98.9% of 2011 budget disbursed as of end-Dec., says DBM’s Abad

Nearly all or 98.9 percent of the 2011budget was disbursed as of end-December, amounting to P1.626 trillion, the Department of Budget and Management said Wednesday.   The pace of disbursement was achieved as the Aquino administration raced to boost spending and make up for the slack in the first half of 2011, Budget and Management Secretary Florencio Abad said in a statement.   The disbursement rate was “… a clear year-on-year improvement over the 96.1-percent rate for the 2010 budget,” he said.   Abad noted that under the automatic appropriations, government retained P105.5 billion in interest savings as of Nov. 30, 2011, which largely represent lower debt volume and favorable foreign exchange rates. — VS, GMA News