Tuesday, 04 October 2011 13:19
Secretary Florencio Abad said the Department of Budget and Management (DBM) has asked for more government expenditures in the rest of 2011 to support further growth of the domestic economy.
He told delegates of the government’s economic briefing at PICC Friday that the department had requested President Benigno Aquino III to approve an additional P90 billion priority spending in the coming months.
He said the programs included in the additional spending program had been chosen in terms of their economic multiplier effects, their capacity to address the requirement of poor communities or sectors, and were quick disbursing.
Among the projects included in the program are rural electrification, social housing program, rural infrastructure like bridges and rural roads that lead to national roads.
“We expect the president to approve this additional expenditure program anytime next week,” he said.
The government’s expenditures have improved last August after it expanded by 7.9 percent year-on-year to P114.93 billion over the P106.5 billion same period last year.
Earlier, Abad said this development was “the first positive growth of monthly disbursements during the year.”
He attributed this development to the catch up plans being implemented by the various government agencies.
“Our expenditure catch-up plans have started to work in the past two months. Furthermore, we continue to line-up programs and projects that will keep up the acceleration of disbursements in the remaining months of the year well into the first half of the coming year,” he said.
Abad also traced the improvement in government expenditures to the increase in maintenance expenditures, subsidy contributions to government-owned and controlled corporations (GOCCs) and tax subsidies.
He cited that disbursement in the first eight months this year amounted to P947.2 billion, eight percent lower than year-ago’s P1.031 trillion but pointed out that the gap was an improvement over the 10 percent gap as of last July. (Joann Santiago - PNA)
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