PH exceeds expenditure target in 2023 by 2.1 percent

PH exceeds expenditure target in 2023 by 2.1 percent

THE National Government has exceeded its expenditure target in 2023 by 2.1 percent due to the significant expansion in infrastructure and other capital outlays, the Department of Budget and Management (DBM) said Wednesday, April 3, 2024.

In a statement, the DBM said that based on the Cash Operations Report released by the Bureau of Treasury, the total disbursement of the National Government in 2023 amounted to P5.336 trillion, P176.6 billion or 3.4 percent higher than the 2022 outturns, P107.8 billion or 2.1 percent more than the full-year target.

It said the increase was primarily driven by the “significant expansion” in infrastructure and other capital outlays that reached P1.2 trillion, 18.7 percent higher year-on-year, and up by 16.2 percent from the target.

“The robust performance was likewise mainly credited to the accelerated program implementation and fund mobilization of the Department of Public Works and Highways and the Department of Transportation (DOTr) during the last two quarters,” the DBM said.

“This was also supported by the direct payments made by development partners for the implementation of foreign-assisted rail projects of the DOTr,” it added.

The DBM noted that the infrastructure disbursements were recorded at P1.419 trillion, which is P140.5 billion or 11 percent higher year-on-year and P126.2 billion or 9.8 percent above the target.

It said spending for current operating expenditures, such as personnel services and maintenance and other operating expenses, also improved on the back of catch-up spending of major social departments.

“On the other hand, subsidy to government corporations was 18.4 percent (P36.9 billion) lower year-on-year and 23.8 percent (P51.0 billion) below the program, largely on account of the calibrated releases to the PhilHealth considering its favorable financial position and substantial cash holdings,” it added. (TPM/SunStar Philippines)

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