The DBM said the National Government, local governments and state-owned firms used P2.3 trillion of the P2.44 trillion in notices of cash allocation issued to them in the first seven months, leaving P140.24 billion unused.
“The government rushed various infrastructure projects earlier this year before the election ban and expedited the completion of various projects before the elections, as well as various modernization programs,” he added in a Viber message. “Actual spending has increased maybe due to increased activity, execution of pledged spending in the previous months, and utilization of budgeted items due to increased demand and soaring prices due to inflation and currency depreciation,” Asian Institute of Management Economist John Paolo R. Rivera said.
Aside from the government’s infrastructure and social spending, Mr. Rivera also noted that debt repayments were another factor driving the increased utilization.
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