BY JP LOPEZ

SENATORS yesterday welcomed the P75-billion economic stimulus package unveiled by Malacañang but said its funding needs congressional approval.

"I think the President should first go to Congress because she cannot just issue a check for P75 billion. The Constitution says that money can leave the treasury only if it’s appropriated by Congress," Senate President Manuel Villar said.

Sen. Francis Escudero, chairman of the Senate ways and means committee, said he is getting mixed signals. He said while the Palace says it favors tax breaks, finance officials are opposed to measures that would cut revenues.

"Because (the P75-billion package) can only be done through legislation, then what the President should do is send us a bill and certify it as urgent. Or she can choose from any of the measures pending in the House or in the Senate and certify it," he said.

Villar said the stimulus package calls for P51 billion in additional infrastructure and social services spending, P8 billion in rebates to households consuming less than 200 kilowatt-hours of electricity a month, and P16 billion in additional personal income tax deductions to benefit the middle-income households earning less than P500,000 per annum.

Villar said if the plan was inspired by the $150-billion anti-recession package the US government is putting together, "then it must be pointed out that the White House is not doing it alone but it is asking the US Congress for money."

"Malacañang should send a supplemental budget to the House and to the Senate," Villar said.

"Gusto nating makuha ang detalye. Malay mo baka mas malaki ang puwede nating ibigay kung may pondong makikita at kung meron naman talagang pangangailangan," he said.

Escudero asked government officials to stop their "good cop, bad cop routine" on higher personal income tax exemption.

"It’s time to walk your talk, Mrs. President. You cannot just titillate the public of promises of tax breaks without making a serious follow through," he said.

"The simulations we have made showed that exempting minimum wage earners, based on 2004 data, would benefit 1.07 million tax filers but would result in P5.16 billion in foregone revenues yearly," he said.

Sen. Loren Legarda said the package will not work without budgetary support.

"We must not borrow money for this purpose as we already allot the biggest chunk of our annual budget to debt repayment," Legarda stressed.