Business groups call for transparency in budget process

Business groups yesterday pushed for reforms to make the budget process more transparent and to ensure it prioritizes the needs of the Filipino people amid the issues surrounding this year's national budget.

- By LOUELLA DESIDERIO

In a joint statement released yesterday, the Financial Executives Institute of the Philippines, Fintech Alliance.PH, Justice Reform Initiative, Management Association of the Philippines, Makati Business Club, Philippine Business for Social Progress and the University of the Philippines School of Economics Alumni Association emphasized the need for reforms in the budget process.

They stressed that the national budget should prioritize the needs of the Filipino people, in accordance with the guidelines set forth in the Constitution.

This year's budget, however, was substantially changed by the bicameral committee, with significant reductions of over P200 billion for health care, social services and education projects, the business groups revealed.