DBM: Almost half of 2011 budget already released

Capitalizing on the early congressional approval of the 2011 budget, the Department of Budget and Management (DBM) said Monday almost 50 percent of the year’s national budget has already been released. Budget Secretary Florencio Abad said the department has released P800 billion of the P1.645-trillion General Appropriations Act for 2011, which was ratified in December 2010. The secretary explained that the move will speed up the implementation of projects, taking advantage of favorable weather in the early months of the year. “President Benigno Aquino III had instructed us to frontload releases and accelerate project implementation so we can get the economy perked up early in the year," Abad added. Budget spending surge A surge in budget spending in the first semester is expected after departments with huge budgetary balances have submitted their allocation program, particularly those under lump sum funds. These include the departments of Education (P33.5 billion), Public Works and Highways (P25.3 billion), Agriculture (P13.7 billion), and Agrarian Reform (P12.5 billion). “We anticipate these departments’ submission of special budget requests, together with the necessary documentary requirements, at the soonest possible time. On our part, we commit to facilitate the expedient release of these funds," Abad said. — PS/VS, GMA News