DBM: 92.8% of 2023 national budget released as of end-July

The Department of Budget and Management (DBM) has released over 90% of the P5.268-trillion national budget for 2023 as of the end of July.

Based on the Status of Allotment Releases as of July 31, 2023, the DBM has already released P4.891 trillion.

This is equivalent to 92.8% of the P5.268-trillion budget under the 2023 General Appropriations Act.

About P3.046 trillion has been released to government agencies for their priority projects, activities, and programs aligned with the eight-point socioeconomic agenda of the Marcos administration. 

Last month, Budget Secretary Amenah Pangandaman ordered agencies to submit their respective catch-up spending plans amid the underspending seen in the first half of the year.

"To ensure transparent and effective budget utilization, the DBM issued Circular Letter no. 2023-10, s. 2023 in August, requesting all agencies to submit their respective spending catch-up plans before September 15, 2023," the DBM said.

"This catch-up plan will help bridge any gaps and maximize the allocation of resources for the remaining months of the year, and achieve the targets set under the administration’s Medium-Term Fiscal Framework (MTFF)," it said.

Government underspending was among the factors contributing to the slower second-quarter economic growth, along with high inflation and elevated interest rates.

The economy, as measured by gross domestic product (GDP), grew 4.3% in the April–June period, slower than the 6.4% growth seen in the first quarter.  —VBL, GMA Integrated News