Funds released for the government’s infrastructure program in November 2024 surged 54.6 percent from the year-earlier level as the Department of Public Works and Highways (DPWH) ramped up its spending, data from the Department of Budget and Management (DBM) showed.
Based on a DBM report posted to its website over the weekend, disbursements for infrastructure in November 2024 rose to P87.6 billion from P56.7 billion in November 2023.
The figures appear to be rounded off.
The DBM said increased disbursements for infrastructure were a result of robust spending by the DPWH on infrastructure projects, including flagship initiatives under the 2024 General Appropriations Act.
“Significant disbursements were also made by the DPWH for completed projects and ongoing contracts from prior year’s budget,” the DBM said.
“In addition, capital outlay projects of state universities and colleges also contributed to the higher infrastructure spending in November last year,” the budget department said, without providing itemized details.
In the year-to-date, infrastructure spending rose to P1.1801 trillion, up 15.5 percent from P1.0215 trillion spent in January to November 2023.
The DBM also gave figures for the government’s overall infrastructure spending, which combines the regular infrastructure disbursements and the infrastructure components of subsidy and equity to government-owned and -controlled corporations, as well as transfers to local government units.
Combining all these numbers, the DBM said the overall, total infrastructure disbursements reached P1.3816 trillion in the first 11 months of 2024, 13 percent up from P1.2231 trillion in the same period in 2023.
Growth in “infrastructure expenditures in December last year may (have been) likely muted largely due to the base effects of high capital disbursements in December 2023, as well as the ongoing processing of payments for completed and ongoing capital outlay projects of various departments/agencies towards the latter part of last year,” the DBM said.
“Nevertheless, the national government is optimistic of the full-year 2024 infrastructure spending outturn, which is expected to exceed the P1.47 trillion or 5.6 percent of GDP target. This should sustain the strong growth of the construction sector and related services or industries and consequently, helped buoy the country’s economic performance last year,” the DBM said.
Last December 26, the Bureau of the Treasury (BTr) said that the government incurred a budget deficit of P213 billion in November 2024, significantly wider than the P93.3 billion deficit recorded in the same period of 2023, as expenditures saw a double-digit year-on-year increase, while revenues contracted during the period.
Expenditures rose by 27.14 percent to P551.3 billion in November from P433.6 billion a year ago, while revenues amounted tP338.3 billion, down 0.62 percent from P340.4 billion in November of the previous year.
Year-to-date, the BTr said that the budget deficit reached P1.1769 trillion, 5.92 percent up from the P1.1111 trillion in the same 11-month period in 2023.
From January to November 2024, expenditures went up by 12.96 percent to P5.2812 trillion from the year ago level of P4.6752 trillion.
Meanwhile revenues expanded by 15.16 percent to P4.1043 trillion in the first 11 months of 2024 from the P3.564 trillion recorded as of January to November 2023.
The full-year 2024 cash operations report is scheduled to be released by the BTr on February 28, 2025.
