The P5.336-trillion disbursements of the National Government for full-year 2023 is P176.6 billion or 3.4% higher than the 2022 outturns, and exceeds the full-year target by P107.8 billion (2.1%). This is according to the Cash Operations Report (COR) released by the Bureau of Treasury (BTr).

Based on the report, the increase was primarily driven by the significant expansion in infrastructure and other capital outlays that reached P1.2 trillion, which is 18.7% larger year-on-year, and 16.2% faster than the program. 

The robust performance was likewise mainly credited to the accelerated program implementation and fund mobilization of the Department of Public Works and Highways and the Department of Transportation during the last two quarters. This was also supported by the direct payments made by development partners for the implementation of foreign-assisted rail projects of the DOTr.

Consequently, overall infrastructure disbursements were bolstered to P1.419 trillion, P140.5 billion (11.0%) higher year-on-year and P126.2 billion (9.8%) above the program.

Further, spending for current operating expenditures, such as PS and MOOE, improved on the back of catch-up spending of major social departments.

On the other hand, subsidy to government corporations was 18.4% (P36.9 billion) lower year-on-year and 23.8% (P51 billion) below the program, largely on account of the calibrated releases to the PhilHealth considering its favorable financial position and substantial cash holdings.