JUST A LITTLE OVER HALF of a stimulus package has been disbursed by the government, which has just two weeks left in the year to spur the economy through public spending.
A total of P61.28 billion or roughly 85% of the P72.11-billion Disbursement Acceleration Plan (DAP) has been released to agencies and state firms as of Dec. 6, Budget department data showed.
Of this, only P41.66 billion has actually been spent, accounting for only 58.78% of the package that was approved back in September as state underspending resulted in disappointing economic growth.
The data belie recent government pronouncements that public spending would surge in the fourth quarter, moving the economy closer to growth targets for the year.
Gross domestic product (GDP) growth was just 3.6% as of the third quarter, well below the full-year target of 5-6% or the forecast of 4.5-5.5%.
Like before, government agencies displayed limited absorptive capacity as they struggled to keep up with their disbursements.
Government agencies and local government units were only able to secure the release of P34.33 billion from the DAP out of their total allocation of P45.16 billion. From this amount, just P6.78 billion was spent.
The Budget department, meanwhile, was able to release the entire P26.94 billion allocated for state firms. The amount has already been disbursed, with an additional P7.932 billion for the compensation of landowners under the agrarian reform program.
The department is working with government agencies to “seriously address” the bottlenecks in their fund utilization, Budget Secretary Florencio B. Abad said in a statement yesterday. He likewise assured that the implementation of priority government projects was closely being monitored.
Mr. Abad still proclaimed that the DAP was now in “full swing.” He cited notable disbursements such as infusions into the National Housing Authority (P11.05 billion), Home Guaranty Corp. (P400 million) and the Philippine Export-Import Credit Agency (P570 million).
Releases included P294 million to the Health department for the recruitment of nurses; P2.75 billion to local governments for a support fund; and P331 million to the Science department for the purchase of Doppler radars and the establishment of a meteorological center. –DIANE CLAIRE J. JIAO, Reporter, Businessworld
September 18 –
International Equal Pay Day
“Increase wages now,
more than other cost items.
For widespread, practical equality!”
Invoke Article 33 of the ILO Constitution
against the military junta in Myanmar
to carry out the recommendations of the 2021 ILO Commission of Inquiry
against serious violations of protocols of
Forced Labour and Freedom of Association.
Accept the National Unity Government (NUG)
of Myanmar. Reject Military!
#WearMask #WashHands
#Report Corruption #SearchPosts #TakePicturesVideos
October –
Monthly Observances:
Industry and Commerce Safety Month
National Statistics Month
Local Government Month
Consumer Welfare Month
Cooperative Month
National Quality and Productivity Improvement Month
National Health and Wellness Tourism Month
National Indigenous Peoples Month
Weekly Observances:
Week 1: Elderly Filipino Week
Week 2: National Health Education Week
Local Government Week
National Mental Health Week
October 17-23:
National Week for Overcoming Extreme Poverty
October 18 – 24:
United Nations Week
Last Week:
Nurses’ Week
Consumers’ Protection Week
Week of the 4th Sunday:
Barrio Farmers’ Week
Daily Observances:
First Monday (Oct 4): Universal Children’s Day i
n the Philippines
Oct 5: National Teachers’ Day
Oct 10: Local Government Day
Third Thursday (Oct 14): Conflict Resolution Day
Oct 21: Tenants’ Emancipation day
Oct 24: United Nations Day
Oct 29: National Indigenous People’s Thanksgiving Day
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