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Budget release rate hits 56.4% at end of Jan.

THE Department of Budget and Management (DBM) said on Wednesday that it had released P2.97 trillion or 56.4% of the 2023 budget at the end of January.

According to the DBM’s Status of Allotment report, P2.298 trillion remains undistributed to agencies and local government units from the P5.268-trillion 2023 budget.

The pace of fund releases was slightly ahead of the 56.1% rate posted a year earlier.

At the end of January, releases to government agencies and departments amounted to P2.56 trillion, for a utilization rate of 81.3%.

Special Purpose funds released totaled P98.13 billion or 19.1% of the budgeted funds for the year.

Meanwhile, Automatic Appropriation releases hit P298.99 billion for a utilization rate of 18.6%.

These include the P51.98 million for retirement and life insurance premiums of various National Government agencies and P10 billion for the Rice Competitiveness Enhancement Fund. — Luisa Maria Jacinta C. Jocson

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