MANILA, Philippines — President Benigno Aquino III on Tuesday continued to assail the Supreme Court over its decision on the Disbursement Acceleration Program (DAP).
In his speech at a good governance forum hosted by the Palace, Aquino again defended the legality and the intent of the DAP, which he said was to boost the Philippine economy.
The President said the World Bank itself stated outright that the DAP contributed to economic growth in a report released in March 2012.
But the "deeply unsettling" high court ruling declaring key parts of the DAP as unconstitutional will have a "chilling effect" on the economy and on millions of Filipinos, Aquino said.
In the short-term, Aquino said SC decision would slow down government spending. In the long-term, the DAP ruling removes the country's flexibility to effectively respond to changing market conditions, and grab or even create economic opportunities.
"It condemns us to a spiral of inefficiency, uncertainty, and lack of confidence," Aquino said.
Aquino said it is a shame that the DAP ruling could affect the economy when the Philippines is on its way to eradicate poverty by having a growth rate consistent at seven percent.
"Unfortunately, the effects of the Supreme Court decision run the risk of putting our country’s development in a state of paralysis—or worse, reversing the massive progress we have already made," Aquino said.
Aquino admitted that he has ordered the suspension of programs and projects funded under the DAP, including those involving infrastructure and social services.
He said the SC ruling is unacceptable because the DAP ensures that essential services are reaching Filipinos.
"I find it difficult to accept the decision of the Supreme Court, when it goes against the benefit our countrymen," the President said.
Introduced by the Aquino administration in 2011, the DAP was a stimulus package designed to fast-track public spending and push economic growth.
It reallocated savings generated by the government to fund other programs and projects.
Aquino delivered a televised address on Monday night and maintained that the DAP was constitutional.
Read: List: 116 projects funded under DAP