2024 budget fully released as of end-Sept. — DBM

THE Department of Budget and Management (DBM) said it has released the entire 2024 national budget as of the end of September.

In its Status of Allotment Release report, the DBM said P5.83 trillion has been released, including the P5.768-trillion budget for this year, as well as an additional P65.17 billion in unprogrammed appropriations.

The release rate at the end of last month was ahead of the year-earlier pace of 97.2%.

Automatic Appropriation releases stood at P1.66 trillion, for a 94.6% release rate. These included a P871.38 billion National Tax Allotment for local governments, P592.04 billion in interest payments, and P70.51 billion for the Block Grant.

The budget release included P70.35 billion for the retirement and life insurance premiums of various National Government agencies and P36.48 billion for the Special Account in the General Fund.

Automatic appropriations in September also include P14.5 billion under the Tax Expenditures Fund or Customs Duties and Taxes, P7.18 million for Net Lending, and P480 million for the pension of former presidents or their widows.

Agencies are required to submit budget utilization reports quarterly to the DBM to ensure timely spending of government funds. 

This year’s budget was 9.5% higher than last year’s and equivalent to 21.7% of gross domestic product. — Beatriz Marie D. Cruz