The Department of Budget and Management (DBM) has announced that it has released 2.893 billion pesos from the 5 trillion peso budget for 2022 for government health, transport and education programs.
The total represents 82.78 percent of the allocation to government agencies under this year’s national budget, the DBM said in a statement.
“The immediate release of allocations through the General Appropriation Act as an allocation order is paramount to the timely execution of government programs, activities and projects, especially those related to health, transport and education, as this will enable agencies to immediately engage with bidders, enter into contracts and agreements, finalize purchases and begin implementation,” the DBM said.
The remaining 17.22%, or 498.21 billion pesos of allocations for government agencies, will be released later through a special allocation release order. These agencies must submit documentary requirements which will be evaluated by the DBM according to the budgetary rules in force.
Under the 2022 budget, the allocations for special purpose funds and automatic appropriations amount to 457.32 billion pesos and 1.673 trillion pesos respectively.
The publication, obligation and disbursement of agency-specific budgets this year will be available until the end of 2023, with the exception of personnel services, which can only be carried out until the end of 2022. said the DBM.
This year’s national budget is equivalent to 21.8% of gross domestic product. It is also 10% larger than the 2021 budget of 4.506 billion pesos.
Economic officials hope the economy will grow by 7-9% this year. In 2021, the economy rebounded with growth of 5.6% after the record contraction of 9.6% in 2020 due to the pandemic. – Luz Wendy T. Noble