Home / Business / Agencies’ budget use up 92% at end-Aug

Agencies’ budget use up 92% at end-Aug

September 18, 2019

THE budget utilization of government agencies increased to 92 percent in the first eight months of 2019 from 86 percent a year ago, the Department of Budget and Management (DBM) reported on Tuesday.

In a statement, the Budget department said state agencies used P1.802 trillion of the P1.961 trillion under the Notice of Cash Allocation (NCA) from January to August.

NCAs refer to disbursement authorities issued by the DBM to government servicing banks, such as the Development Bank of the Philippines and Philippine Veterans Bank, to cover the cash requirements of agencies’ programs, activities and projects.

Department of Budget and Management. PHOTO BY JOHN ORVEN VERDOTE

These notices are valid up to the last working day of the quarter covered.

The department said “a higher utilization rate demonstrates the capacity of line agencies to timely disburse their allocated funds and implement their programs and projects.”

DBM data showed that the Commission on Elections posted the highest utilization rate of 100 percent, using P9.870 billion of its P9.874-billion budget.

Agencies with the lowest budget utilization ratio of 61 percent were the DBM and Department of Foreign Affairs, using only P2.307 and P7.319 billion out of their of P3.804-billion and P11.941-billion allocation, respectively.

Unused NCAs amounted to P159.3 billion as of end-August.

State spending grew by 3.4 percent in July to P339.4 billion from P328.1 billion. Year-to-date however, budget spending contracted by 0.1 percent to P1.92 trillion.

Credit belongs to : www.manilatimes.net

index.php

Exxon trial probes how oil giant accounts for climate change

In this April 23, 2018, file photo, the logo for ExxonMobil appears above a trading …