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Now that the free education law is now approved, the next question arises, how do we fund it? I think the first thing to do first is to have a specific computation (is it really PHP100B?), afterward tap the budget of other government agencies that do not perform, then turn to the private sector. The government can issue bonds related to this project, development banks can help as well since this is a legitimate project. Next is to improve the tax collection system, this law now serves as pressure that the government should collect every cent of the tax. Another way is the improve the expense and income efficiency of every government agency. Since the government needs an additional budget, expenses should be properly accounted and the standard of government services should be raised to generate more income. In general we have government funds, the bank fund, and the crowdfund – combined it all and we can raise money. And one more thing – lessen the corruption.
To do the math, we are 100,000,000+ population, 100B/100M = 1,000; which means each and every Filipino can contribute P1,000 per year or P83 per month or P2.77 per day to raise 100B – which is feasible.
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