MANILA — Senator Loren Legarda was elected as the new head of the Senate committee on finance, replacing Senator Francis Escudero.
Escudero resigned from office two weeks ago saying he do not want possible misconceptions that he may use his chairmanship to further his political plans.
He also said that he is considering to run for Vice President with Sen. Grace Poe as his running mate.
Legarda was among the vice chairpersons of the committee with Sens. Ralph Recto, Teofisto Guingona III and Sergio Osmeña III.
She has no plans to run for reelection since she was already elected for a second term in 2013.
Despite the change of leader in the committee, Senate President Franklin Drilon said that there will be no delays in the approval of the proposed P3-trillion national budget.
“We expect the DBCC (Development Budget Coordination Committee) to brief the committee on the 2016 national budget probably by Aug. 17, so that’s the start of the budget process. We are committed to pass the budget by the end of session in December,” Drilon said.