Philippines: Budget releases hit P2.68 T from January to July

  • Aug 10, 2016

Philippines: Budget releases hit P2.68 T from January to July

Wednesday, August 10, 2016 – Budget releases of the new administration surged in July, consistent with President Duterte’s promise to spend more and widen the deficit.

A total of P2.68 trillion or 89.1 percent of the P3.002-trillion outlay has been released to agencies in the first seven months, data from the Department of Budget and Management (DBM) showed.

This was the fastest recorded so far this year. Allotment means budget is released to agencies, which may now enter into contracts with the private sector to pay for goods and services.

“We expected some adjustment from the new administration and we factored that in our slower growth forecasts. It seemed like that is not happening,” said Alvin Ang, economist at Ateneo de Manila University.

“This is good and it seems like this administration has learned its lesson from the previous one,” he said in a phone interview yesterday. Read More?