93 percent of 2023 budget released as of July

MANILA, Philippines — The government has released P4.89 trillion or nearly 93 percent of the record P5.268 trillion allocation as of end-July, but state agencies are urged to expedite the spending of such resources.

Data from the Department of Budget and Management (DBM) showed it has issued a total of P4.89 trillion of the 2023 budget as of end-July.

This represents 92.8 percent of the national budget allocated for the year. This is slightly lower than the 93.5 percent disbursement in July 2022.

The DBM released a total of P3.38 trillion under the 2023 General Appropriations Act (GAA). This is 92.3 percent of the total P3.66 trillion financing.

Under the 2023 GAA, the DBM said it has distributed 96.9 percent or P3.05 trillion of the P3.14 trillion for departments.

In terms of special purpose funds, releases jumped to 64.7 percent or P333.98 billion out of the P516.55 billion.

On the other hand, releases for automatic appropriations also went up and reached 80.4 percent or P1.29 trillion of the P1.61 trillion aggregate funding.

During the month of July, a significant jump in releases was noted for the tax expenditure fund, which is now 100 percent completed at P14.5 billion.

Additional release was also made for interest payments in July as it increased to 48.5 percent at P282.68 billion out of the P582.32 billion earmarked for the specific item.

Likewise, additional funds for net lending were issued, improving to 42.5 percent to P12.19 billion as of end-July.  Total allocation is at P28.7 billion.

The DBM also issued an additional P798.45 million to cover the benefits of new hires on top of the entire P64.2 billion in retirement and life insurance premiums of state workers that was already fully released in January.

Earlier this year, the DBM fully released allocations for the national tax allotment (P820.27 billion), block grants (P64.76 billion) and pensions of former presidents or their widows (P480,000).

Releases for the special account in the general fund at P32.17 billion was also completed, inclusive of the P10 billion for the implementation of the Rice Competitiveness Enhancement Program.

On the other hand, the DBM recorded P219.31 billion in other releases as of end-July. The bulk at P184.25 billion went to unprogrammed appropriations.