Budget release rate hits 97.4% at end of November

THE Department of Budget and Management (DBM) said budget funds released to national agencies and local government units hit P5.15 trillion at the end of November, for a release rate of 97.4% against an adjusted budget of P5.29 trillion.

Releases at the end of October had totaled P5.08 trillion, exceeding the original 2022 budget of P5.024 trillion.

The DBM said the budget blew out because of unprogrammed and other appropriations.

At the end of November, releases to government agencies and departments amounted to P2.83 trillion for a utilization rate of 98.2%.

Special Purpose funds released totaled P400.71 billion, or 87.7% utilization.

Meanwhile, Automatic Appropriation releases were at P1.6 trillion, representing 95.3% of the total.

These appropriations include P10 billion for the Rice Competitiveness Enhancement Fund and P2.35 billion for retirement and life insurance premiums of various government agencies.

The 2022 budget is expected to account for 21.8% of projected gross domestic product.

The proposed budget for 2023 is P5.268 trillion. — Luisa Maria Jacinta C. Jocson