Marcos funds to trim budget deficit

The release of the $658 million in Marcos funds to the coffers of the National Government will help plug the programmed budget deficit of P197 billion this year, Budget and Management Secretary Emilia Boncodin said yesterday.

"Because of the Marcos money, there is a possibility that the programmed budget deficit will improve or be reduced," she said.

With the release, Boncodin said the fund would help finance next year’s budget needs for the Comprehensive Agrarian Reform Program (CARP).

The favorable Supreme Court decision on the Marcos fund has resulted in the unbundling of the P8.7 billion appropriation for agrarian reform activities in 2004 under CARP.

Acting Finance Secretary Juanita Amatong said 80 percent of the fund will go to CARP while the remaining 20 percent to the human rights victims of the 20-year Marcos regime.

Agrarian Reform Secretary Roberto Pagdanganan said the bulk of next year’s spending will be used to complete the land acquisition under CARP, which is currently being advanced by Land Bank of the Philippines, as well related-infrastructure projects such as farm-to-market-roads and irrigation system needed to make CARP successful.

In the guidelines agreed between President Arroyo and the inter-agency Development Budget Coordination Committee (DBCC), the Marcos money will also be used to construct school buildings in areas covered by CARP and enlist farmers-beneficiaries of CARP with PhilHealth, then known as Medicare.