September 14, 2024 | 12:00am
MANILA, Philippines — The government has released P5.59 trillion or about 97 percent of the record P5.768 trillion allocation as of end-August as state agencies move to implement their priority programs.
Latest data from the Department of Budget and Management (DBM) showed that it has released a total of P5.59 trillion of the 2024 budget as of end-August.
This represents 96.9 percent of the national budget for the year. The amount is also higher than the 95.3 percent recorded in the same period in 2023.
Based on DBM data, the government had released P3.82 trillion under the 2024 General Appropriations Act (GAA), accounting for more than 95 percent of the total P4.01 trillion financing.
Under the 2024 GAA, the DBM said it has distributed 97.9 percent or P3.43 trillion of the P3.5 trillion to various government departments.
In terms of special purpose funds, releases rose to 77.5 percent, which means that P393.43 billion has been handed out from the P507.48 billion allocation.
On the other hand, automatic appropriations stood at 86.7 percent or about P1.52 trillion of the P1.76 trillion aggregate funding.
The government released more funds for interest payments, which is now at P456.66 billion or 68.1 percent of the P670.47 billion total funding for 2024.
However, the DBM did not disburse extra funds for net lending as it is still at P7.18 billion, which is 25 percent of the P28.7 billion earmarked for the year.
The DBM freed up the entire P65.79 billion in retirement and life insurance premiums (RLIP) of state workers as early as January and added some P1.98 billion in extra funds as of end-August.
On the other hand, fully released allocations include the national tax allotment (P871.38 billion), block grants (P70.51 billion), special account in the general fund (P36.48 billion), tax expenditures (P14.5 billion) and pensions of former presidents or their widows (P480,000).
Further, the DBM recorded P242.44 billion in other releases as of August, 75 percent of which at P181.31 billion went to unprogrammed appropriations.
Unprogrammed 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 unprogrammed funds, P118.69 billion was earmarked to support the foreign-assisted projects of the departments of Agrarian Reform, Agriculture, Education, Finance, Health, Public Works and Highways, Social Welfare and Development, Labor and Employment, Trade and Industry and Transportation, as well as the National Irrigation Administration.
More than P27 billion was disbursed to the DOH for the benefits and allowances of healthcare workers.
Another P10.77 billion served as the government counterpart of foreign-assisted projects of the DPWH. There was also a P10.16 billion that served as budgetary support to state-run firms particularly the National Food Authority and the Light Rail Transit Authority.
Some P6 billion was released to DPWH for the maintenance, repair and rehabilitation of infrastructure facilities of national roads, P2.85 billion for its Panay-Guimaras-Negros Island Bridges project and P1.68 billion for its right-of-way payments.
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