The government has released almost 60 percent of the record P5.268-trillion budget for the year, as it moves to implement programs for various national and local agencies.

Latest data from the Department of Budget and Management (DBM) showed it has issued a total of P2.97 trillion of the 2023 budget as of January.

This represents 56.4 percent of the national budget allocated for the year, a slight improvement from 56.1 percent in January 2022.

The DBM released P2.66 trillion under the 2023 General Appropriations Act (GAA). This is 72.5 percent of the total P3.66-trillion financing.

Under the 2023 GAA, the DBM said it has distributed 81.3 percent or P2.56 trillion of the P3.15 trillion for departments.

But in terms of special purpose funds, only 19.1 percent or P98.13 billion has been handed out from the P513.85 billion budget.

On the other hand, automatic appropriations are still at less than 20 percent or P299 billion of the P1.61 trillion aggregate funding.

Broken down, the DBM released the entire P64.25 billion in retirement and life insurance premiums of state workers. It also issued an additional P51.98 million to cover the benefits of new hires.

The DBM also gave out the full allocation for pension of former presidents or their widows at P480,000.

The agency likewise released only a fourth of the national tax allotment at P205.07 billion out of P820.27 billion and block grants amounting to P16.19 billion from the aggregate P64.76 billion.

Some six percent at P855 million of the P14.5 billion for tax expenditure fund was also disbursed.

Similarly, DBM used up 39.3 percent or P12.63 billion of the P32.17 billion in special account in the general fund inclusive of the P10 billion for the implementation of the Rice Competitiveness Enhancement Program.

On the other hand, the DBM has yet to release any amount from the P582.32 billion for interest payments, as well as the P28.7 billion for net lending.

Meanwhile, the DBM recorded P15.71 billion in other releases as of January. Bulk of that at P13.19 billion went to unprogrammed appropriations.

President Marcos signed on Dec. 16 the 2023 GAA which is aimed at mitigating the socioeconomic scarring caused by the ongoing pandemic.

The record budget for 2023 is expected to help the government hit its six to seven percent growth target for the year.

For 2024, the national budget is pegged at another record P5.569 trillion, up by 5.7 percent.

 

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