Politics

Budget release rate hits 88.7% by end of May

1 Mins read

THE Department of Budget and Management (DBM) said it released 88.7% of the 2024 national budget as of the end of May.

In its latest Status of Allotment Releases report, the DBM said it had released P5.11 trillion out of the government’s P5.768-trillion spending plan for the year.

Around P653.08 billion remains undistributed, DBM said.

The pace of release was slightly behind the 88.9% release rate in May last year.

Of the total released, 97.6% or P3.42 trillion went to government agencies, while 50.9% or P258.43 billion was released to Special Purpose Funds.

Automatic appropriations released by the end of May stood at P1.33 trillion, the DBM said.

Other allotment releases included P10 billion for the Rice Competitiveness Enhancement Fund and P581.4 million for the Retirement and Life Insurance Premiums of several government offices.

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