Connect with us

Hi, what are you looking for?

Economy

Bangsamoro rules for accepting foreign grants approved

THE RULES under which Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) may accept foreign grants and donations have been approved, the Department of Finance (DoF) said Tuesday.

The rules were cleared last month by the Intergovernmental Fiscal Policy Board (IFPB), the DoF said in a statement.

The Bangsamoro government is required to notify the DoF when it starts talks with potential foreign donors, giving the National Government lead time to prepare the requirements for receiving the grant.

A more coordinated response by the BARMM and National Government prior to negotiations and signing will “facilitate issuances of requests for Office of the President (OP) Approval or Special Authority.”

“The IFPB’s goal in issuing the guidelines was to streamline the process for the Bangsamoro government in receiving grants (to make the process) more efficient,” Finance Undersecretary Bayani H. Agabin was quoted as saying in the statement.

The board is co-chaired by Finance Secretary Carlos Dominguez III and BARMM Chief Minister Ahod B. Ebrahim.

The rules were approved at the second meeting of the IFPB. The first took place in May 2020.

The National Government is helping the newly-established government set fiscal policy. Other topics at the second meeting were digitizing tax processes.

The Bangsamoro government hopes to present a draft Revenue Code for the region to its Cabinet in May and to its Parliament by the third quarter, according to BARMM Deputy Minister Ubaida C. Pacasem, who is also the region’s finance and budget minister.

Passed in 2018, Republic Act No. 11054 or the Organic Law for the Bangsamoro Autonomous Region in Muslim Mindanao established the BARMM government to ease separatist tensions in the region, which have frequently broken out in violent conflict.

The law grants the region fiscal autonomy and the power to collect revenue. It needs Presidential approval, however, to accept foreign grants. — Beatrice M. Laforga

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

Investing

A cabinet split is hampering the government’s efforts to deal with the nationwide shortage of lorry drivers that threatens fuel supplies at some petrol...

Investing

Pubgoers are flocking back to their locals, according to figures that drew a cautious toast from the industry but also prompted warnings of fresh...

Investing

Ministers are backing a multibillion-pound plan to build another large-scale nuclear power plant in Britain to ease pressure on electricity supplies as the country...

Economy

The Philippines’ balance of payment position (BoP) hit $1.044 billion in August, the highest in four months, due to increased special drawing rights (SDR)...

Economy

Consumers were less pessimistic in the third quarter as more jobs opened up, but business sentiment turned sour amid a fresh surge in coronavirus...

Economy

The Philippine central bank fully awarded the short-term securities it sold at an auction on Friday, even as rates rose on growing inflation fears....

You May Also Like

Investing

Having a good Instagram marketing agency to back up your Instagram account is an absolute must going into the new year. With competition stronger...

Economy

Ivermectin, an existing drug against parasites including head lice, has had a checkered history when it comes to treating COVID-19. The bulk of studies...

Investing

As a traditionally rigid insurance industry becomes bogged down by antiquated processes and operations, a handful of industry leaders are seeking to shake things...

Economy

US President Joseph R. Biden, Jr., will rely on ally countries to supply the bulk of the metals needed to build electric vehicles and focus on...

Disclaimer: SmartRetirementReport.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 SmartRetirementReport. All Rights Reserved.

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.



Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!