GOVERNMENT agencies raised their cash utilization rate to 99% at the end of June, up from the 97% rate posted a year earlier, the Department of Budget and Management (DBM) said. READ:
The DBM said the National Government, local governments and state-owned firms used P2.01 trillion of the P2.033 trillion in notices of cash allocation issued to them in the first half of the year, leaving P24.22 billion unused.
“This may have to do with the election year to optimize budget utilization as needed to accomplish complete more government projects and programs,” Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said.
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