The Department of Budget and Management (DBM) has launched over 90% of the P5.268-trillion nationwide funds for 2023 as of the tip of July.
Based on the Status of Allotment Releases as of July 31, 2023, the DBM has already launched P4.891 trillion.
This is equal to 92.8% of the P5.268-trillion funds beneath the 2023 General Appropriations Act.
About P3.046 trillion has been launched to authorities companies for his or her precedence tasks, actions, and applications aligned with the eight-point socioeconomic agenda of the Marcos administration.
Last month, Budget Secretary Amenah Pangandaman ordered companies to submit their respective catch-up spending plans amid the underspending seen within the first half of the 12 months.
“To ensure transparent and effective budget utilization, the DBM issued Circular Letter no. 2023-10, s. 2023 in August, requesting all agencies to submit their respective spending catch-up plans before September 15, 2023,” the DBM mentioned.
“This catch-up plan will help bridge any gaps and maximize the allocation of resources for the remaining months of the year, and achieve the targets set under the administration’s Medium-Term Fiscal Framework (MTFF),” it mentioned.
Government underspending was among the many elements contributing to the slower second-quarter financial development, together with excessive inflation and elevated rates of interest.
The financial system, as measured by gross home product (GDP), grew 4.3% within the April–June interval, slower than the 6.4% development seen within the first quarter. —VBL, GMA Integrated News
Source: www.gmanetwork.com
