Gov’t to increase spending in Q4

The government vowed to increase its spending in the last three months of the year in hopes to correct the P50-billion budget deficit, an economic manager said.

Socioeconomic Planning Secretary Romulo L. Neri said the P46.4-billion additional budget approved by the House of Representatives will help fill in the spending gaps caused by underspending.

"We will now spend more, focusing on strategic items such as infrastructure and social services to improve the country’s competitiveness. This hopes to bring in more investments, create jobs, increase incomes and sustain the growth momentum," Neri said.

According to Neri, the government will spend the extra income it has earned after generating above target revenues.

"This over performance gives us room to invest more on our social priorities. We have earned the right to spend more on our people, so we will indeed give them the spending they deserve," he explained.

Among the agencies to benefit in the supplemental budget is the Department of Education (DepEd) which is poised to receive P9.58 billion.

Deped will use the money to fill up vacant teaching posts, open new teaching slots, repair buildings, procure textbooks, as well as fund the milk feeding program for some elementary schools.

For its part, the Department of Agrarian Reform (DAR) will get P4.59 billion for its Comprehensive Agrarian Reform Program (CAR).

The Department of Technology will use the P500-million additional funds to develop a 22-hectare property in the University of the Philippines. The lot will be converted into research institutes.

The miscellaneous personnel benefits fund will get P4.92 billion to plug holes in the state’s premium and pension payments while a P850-million standby fund will be allotted for victims of recent natural disasters.

Meanwhile, Neri said that although the recent savings trend has not been good for the economy, the government has already taken measures to correct it by spending more.

For January to September, the fiscal deficit was at P50.4 billion. "This is far below the official program of P122 billion for the first three quarters," Neri said.