THE Department of Budget and Management (DBM) today announced that disbursements topped at P124.1 billion for February—14.3 percent higher than expenditure levels posted in the same period in 2012—exceeding the 11-percent year-on-year spending jump posted earlier in January.
The DBM also reported that cumulative disbursements for the first two months of the year amounted to P282 billion, P31.2 billion or 12.4 percent higher than the P250.8 billion posted in January to February 2012. This is the highest growth recorded since 2007.
Notable growth was also seen in infrastructure and capital outlay (CO) spending, which rose year-on-year by 40.8 percent to P32.3 billion as of end-February. Disbursements for Maintenance and Other Operating Expenditures (MOOE) also jumped by 40.5 percent to P47 billion for January to February, besting the P33.5 billion tracked in the same period last year.
“We expect to see further improvements in budget implementation, given the expenditure reforms we’ve advanced over the last two years. As we continue to fine-tune the budget process and make it even more efficient, we urge departments and agencies to optimize their allocations and ensure that these translate to the quick delivery of high-impact services to the public,” Budget and Management Secretary Florencio B. Abad said in a statement.
He added that the country’s recent investment grade rating from Fitch will help buoy the Aquino administration’s expenditure strategy, particularly for investments in infrastructure, agri-fishery industries, business process outsourcing, and other strong-performing sectors.
“The country’s strong fiscal performance will allow the Administration to devote more resources to programs and projects aligned with President Aquino’s Social Contract with the Filipino People. Meanwhile, it’s critical for us to sustain our spending performance, so that departments and agencies can continue implementing their projects, and ultimately, meet their set targets for the year,” Abad added. (DBM)