Program to quicken pace of spending a ‘dud,’ economist says
Wednesday, October 26, 2011
AN economist on Wednesday said the government’s program to increase and quicken the pace of its spending remained weak even after the Budget Department released P1.395 trillion as of the end of September.
“The Aquino administration’s spending catch-up program is a dud,” University of the Philippines economics professor Benjamin Diokno said in an email to Sun.Star.
Diokno, who headed the Budget Department during the Estrada administration, said actual expenditures net of debt service continue to lag program spending by as much as P195 billion –P847 billion versus P1.04 trillion– as of the end of the third quarter.
Improvements in the disbursement performance, however, have been seen in the third quarter, when the national government spent a total of P371.2 billion.
This is P5.5 billion or 1.5 percent higher than the P365.7-billion recorded in the same quarter of last year: the first time a quarterly expansion was recorded, Abad said.
While still missing the P436.6-billion target by P65.4 billion or 15 percent, the third quarter positive growth reverses the double digit contractions during the first two quarters.
Underspending was also lower in the third quarter, versus the average of 16.7 percent during the second semester.
What is missing in the government’s report, Diokno said, is the breakdown as to how much public infrastructure underspending has taken place.
“But I place it at around 50 percent. As of the end of the third quarter, some 50 percent of hard projects have yet to be bid out or yet to start,” he said.
In a separate statement, Finance Secretary Cesar Purisima expressed confidence of a further uptick in spending towards the end of the year “with the goal of boosting economic growth and alleviating the lives of the poor while keeping in check our fiscal situation.”
The inter-agency Development Budget and Coordination Committee (DBCC) slashed its growth targets to 4.4 percent to 5.4 percent, from the previous 5 percent to 6 percent forecast due to effects of weakening US and European economies.
The economy grew only four percent in the first half of 2011, compared to eight percent in the same period in 2010, an election year.
To stimulate the economy, President Benigno Aquino III unveiled a P72-billion expenditure package that aims to speed up completion of infrastructure and poverty alleviation projects.
But Diokno had said that the economic stimulus program will have marginal effect on public spending this year given the lack of time to carry out the projects. (Virgil Lopez/Sunnex)
Source: http://www.sunstar.com.ph/manila/local-news/2011/10/26/program-quicken-pace-spending-dud-economist-says-187167
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Yats Restaurant & Wine Bar
Mimosa Drive past Holiday Inn, Mimosa Leisure Estate,
Clark Freeport Zone, Pampanga, Philippines 2023
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3003C East Tower, Phil Stock Exchange Center,
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