THE Department of Budget and Management (DBM) said on Thursday that it had released over P3 trillion to government agencies and local government units at the end of February.
The fund releases of P3.06 trillion account for 60.8% of the P5-trillion national budget for 2022.
This leaves P1.97 trillion more to be released this year.
The DBM had released P3.4 trillion, representing 76.5% of the P4.5-trillion 2021 budget, by the end of February 2021.
In February 2022, releases to government agencies amounted to P2.4 trillion, representing 83.2% of the total allotted to them.
Special purpose funds released during the month were P110.4 billion, or 24.2% of the allotted amount.
Special purpose funds include budget support for local government units, the Contingent Fund, the Miscellaneous Personnel Benefits Fund, and the National Disaster Risk Reduction and Management Fund.
Releases from automatic appropriations hit P483.6 billion, or 28.7% of the funds due to be disbursed this year.
These automatic appropriations include retirement and life insurance premiums, internal revenue allotments, block grants, and interest payments.
The national budget for 2022 is aimed at supporting a recovery from the pandemic. The budget is equivalent to 21.8% of the projected gross domestic product, with a fifth set aside for capital outlays, including infrastructure spending. — Jenina P. Ibañez