Stimulus spending stepped up, says Abad

The government has released P61.28 billion or 85 percent of the stimulus package as it tries to catch up on its spending to spur economic growth in the fourth quarter, Budget chief Florencio Abad said on Tuesday.

Of the amount, P41.66 billion had been spent by line agencies and government-owned or -controlled corporations, Abad said.

Abad said government agencies are now working with the department to address the bottlenecks in fund utilization.

“The department is also keeping a close watch on the implementation of priority programs and projects by government agencies,” the budget chief said.

Abad said among the notable projects covered by the stimulus package are the following: P11 billion for the National Housing Authority; P970-million equity infusions for credit insurance and mortgage guaranty operation of the Home Guaranty Corporation and Trade and Investment Development Corporation of the Philippines; and P75 million for the establishment of a centralized credit information system.

Significant cash releases have also been given to Department of Health for the hiring of nurses and midwives, P2.75 billion support fund for local government units; and P331 million for the Department of Science and Technology for the purchase of three Doppler radars and the establishment of a National Meteorological and Climate Center.

President Benigno Aquino III has earlier vowed not to repeat this year’s underspending that resulted in nine months of dismal growth performance for the country. –Joyce Pangco Pañares, Manila Standard Today