2024 budget release rate hits 78% at end of Jan. 

2024 budget release rate hits 78% at end of Jan. 

THE Department of Budget and Management (DBM) said it released 77.9% of the 2024 national budget as of end-January.

According to the DBM Status of Allotment Release report, the releases amounted to P4.49 trillion of the P5.768-trillion budget.

Some P1.27 trillion remains undistributed from the budget.

The release rate at the end of last month was well ahead of the year-earlier pace of 56.4%.

Releases to government agencies and departments amounted to P3.32 trillion or 94.7% of their allocations.

Special Purpose funds released by the end of the month stood at P15.88 billion, representing 30.1% of the funds allocated.

Meanwhile, Automatic Appropriation releases were at 58.1% or P1.02 trillion.

These include retirement and life insurance premiums of various National Government agencies and P10 billion for the Rice Competitiveness Enhancement Fund.

This year’s budget is 9.5% higher than last year’s and is equivalent to 21.7% of the country’s gross domestic product. — Luisa Maria Jacinta C. Jocson