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“Global disorder” at back draft of Bukidnon’s 2009 budget

(NEWS) “The future appears gloom and bleak,” Gov. Jose Ma. R. Zubiri told the provincial board Thursday citing that the debacle of economic difficulties is real and could not be ignored.
Zubiri has proposed a P1.06 billion-2009 budget to the Sangguniang Panlalawigan but vowed to keep budgetary controls and prioritization of expenditures amidst the treat of a global recession.
He cited that the country is beset with “serious global disorder” foretelling a “downfall in the global capital market that “will not spare the Philippine economy”.
“There is an eroding confidence in the US financial market and growing discontent on the so-called American model of capitalistic economic enterprises,” Zubiri said in his introduction. Read More…


Direct international bonds, new funding source for LGUs?

Local governments need not worry about where to source funding for income-generating projects, an official of the Mindanao Business Council said in a press conference marking the end of the two-day BIMP-East ASEAN Growth Area (BIMP-EAGA) investment conference Tuesday.

Vicente Lao, MinBC chair, announced an emerging scheme how local government units, who play a crucial role in helping improve the business climate, could access funds.

“You will be surprised how international financing works and what available sources of funds local government could access,” he said.

Lao was referring to the floating of municipal bonds to international financing organizations, which he said is now available to LGUs without jeopardizing their internal revenue allotment (IRA). Read the rest of the report on