30.2 C
Saturday, May 18, 2024

Infra spending surged by 11% to P1.4t in 2023

- Advertisement -

Infrastructure spending increased 11 percent in 2023 and exceeded the government’s target, the Department of Budget and Management said Wednesday.

“Overall infrastructure disbursements were bolstered to P1.419 trillion, up 11.0 percent year-on-year and 9.8 percent above the program,” the DBM said in a statement.

Total government expenditures hit P5.34 trillion last year, up by 3.4 percent from the 2022 level and 2 percent above the P5.23-trillion program, data showed.

Revenue collection also increased 7.9 percent to P3.82 trillion, while budget deficit amounted to P1.5 trillion.

The DBM said the significant expansion in infrastructure and other capital outlays led to increase disbursements last year.  It also noted the accelerated program implementation and fund mobilization of the Department of Public Works and Highways and the Department of Transportation in the second half of 2023.

This was supported by the direct payments made by development partners for the implementation of foreign-assisted rail projects of the DOTr.

It said spending for operating expenditures such as personnel services and maintenance and other operating expenses also improved on the back of catch-up spending of major social departments.

Subsidy to government corporations, however, declined 18.4 percent in 2023.


Popular Articles