The political economy of the budget

In a column for BusinessWorld , the author argues that a Philippine Budgeting Code, while necessary, is insufficient if it only codifies procedures without strengthening the guardrails protecting public funds. The piece questions why those guardrails remain weak, suggesting the answer lies in political economy rather than technical design.

The column contends that without addressing underlying political incentives, even a well-crafted code will fail to ensure fiscal discipline. It implies that powerful interests and institutional inertia often undermine reforms, making budget processes vulnerable to manipulation.

Ultimately, the author calls for a deeper examination of the political and economic forces that shape budget outcomes, suggesting that only by tackling these root causes can meaningful fiscal accountability be achieved.