the son of Han Sen,

06:07 who's now the head of state of Cambodia,

06:09 is like reminding us,

06:11 remember that you're talking to Vietnam,

06:13 but Vietnam and Thailand get all their palay from us.

06:17 Why don't you consider setting up in Cambodia?

06:21 (speaking in the background)

06:24 (speaking in the background)

06:28 So those are other options to look at.

06:38 So food security is very important to the president,

06:41 although (speaking in the background)

06:43 That's foremost in his mind,

06:45 (speaking in the background)

06:49 (speaking in the background)

06:52 (speaking in the background)

06:56 (speaking in the background)

07:01 This is for Kido, of course,

07:02 the secretary of the United Nations is aspirational,

07:04 (speaking in the background)

07:05 Even the rice producers now are selling way,

07:09 way above their peers, right?

07:10 (speaking in the background)

07:14 The government is,

07:18 it's not beyond the government to continue finding a way

07:21 to partially subsidize making hollow fertilizer

07:25 in the water.

07:27 So you can now take advantage of the hybrid rice,

07:31 hybrid seeds, and very, very efficiently pinpoint

07:35 what type of fertilizer,

07:36 where the right fertilizer to the right seeds,

07:40 (speaking in the background)

07:41 So you can then increase the output per hectare,

07:45 you can increase the tonnage per hectare.

07:48 So that's all being done.

07:49 So we have the subsidies that will still be there.

07:54 We have our card program,

07:55 our cash assistance, rice distribution.

07:57 So we're supplementing through the DSW,

08:00 the AYUDA for those persons in need.

08:06 By the way, we have now a new program.

08:10 We're trying to cast a wider net.

08:11 Those are for the poorest of the poor.

08:13 We're trying to cast a wider net for the near poor,

08:16 (speaking in the background)

08:17 Next level.

08:18 So we're going to try to capture up to 15 million families.

08:22 So that's 60% of the population already.

08:25 (speaking in the background)

08:29 The near poor are those who are very, very much affected

08:33 (speaking in the background)

08:37 So that's what this new 2024 budget is taking into account.

08:48 We're trying to cast a wider net.

08:50 So even with our card,

08:52 I think you've heard of the Boundary of Filipino Service.

08:54 We're going to try to make,

08:56 increase the number of beneficiaries

08:58 by redefining the beneficiary basket.

09:03 (speaking in the background)

09:07 So, near poor.

09:08 (speaking in the background)

09:11 (speaking in the background)

09:15 (speaking in the background)

09:19 (silence)

09:22 (clicking)

09:24 (dinging)

09:27 [BLANK_AUDIO]

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