The Senate finance committee asked on Wednesday department secretaries of the Executive branch to be accurate in their economic forecasts and send the right signals although there are signs that the country is ‘’already recovering, if not fully recovered from the global crisis.’’

Administration Sen. Edgardo J. Angara, committee chairman, issued the statement at the start early Tuesday night of the hearing on the proposed 2010 P1.54 trillion budget which  is 8.06 percent higher than the adjusted 2009 P1.426 trillion budget.

The hearing heard officials of the Development Budget Coordinating Council (DBCC) lay down the figures and strategies for a proper balanced and well-planned financial year.

Opposition Senator Francis Chiz Escudero wants to scrutinize how the Arroyo government used the so-called P300-billion stimulus package now that the global economic crisis is slowly recovering.

In view of this, Escudero on Wednesday called on the Arroyo government to make public the status of its P300-billion economic stimulus package to check whether the program successfully addressed the adverse effects of the global economic crisis.

“The public should know whether the government’s much-touted stimulus plan has adequately addressed the negative impact of the global economic crisis. A regime of budget deficits, supposedly in the name of economic recovery, should be a cause for concern,” Escudero said.

According to Escudero, the Arroyo administration needs to show transparency in its implementation of its P300-billion stimulus spending plan. The manner by which this huge amount of taxpayers’ money is spent should be made public,” he said.

He emphasized that while the global economic crisis necessitates a strong response from the government, the crisis should not be made an excuse for excessive spending which, in turn, could be a source of graft and corruption.

Escudero had earlier called for closer scrutiny and oversight of the government’s P300-billion stimulus plan. He also reiterated his call for the government to improve its revenue collections.

He said the Philippine economy drew strength from sectors like business process outsourcing and tourism while remittances from overseas Filipinos also showed resiliency.

“If we go by Malacanang’s own pronouncements, the country’s economic situation may not be as bad as originally projected. If that is the case, then there should be no more need to prolong the ‘economic emergency plan’ any further and a gradual exit program should be immediately undertaken,” Escudero said.

He said the International Monetary Fund (IMF) indicated the worst of the economic global turmoil was over.

“The government should now explain to the public how its stimulus plan was implemented and where the money actually went. There should be full disclosure,” he added.

Escudero had batted for calibrated stimulus spending in infrastructure towards key sectors like services and agriculture. He also said spending should be focused on sectors that are poised to pick up and recover quickly such as tourism and business process outsourcing.

Angara said the 2010 budget is very crucial as it would only determine the success of the administration targeting to finish all on-going projects but also what the next administration will face given our present state.

‘’The macro-economic assumption shows that our GNP (gross national product), GDP (gross domestic product), inflation, CPI, treasury bill rate, crude oil price, exports and import rates tremendously increased except for foreign exchange rate which stays at a 46-49 forecast for 2010. This is what NEDA (National Economic Development Authority) acting Secretary Augusto Santos reported before the committee and said that trade, tourism, construction, mining and quarrying, government service and air transportation served as the growth drivers of 2009,’’ he said.

Despite the report of the agencies that the country is already recovering if not fully recovered from the global crisis Angara called on the department secretaries not to be too optimistic and continue to strive so the country can fully recover, he pointed out.

“Never be satisfied with just maintaining what has been done and accomplished. There can never be any time where there is no room for improvement. The moment we think that we have achieved perfection is the moment where our failure begins,” Angara said as he called for continued effort for the country’s full recovery from the global financial crisis,’’ he added.

The current total debt, both domestic and foreign, totals P4.259 Trillion leaving only P346.1 billion as the government’s discretionary fund.

Angara strongly suggested that the Executive branch prioritize agriculture, health and education in the 2010 budget.

He said that the proposed 2010 General Appropriations Act (GAA) should be crafted not only in the context of the global crisis, but more importantly it should be linked to the country’s effort to achieve global competitiveness.