DBM releases 85% of P72-B stimulus package

MANILA, Philippines - The Aquino administration has released 85 percent of its programmed P72.11-billion disbursement package as it races against time to boost spending in the remaining months of the year.

The Department of Budget and Management (DBM) said that as of Dec. 6, the department has already released P61.28 billion to state agencies and government-owned or controlled corporations.

Of the P61.28 billion, the DBM has released P41.66 billion since October when President Aquino approved the Disbursement Acceleration Plan.

 “This is about P15 billion or 56 percent higher than the P26.64-billion disbursement level as of Nov. 8,” Budget Secretary Florencio Abad said.

The department is now targeting to further release P4.1 billion by mid-December to reach 65 percent of the Disbursement Acceleration Plan.

Abad said the DBM is pressing government agencies to improve the utilization of funds.

 “The government departments and agencies are now working with the Department of Budget and Management to seriously address the bottlenecks in fund utilization,” Abad said.

Finance Undersecretary Gil Beltran said in a separate interview that the government is keeping a close watch on specific agencies to improve their absorptive capacity.

Abad said that with the government’s acceleration program in full swing, the DBM is already keeping a closer watch on the implementation of priority programs and projects by government agencies.

The projects under the acceleration program with notable disbursements during the period include P11.050 billion for the National Housing as well as the P970-million equity infusion for credit insurance and mortgage guaranty operation of the Home Guaranty Corporation and the Trade and Investment Development Corp. (Tidcorp.) of the Philippines.

Home Guaranty received P400 million while Tidcorp received P570 million. The Budget department also allotted P75 million for the establishment of a centralized credit information system.

Other cash releases include the P294 million for the Department of Health, P2.75 billion for local government units (LGUs), and the P331 million for the Department of Science and Technology for the purchase of three Doppler radars and establishment of National Meteorological and Climate Center. – With Delon Porcalla