Recent Philippine budget reforms:separating the chaff from the grain, the whimsical from the real

Benjamin E. Diokno
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Benjamin E. Diokno: UP School of Economics

Philippine Review of Economics, 2014, vol. 51, issue 1, 60-85

Abstract: The budget rules enshrined in the Philippine Constitution areÊfiscally sound. When adhered to they make budget deficitsÊeasier to manage. Many policymakers, however, have chosen toÊignore these rules. On the long list of budget reforms proposedÊin the past quarter-century, two emerge as real game changers:Êthe Fiscal Responsibility Act and the Results-Based MultiyearÊBudget Framework, both of which require legislation. AnÊimportant reform not on the list, however, is the proposal to limitÊthe presidentÕs power to defer, rescind, or reserve expenditure ofÊappropriations authorized by Congress. This is a major challengeÊin a country where the president is strong while Congress is weak.Ê

Keywords: budget process; budget reforms (search for similar items in EconPapers)
JEL-codes: H61 (search for similar items in EconPapers)
Date: 2014
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