EconomyForex

DBM says 2021 budget release rate tops 97%

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THE DEPARTMENT of Budget and Management (DBM) said it had released 97.4% of the 2021 budget at the end of October.

Allotment releases hit P4.39 trillion after 10 months, compared with the P4.5 trillion due for release this year.

That leaves the DBM P115.57 billion to release in the last two months of the year.

Releases to government agencies hit P2.496 trillion representing 94.6% of the P2.637 trillion allotted for them. This leaves DBM P141 billion to release for the rest of this year.

Meanwhile, releases for special purpose funds — allocations for specific socioeconomic uses — totaled P387.12 billion, or 88% of the P440 billion allotment for the year.

Special-purpose funds include budget support to local government units, the Contingent Fund, the Miscellaneous Personnel Benefits Fund, and the National Disaster Risk Reduction and Management Fund.

Automatic appropriations releases totaled P1.24 trillion for an 86.6% release rate.

These appropriations include retirement and life insurance premiums, the Internal Revenue Allotment, block grants and interest payments.

The DBM also released P270.12 billion from last year’s budget.

Government spending increased 13.6% in the third quarter, higher than the 5.8% growth posted a year earlier, the Philippine Statistics Authority said.

Government spending had declined by 4.2% in the second quarter — the first since the 2.1% fall in the first quarter of 2017.

The Senate is currently tackling the proposed P5.024-trillion national budget for 2022, which has been approved by the House of the Representatives. — Jenina P. Ibanez

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