Phinma Corp. chairman Ramon del Rosario Jr. has criticized the country’s lawmakers for misusing the national budget by diverting funds from critical government programs to their own pet projects. Speaking before members of the Financial Executives Institute of the Philippines (FINEX) last week, he called for greater vigilance from finance professionals to address these irregularities.
Del Rosario pointed out that Congress’ handling of the 2025 budget resulted in significant funding cuts to high-priority sectors, including health, education, and infrastructure. Instead, he noted that large allocations were redirected to public works projects in various legislative districts.
He specifically questioned the disproportionate amount of funds funneled into flood control projects, which he argued are difficult to monitor and assess for efficiency. He warned that such projects could be susceptible to corruption due to the lack of oversight mechanisms.
“In this black hole called the Bicameral [Conference] Committee, our esteemed legislators transferred huge amounts of funds from what are ordinarily identified as high-priority projects of our national government,” del Rosario said. “They underfunded these programs and diverted resources to a bunch of public works projects scattered across their districts.”
He further criticized these public works initiatives as “poorly studied” and “poorly identified,” raising concerns about their long-term benefits and effectiveness. He emphasized that national priorities should not be compromised for local projects that do not undergo thorough evaluation.
Del Rosario urged finance professionals and industry leaders to push for greater transparency in the budget process. He stressed the need for accountability in public spending, calling for reforms that would prevent the arbitrary reallocation of funds.
He also called on the public to demand better governance from elected officials, emphasizing that responsible fiscal management is crucial for national development. Ensuring that government resources are allocated properly, he said, would lead to sustainable economic growth and improved public services.
The business leader’s remarks come amid ongoing concerns about transparency and efficiency in the country’s budget process. Calls for stricter oversight and fiscal discipline continue to grow as stakeholders seek to prevent the misuse of public funds.PR