P4.57 T in agency budget released

Nearly 80 percent of the record P5.768 trillion budget for the year has been released as the government ramps up implementation of various programs.

Latest data from the Department of Budget and Management (DBM) showed that it has issued a total of P4.57 trillion of the 2024 budget as of end-February.

This represents 79.3 percent of the national budget allocated for the year – a significant jump from just 61.4 percent in the same period in 2023.

The DBM has been jacking up releases in the first half of the year in a bid to address the issue of underspending among state agencies.

Data showed that the DBM released P3.51 trillion under the 2024 General Appropriations Act (GAA). This is 87.6 percent of the total P4 trillion financing.

Under the 2024 GAA, the DBM said it has distributed 95.6 percent or P3.35 trillion of the P3.5 trillion for departments.

In terms of special purpose funds, releases increased to 32.6 percent or P165.61 billion of the P507.48 billion allocation.

On the other hand, automatic appropriations are at nearly 60 percent or P1.04 trillion of the P1.76 trillion aggregate funding.

Broken down, the government increased releases for the tax expenditure fund at P4.77 billion or 32.9 percent of the P14.5 billion allocation in February.

DBM also used up 79.5 percent or P29 billion of the P36.48 billion in the special account in the general fund inclusive of the P10 billion for the implementation of the Rice Competitiveness Enhancement Program.

For two months now, the DBM has yet to release any amount from the P670.47 billion for interest payments, as well as the P28.7 billion for net lending.

As early as January, DBM already released the entire P871.38 billion for the national tax allotment, the full P70.51 billion for the block grant and the complete P480,000 allocation for pensions of former presidents or their widows.

The DBM also freed up the entire P65.79 billion in retirement and life insurance premiums (RLIP) of state workers in January and added some P53.71 million in extra funds last month.

Meanwhile, the DBM recorded P20.55 billion in other releases as of February, of which 72 percent or P14.73 billion went to unprogrammed appropriations.

These appropriations provide standby authority to incur additional agency obligations for priority programs or projects when revenue collection exceeds targets or when additional grants or foreign funds are generated.

Of the total, P7.5 billion was allocated to the National Food Authority, while the other P7.23 billion was earmarked to support the foreign-assisted projects of the Departments of Agriculture, Public Works and Highways as well as Social Welfare and Development.