Gov't on track to hit P2.9 trillion spending target this year — DBM

The government expects to hit the P2.909-trillion spending target this year, in light of faster project implementation as 2017 draws to a close.

"We are optimistic that we will approach our fullyear target of P2.909 trillion and will continue to exert our best efforts to reach our goals," Budget Secretary Benjamin Diokno said in a press conference in Manila City on Wednesday.

"Disbursements will continue to be buoyed by higher spending requirements of line agencies in the succeeding months given the acceleration of program or project implementation as we approach the year end," he added.

Fiscal spending reached P201.6 billion in August, up 13.9 percent from P177 billion a year earlier.

As of end-August, some P462.7 billion of the P3.35trillion obligation program for the full year was still to be released.

Of the amount, P236.8 billion has been earmarked for Special Purpose Funds.

"Most, if not all, of this amount is expected to be released before the end of the year to fulfill budgetary requirements in government subsidies, the release of performance-based bonus, among others," the DBM said in a separate statement.

"We have a lot of surprises," Diokno said, noting additional expenses were brought about by recent developments such as the armed-conflict in Marawi City.