THE Department of Budget and Management (DBM) has released 94.2 percent of the government’s full-year 2024 budget as of end-July, the agency’s data showed.
According to data posted on its website, the DBM has released P5.44 trillion of the P5.77 trillion 2024 full-year program as of July 31.
The remaining balance for the year is P333.57 billion.
Allotment releases to departments as of July 2024 amounted to P3.42 trillion, or 97.8 percent of the 2024 program.
These include funds allocated for agencies in the executive branch, congress, the judiciary and other constitutional offices.
Releases from special purpose funds (SPFs) amounted to P348.95 billion, or 68.8 percent of the full-year program, the DBM data showed.
SPFs are budgetary allocations in the General Appropriations Act allocated for specific socio-economic purposes such as budgetary support to government corporations, allocation to local government units, contingent fund, miscellaneous personnel benefits fund, national disaster risk reduction and management fund and pension and gratuity fund.
Allotment releases for automatic appropriations, or appropriations programmed annually or for some other period prescribed by law, amounted to P1.44 trillion, or 82.1 percent of release over program.
These include the 2024 program for retirement and life insurance premium requirements, national tax allotment, block grant, pension of ex-president/ex-president widows, special account in the general fund, net lending, interest payments and tax expenditures fund/customs duties and taxes.
Meanwhile, budget secretary Amenah Pangandaman mentioned the ongoing key initiatives aimed at addressing the underspending of government agencies, such as prioritizing shovel-ready projects, maximizing early procurement activities, adopting digitalization and conducting capacity-building programs.
Pangandaman emphasized that these crucial measures will help lessen the risk of underspending among government agencies by enabling the timely implementation of various projects and programs.
