THE Department of Budget and Management (DBM) said it had released 94.2% of the 2024 national budget by the end of July.
According to the DBM Status of Allotment Release report, the releases amounted to P5.43 trillion out of a budget of P5.768 trillion, leaving P333.57 billion undistributed.
The release rate at the end of last month was running ahead of the year-earlier pace of 92.8%.
Releases to government agencies and departments amounted to P3.42 trillion, equivalent to 97.8% of their allocations.
Special Purpose funds released by the end of the month stood at P348.95 billion, representing 68.8% of the funds allocated.
Meanwhile, Automatic Appropriation releases were at 82.1% or P1.44 trillion.
These include P916.91 million for the retirement and life insurance premiums of various National Government agencies and P10 billion for the Rice Competitiveness Enhancement Fund.
This year’s budget is 9.5% higher than last year’s and is equivalent to 21.7% of gross domestic product. — Beatriz Marie D. Cruz
