78.8% of 2016 budget released as of end- Feb. | Inquirer Business
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78.8% of 2016 budget released as of end- Feb.

By: - Reporter / @bendeveraINQ
/ 02:40 AM March 14, 2016

THE GOVERNMENT has released P2.365 trillion or 78.8 percent of the record P3.002-trillion 2016 national budget as of February, latest Department of Budget and Management data showed.

The share of end-February releases to this year’s total budget, which also included continuing appropriations under the 2015 national budget as well as other automatic appropriations, was slower than the 80.1 percent recorded in the first two months of last year.

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For releases covering the original 2016 general appropriations, allotment releases at end-February reached P2.362 trillion or 78.7 percent of the program.

Comprehensive releases to government departments in the first two months amounted P1.433 trillion or 88.5 percent of the programmed amount of P1.663 trillion.

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As for special purpose funds, P69.2 billion or 15.3 percent of the P408.3 billion programmed for 2016 was released as of February.

Automatic appropriations—programmed over a period prescribed by law through outstanding legislation requiring periodic action by Congress—worth P859.7 billion or 92.4 percent of the P930.7 billion allocated this year were also released during the first two months.

These automatic appropriations included retirement and life insurance premium, internal revenue allotment for local government units, grants and donations, special account in the general fund (including motor vehicle users charge fund, among others), and releases under the tax expenditures fund for customs duties and taxes to be paid for government importation.

Also released at end-February was P2.265 billion from continuing and automatic appropriations for departments, special purpose funds, as well as the Armed Forces of the Philippines Modernization Act Trust Fund.

A balance of P637.2 billion must be still disbursed before the end of this year.

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TAGS: 2016, Budget, Business, general appropriations, national budget
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