Bongbong Marcos Declares P624 Million Campaign Funding, All Contributions
President-elect Bongbong Marcos declared P624 million in funding for his campaign, all from contributions, based on his declaration to the Comelec.
According to Marcos' Statement of Contributions and Expenditures or SOCE, he received over P247 million-worth of in-kind contributions from his political party, Partido Federal ng Pilipinas; some P373 million cash contributions and P4.2 million worth of in-kind contributions from other sources.
The SOCE is a requirement for all candidates and political parties, which itemizes all contributions and expenditures during the elections, regardless of the results.
Of the total P624 million contributions, over P371 million of his expenditures were paid out of cash contributions while over P251 million were incurred using in-kind contributions, totalling to an expenditure of P623 million.
None of the expenditures for Marcos' campaign were paid out of his personal funds or resources, his SOCE also showed.
The P623 million expenditure is well within the P674 million that Marcos is only allowed to spend for his presidential campaign.
Under Republic Act No. 7166, candidates for president and vice president may only spend P10 for every voter, while political parties can spend P5 for every voter currently registered in an area where they fielded candidates.
On Monday, the Partido Federal ng Pilipinas also submitted its own SOCE to the Comelec, showing a P272 million expenditure for Marcos' presidential campaign.
A measure to increase the campaign spending limit for candidates and political parties was tackled in the Senate last year but it failed to hurdle the plenary.
The deadline for filing the SOCE before the Comelec is set for June 8.
From: Reportr World