The bicameral conference committee will be live-streamed for the first time on Saturday, December 13, giving the public a glance into how lawmakers reconcile conflictingThe bicameral conference committee will be live-streamed for the first time on Saturday, December 13, giving the public a glance into how lawmakers reconcile conflicting

What to expect at the 2026 budget bicam meetings

2025/12/12 17:08

All eyes are now on the bicameral conference committee (bicam) meetings as representatives from the House of Representatives and the Senate reconcile conflicting provisions and allocations in the proposed P6.793-trillion 2026 national budget.

The bicam was originally scheduled for Friday, December 12, but Senate finance committee chairman Sherwin Gatchalian said the technical staff of both chambers needed more time to reconcile disagreeing provisions and amounts.

With the bicam set to begin on Saturday, December 13, here are some things the public can expect:

Livestream, documents will be public

This is the first time the bicam will be live-streamed, after the public outcry over the discovery of last-minute insertions in the 2025 national budget.

While some lawmakers allegedly pushed back against the move, the House and Senate approved concurrent resolutions to live-stream the meetings.

Gatchalian said that only lawmakers and their staff will be physically allowed inside the room for now. However, the Senate budget sponsor assured budget watchdogs that all documents will be made public and the meetings will be live-streamed.

May proposal sila, doon na lang nila i-propose (If they have a proposal, then they should propose it during the bicam),” he said.

Gatchalian also said that all documents, including transcripts and machine-readable documents, will be publicized. This will allow watchdogs to scrutinize the spending plan.

The People’s Budget Coalition and Roundtable for Inclusive Development earlier called on the bicam members to allow civil society observers to attend the meetings, including any small group discussions where budget adjustments will be finalized.

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Disagreeing provisions only

According to Gatchalian, they will also limit the discussions to conflicting provisions and allocations of the budget.

“We start with the [General Appropriations Bill] and we talk about the disagreeing provisions and then we’ll discuss the general and special provisions,” he said.

These conflicting allocations include the unprogrammed appropriations. The House version of the spending plan includes P243 million in unprogrammed funds, while the Senate reduced this to just P174.5 million to include foreign-assisted projects and the Armed Forces of the Philippines’ modernization program, among other “smaller” items.

To prevent duplicate allocations in the Department of Public Works and Highways (DPWH) budget, Gatchalian said that the Senate version includes specific project details such as station numbers.

Under the Senate version, the DPWH budget was also reduced to P570 billion from P624 billion to account for adjustments in construction material costs.

Gatchalian noted that the Senate removed unprogrammed funds for SAGIP (Strengthening Assistance for Government Infrastructure and Social Programs), which has been flagged by critics.

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Senate President Pro Tempore Panfilo “Ping” Lacson also introduced a provision that prevents elected officials from participating in social aid distribution. 

As a general provision siya. Ginawa na namin general para sagip niya lahat (We included it as a general provision so that it covers all programs),” Gatchalian said.

General provisions are considered as universal rules that cover all funds, while special provisions are specific rules for funding of certain agencies.

The budgets of the Department of Social Welfare and Development (DSWD) — where Gatchalian’s brother Rex serves as secretary — and the Department of Labor and Employment (DOLE) were reduced to P245 billion and P50 billion, respectively.

House Deputy Speaker Ronaldo Puno earlier accused the Senate of slashing funds for social aid programs under the DSWD and DOLE. But Gatchalian explained that these were simply restored to the agency’s requested amounts.

The Senate and House may also butt heads over the upper chamber’s move to restore the Office of the Vice President’s budget to the original P889 million after the House reduced it to P733 million.

Both chambers of Congress will also need to reconcile the budget for the education sector, as the Senate increased the education department’s budget from P914 billion to P987 billion. Under the Senate version of the spending plan, the education sector will receive a whopping P1.38 trillion in funding for 2026. – Rappler.com

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BitcoinWorld Crucial Fed Rate Cut: October Probability Surges to 94% The financial world is buzzing with a significant development: the probability of a Fed rate cut in October has just seen a dramatic increase. This isn’t just a minor shift; it’s a monumental change that could ripple through global markets, including the dynamic cryptocurrency space. For anyone tracking economic indicators and their impact on investments, this update from the U.S. interest rate futures market is absolutely crucial. What Just Happened? Unpacking the FOMC Statement’s Impact Following the latest Federal Open Market Committee (FOMC) statement, market sentiment has decisively shifted. Before the announcement, the U.S. interest rate futures market had priced in a 71.6% chance of an October rate cut. However, after the statement, this figure surged to an astounding 94%. This jump indicates that traders and analysts are now overwhelmingly confident that the Federal Reserve will lower interest rates next month. Such a high probability suggests a strong consensus emerging from the Fed’s latest communications and economic outlook. A Fed rate cut typically means cheaper borrowing costs for businesses and consumers, which can stimulate economic activity. But what does this really signify for investors, especially those in the digital asset realm? Why is a Fed Rate Cut So Significant for Markets? When the Federal Reserve adjusts interest rates, it sends powerful signals across the entire financial ecosystem. A rate cut generally implies a more accommodative monetary policy, often enacted to boost economic growth or combat deflationary pressures. Impact on Traditional Markets: Stocks: Lower interest rates can make borrowing cheaper for companies, potentially boosting earnings and making stocks more attractive compared to bonds. Bonds: Existing bonds with higher yields might become more valuable, but new bonds will likely offer lower returns. Dollar Strength: A rate cut can weaken the U.S. dollar, making exports cheaper and potentially benefiting multinational corporations. Potential for Cryptocurrency Markets: The cryptocurrency market, while often seen as uncorrelated, can still react significantly to macro-economic shifts. A Fed rate cut could be interpreted as: Increased Risk Appetite: With traditional investments offering lower returns, investors might seek higher-yielding or more volatile assets like cryptocurrencies. Inflation Hedge Narrative: If rate cuts are perceived as a precursor to inflation, assets like Bitcoin, often dubbed “digital gold,” could gain traction as an inflation hedge. Liquidity Influx: A more accommodative monetary environment generally means more liquidity in the financial system, some of which could flow into digital assets. Looking Ahead: What Could This Mean for Your Portfolio? While the 94% probability for a Fed rate cut in October is compelling, it’s essential to consider the nuances. Market probabilities can shift, and the Fed’s ultimate decision will depend on incoming economic data. Actionable Insights: Stay Informed: Continue to monitor economic reports, inflation data, and future Fed statements. Diversify: A diversified portfolio can help mitigate risks associated with sudden market shifts. Assess Risk Tolerance: Understand how a potential rate cut might affect your specific investments and adjust your strategy accordingly. This increased likelihood of a Fed rate cut presents both opportunities and challenges. It underscores the interconnectedness of traditional finance and the emerging digital asset space. Investors should remain vigilant and prepared for potential volatility. The financial landscape is always evolving, and the significant surge in the probability of an October Fed rate cut is a clear signal of impending change. From stimulating economic growth to potentially fueling interest in digital assets, the implications are vast. Staying informed and strategically positioned will be key as we approach this crucial decision point. The market is now almost certain of a rate cut, and understanding its potential ripple effects is paramount for every investor. Frequently Asked Questions (FAQs) Q1: What is the Federal Open Market Committee (FOMC)? A1: The FOMC is the monetary policymaking body of the Federal Reserve System. It sets the federal funds rate, which influences other interest rates and economic conditions. Q2: How does a Fed rate cut impact the U.S. dollar? A2: A rate cut typically makes the U.S. dollar less attractive to foreign investors seeking higher returns, potentially leading to a weakening of the dollar against other currencies. Q3: Why might a Fed rate cut be good for cryptocurrency? A3: Lower interest rates can reduce the appeal of traditional investments, encouraging investors to seek higher returns in alternative assets like cryptocurrencies. It can also be seen as a sign of increased liquidity or potential inflation, benefiting assets like Bitcoin. Q4: Is a 94% probability a guarantee of a rate cut? A4: While a 94% probability is very high, it is not a guarantee. Market probabilities reflect current sentiment and data, but the Federal Reserve’s final decision will depend on all available economic information leading up to their meeting. Q5: What should investors do in response to this news? A5: Investors should stay informed about economic developments, review their portfolio diversification, and assess their risk tolerance. Consider how potential changes in interest rates might affect different asset classes and adjust strategies as needed. Did you find this analysis helpful? Share this article with your network to keep others informed about the potential impact of the upcoming Fed rate cut and its implications for the financial markets! To learn more about the latest crypto market trends, explore our article on key developments shaping Bitcoin price action. This post Crucial Fed Rate Cut: October Probability Surges to 94% first appeared on BitcoinWorld.
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