Budget transparency bill to enhance investor confidence, AmCham says

THE proposed Citizen Access and Disclosure of Expenditures for National Accountability (CADENA) Act will help strengthen investor confidence, the American Chamber of Commerce of the Philippines (AmCham) said.

“Greater public access to budget information is a critical step in strengthening trust in public institutions, and this measure will help to strengthen investor confidence, unlock greater economic opportunities, and attract more investment,” Steve Winkates, Arangkada project director at AmCham, said in a statement on Thursday.

Filed by Senator Paolo Benigno Aquino IV, Senate Bill No. 1506 seeks to establish a digital budget portal that will allow the public to access information on budget planning and preparation, legislation and authorization, pro-curement, budget execution, and fund management.

According to the Senate website, the bill was approved on second reading on Dec. 10.

On Tuesday, President Ferdinand R. Marcos, Jr. urged Congress to prioritize the proposed CADENA Act along with the bills on the Anti-Dynasty Law, the Independent People’s Commission Act, and the Party-List System Reform Act.

“The prioritization of the CADENA Act is an encouraging signal that transparency is being taken seriously, and we look forward to working with the government on this and other important reforms,” Mr. Winkates said.

AmCham has consistently backed measures that strengthen transparency and accountability in governance, including the Freedom of Information Act, ease of doing business reforms, amendments to the Bank Secrecy Act, and stronger oversight of public institutions.

“These reforms are essential to creating a business environment that is fair, predictable, and conducive to sustained growth,” AmCham said.

Meanwhile, British Chamber of Commerce Philippines (BCCP) Executive Chair Chris Nelson expressed concern on Wednesday about how the investigation on the public works scandal is affecting the passage of key reforms.

“I think the Marcos administration has seen our messages of legislation, which we have supported,” he said.

“One of my concerns, obviously, with what is going on with flood control, is the fact that a lot of time and effort are going into those investigations, and that slows down the passage of legislation,” he added.

For the 20th Congress, the BCCP hopes to see the passage of the Cybersecurity Act, the Digital Payments Act, and the Blue Economy Act.

The government is investigating a multi-billion public works scandal involving government officials, legislators, and private contractors. — Justine Irish D. Tabile