Aquino gov’t still not spending more

Despite promises to boost spending this year — especially during the summer months — to counter criticisms that the Aquino government did not spend allotted funds to support economic growth targets, recent data on the national budget deficit showed otherwise. Government spending grew 12.1% in the January to April period, but even the economic managers acknowledged they have yet to catch up on their target of a faster pace of spending growth. Thus, while deficit (revenues minus spending) during the period reached only P2.89 billion — equivalent to only 1% of the full-year target – national economic growth targets for 2012 may be at stake. Underspending was blamed for the drastic slowdown in the 2011 GDP growth to 3.7% from 7.6% in the previous year. 

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