Gov’t ready to spend P32-B in coming days

MANILA, Philippines – The government is ready to spend P32.29 billion in the remaining days of 2012 and in early 2013 for quick-disbursing priority programs.

President Benigno S. Aquino III approved the release of the funds for programs and projects that will sustain macroeconomic stability, accelerate infrastructure development, bolster tourism, support reforms in local governments, and upgrade defense capabilities.

This was according to Budget and Management Secretary Florencio Abad who said in a statement on Wednesday, December 26, that the funds came from P28.9 billion in savings in the 2011 and 2012 budget as well as P4.4 billion which came from dividends by government corporations (GOCCs).

Of the amount, the government has allocated bulk — or P20 billion — for capital infusion into the Bangko Sentral ng Pilipinas (BSP) as mandated by the New Central Bank Act of 1993.

“With better-than-expected revenue collections this year as well as savings from the discontinuation of slow-moving expenditure items, the government is able to create a fiscal space of P32.29 billion that we can use for urgent expenditures,” he said.

He said accelerated government spending would continue to bolster economic growth, as exhibited in the first three quarters of this year.

“With these new expenditure items as well as the new policies we introduced in the 2013 General Appropriations Act, we are confident that the pace and quality of government disbursements this year will be sustained in 2013,” Abad said. – Rappler.com