Use savings to pay country's debts - Recto

Posted at 08/04/2014 6:02 PM

MANILA - Senator Ralph Recto said he is adopting a "conservative view" on how the government's savings should be used, proposing that they be used to pay the country’s debt.

“We should not be fast with people’s money. At the same time, reduce the deficit. I think that is a noble objective. Bawasan natin ang utang ng Pilipinas,” he said.

The issue of “savings” has become a hot topic of discussion especially after the Supreme Court ruled on the unconstitutional acts under the Disbursement Acceleration Program.

The high court specifically struck down Malacanang’s practice of declaring savings from unreleased appropriations.

President Aquino, who had slammed the high court, now wants a law that would clarify what “savings” means. He specifically wants to impound “savings” even during the early part of the year.

Senate President Franklin Drilon said he is in favor of crafting a law that will define savings following the Supreme Court ruling on the DAP.