MANILA, Philippines - National government disbursements in 2012 reached P1.54 trillion or P200 billion more than in the previous year, the Department of Budget and Management (DBM) disclosed yesterday.
Budget Secretary Florencio Abad said that “public spending has sustained its momentum” due to reforms set into motion by the administration.
“The reforms have certainly made a significant impact, not only in terms of accelerating the pace of disbursements but also by deepening transparency and accountability in public financial management,” Abad said. From January to November, government expenditures reached P1.35 trillion.
He reported that disbursements net of interest payments during the 11-month period have increased by 14.5 percent year-on-year to P1.25 trillion, and that growth rate of agency disbursements is faster than the 12.3-percent growth of interest payments.
“With a stronger fiscal environment, we are confident that public services are delivered with impact, that our country’s risk profile is being further improved, and that our economy continues to grow in a rapid, inclusive and sustained manner,” he said.
He said that with bigger public spending, the national government deficit as of November reached P127.3 billion, or 32.3 percent more than the P96.3-billion deficit incurred in the same period in 2011.