Rep Ferdinand Romualdez files Budget Modernization Act

Re-elected Leyte 1st District Representative Ferdinand Martin G. Romualdez filed House Bill No. 11, also known as the Budget Modernization Act, in the House of Representatives on June 30.

The bill aims to shift to a cash-based budgeting system to accelerate government service delivery and eliminate wasteful spending by limiting annual appropriations to spending within a single fiscal year.

It institutionalizes cash-based estimates in proposed general and special appropriations, reforms the budget preparation process, incorporates medium-term planning for infrastructure projects, and mandates real-time oversight through a digital public financial management system.

The measure addresses long-standing issues such as delayed infrastructure projects, stalled programs, and unutilized funds by requiring transparency and stricter definitions for appropriations, while allowing a three-month extension in the following year to give agencies time to catch up on spending.

Each government agency would be required to submit an annual plan outlining its medium-term strategic priorities at both national and regional levels along with its proposed budget to the Budget department.

Romualdez emphasized that every cent of the national budget is taxpayers' money, which should be used efficiently to deliver clear results for Filipinos, especially those in need.