04/02/2025
๐๐๐๐๐ ๐๐๐. ๐๐๐. ๐๐๐๐๐ ๐๐๐๐๐๐๐๐๐๐ ๐๐๐๐๐ ๐
๐๐ ๐๐๐๐๐ ๐๐๐๐ ๐๐๐๐๐๐๐๐ ๐๐
๐
๐๐๐๐ ๐๐๐๐ ๐๐ ๐
๐๐๐๐๐๐ ๐๐๐๐ ๐๐๐๐๐๐๐๐๐๐ ๐
๐๐๐
CIBAC Party-List Representative Bro. Eddie Villanueva filed House Resolution No. 2215 directing a congressional inquiry, in aid of legislation, into the issue of incurring commitment fees arising from delays in implementing government projects funded by foreign loans.
Commitment fees are payments imposed on undisbursed portions of foreign loans, meaning that the government is required to pay interest and fees for funds that remain unused due to project delays.
Reports from the National Economic Development Authority (NEDA) reveal that the country has incurred a total of around US$ 48.9 million, estimated Php 2.6 billion, in commitment fees from 2014-2023 in more than 40 foreign-assisted projects of several government agencies.
The Commission on Audit (COA) in its various reports have confirmed that these substantial commitment fees are due to the non-utilization and delayed disbursement of foreign loans.
"Essentially, we are wasting billions of pesos on loans that remain unused. This is a painful irony considering that millions of Filipinos lack access to quality public services. Ang masakit dito, nagbabayad tayo para sa perang inutang na hindi natin nagagamit,โ Villanueva said.
With the Philippine national debt already exceeding โฑ16 trillion, Villanueva underscored the need for stricter oversight over the utilization of foreign loans.
Villanueva stressed the urgent need to review the policies governing the procurement and utilization of foreign loans as well as the implementation of government projects in order to identify the causes of delays, introduce safeguards against unnecessary financial liabilities, and ensure better fiscal discipline.
โIt is unjust for the Filipinos to still pay for inefficiencies and mismanagement in foreign loans. Our people deserve nothing less than transparent, accountable and effective stewardship of public funds. Every peso that can be saved from commitment fees can be redirected to funding pressing needs such as healthcare, education, and social services," the CIBAC solon ended.
๐ธCIBAC- Partylist
