MANILA – The government recorded PHP5.336-trillion disbursements in 2023, hitting its full-year target and effectively surpassing the 2022 outturns behind “significant expansion” in the infrastructure program, according to the Department of Budget and Management (DBM).
In a statement Wednesday, the DBM, citing the Cash Operations Report of the Bureau of Treasury, said the 2023 disbursements were PHP176.6 billion or 3.4 percent higher than the 2022 disbursement performance and exceeded the full-year target by PHP107.8 billion or 2.1 percent.
The DBM said the increase was “primarily driven by the significant expansion in infrastructure and other capital outlays” that hit PHP1.2 trillion, which is 18.7 percent higher year-on-year, and 16.2 percent faster than the program.
According to the DBM, the expansion in infrastructure and other capital outlays was due to the robust performance of the Department of Public Works and Highways (DPWH) and the Department of Transportation (DOTr) in accelerating the program implementation and fund mobilization in the last two quarters of 2023.
It also attributed the higher infrastructure spending to the direct payments made by development partners for foreign-assisted rail transport projects of the DOTr.
Further, spending for current operating expenditures, such as Personnel Services and Maintenance and Other Operating Expenses, improved on the back of catch-up spending of major social departments.
On the other hand, subsidy support to government corporations went down by PHP36.9 billion or 18.4 percent -- PHP51 billion or about 24 percent below the program.
The DBM credited the decrease to the calibrated releases of subsidies to the Philippine Health Insurance Corp., considering its “favorable” financial position and substantial cash holdings. (PNA)
