LGU capital spending falls to P18-B in H1

CAPITAL SPENDING by local governments was P18 billion in the first half, down 35%, according to preliminary data from the Bureau of Local Government Finance.

Purchases and construction of property and equipment accounted for P17.86 billion of the total, down from P27.4 billion a year earlier.

Meanwhile payment on debt securities declined to P7.26 million from P10.5 million a year earlier.

Local governments also issued P141.89 million in loans to other entities in the first half, down from P296.06 million a year earlier.

In the second quarter, capital and investment items accounted for P13.78 billion, against P20.4 billion in the same three months last year.

Purchases and construction of property and equipment was P13.69 billion, down from P20.14 billion a year earlier. – Elijah Joseph C. Tubayan