DBM releases 95% of 2015 budget

MANILA, Philippines - The Department of Budget and Management has released 95.4 percent of this year’s budget for agencies to hasten spending for projects and programs.

In a statement, the DBM said P1.272 trillion of the P1.334-trillion budget for various departments and agencies has already been released as of end-July.

“We continue to focus on implementing the current year’s budget efficiently, even as the 2016 budget planning process is underway. Now that most of the 2015 budget has been released, we urge agencies to make the most of the funds released to them,” Budget Secretary Florencio Abad said.

Faster agency spending isn’t just a matter of supporting economic growth. It’s also a matter of ensuring the timely delivery of goods and services to the public,” he said.

The economy grew by a slower-than-expected 5.2 percent in the first quarter, blamed largely on underspending.

Latest data showed the government recorded a budget surplus of P13.7 billion in the first half of the year, far from the target of P155.083-billion deficit for the period.

Revenues during the six-month period went up 16 percent to P1.086 trillion from P933.7 billion, while expenditures also climbed nine percent to P1.072 trillion from P987.7 billion.

However, the government has missed its P1.097-trillion goal for revenues in the first semester, and its P1.252-trillion target for spending during the same period.

Abad said the July data of budget releases showed the DBM is not holding back on releases to allow government agencies to focus on project execution. “We’re following through with our commitment to release agency allotments at the soonest possible time,” he said.

Aside from budget releases for departments, the DBM has so far released 54 percent of Special Purpose Funds under the 2015 GAA.