Improved gov’t spending to drive economic growth in second half: Diokno

Andrea Taguines, ABS-CBN News

<div class='embed-wrap'><figure data-feedback='fb:likes,fb:comments'><img alt='Department of Finance Secretary Benjamin Diokno answers questions at a briefing after the Ceremonial Distribution of Land Titles to beneficiaries of the Agrarian Reform Law during a formal program held at the Heroes Hall in Malacanang Palace in Manila on July 7, 2023. Jonathan Cellona, ABS-CBN News/File.' src='https://sa.kapamilya.com/absnews/abscbnnews/media/2023/life/08/16/20230707-marcos-agrarian-reform-jc-0660.jpg' ><figcaption>Department of Finance Secretary Benjamin Diokno answers questions at a briefing after the Ceremonial Distribution of Land Titles to beneficiaries of the Agrarian Reform Law during a formal program held at the Heroes Hall in Malacanang Palace in Manila on July 7, 2023. Jonathan Cellona, ABS-CBN News/File.</figcaption></figure></div>MANILA - Department of Finance (DOF) Secretary Benjamin Diokno is confident that the Philippine economy’s performance would improve during the second half of 2023 on the back of stronger government spending.Speaking to the media on Friday, Diokno noted that infrastructure projects are usually done during the fourth quarter.“The fourth quarter is where most infrastructure projects are done. Kasi dry season iyon diba? Walang bagyo masyado sa fourth quarter,” he said.Underspending has been cited as one of the reasons for the lackluster gross domestic product (GDP) print in the second quarter.To address this, the Economic Development Group, which is chaired by Diokno, recently met with major government agencies that have low budget utilization rates. These include the Department of Public Works and Highways, the Department of Transportation and the Department of Social Welfare and Development.“Some of the main challenges identified by the presenting agencies are seasonality in project implementation with higher disbursements expected in Q4 2023, take-up of beneficiaries, preparatory activities for procurement, implementation problems, and payment issues,” said Diokno.DOF Undersecretary Zeno Abenoja, who also joined the press briefing, said the agencies also presented their catch-up plans such as accelerating preparations for rescheduled projects and better engagement with contractors.With these strategies in place, Abenoja said the agencies were committed to helping the government hit its expenditure target for the year.“Yeah, it would be close to what was initially planned. That’s a commitment provided by the different agencies. Of course, there will be different performances but overall, that was the commitment of our partner agencies,” said Abenoja.Diokno said the Department of Budget and Management has also extended its help to these departments.“In support of the agencies’ drive to improve government spending, the Department of Budget and Management has committed to consolidate and help agencies in the implementation of action points in order to achieve the yearend disbursement targets,” he said.<ul class='op-related-articles'>	<li><a href='https://news.abs-cbn.com/business/10/05/23/inflation-quickens-in-september-to-61-percent'>Inflation quickens in September to 6.1 percent despite rice price cap</a></li></ul>RELATED VIDEO<figure class='op-interactive'><iframe allow='autoplay; fullscreen' frameborder='0' height='100%' id='ivsplayer01' scrolling='no' src='https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&key=e8c22c015ca9eafa76f1e3edfa03c603&spid=3001339&vid=2831625' width='100%'></iframe></figure><div class='iwantbar'>Watch more News on <a href='https://www.iwanttfc.com/#!/browse/Genres/News/tag_id_genres/id_news' target='_blank'>iWantTFC</a></div>

Underspending has been cited as one of the reasons for the lackluster gross domestic product (GDP) print in the second quarter.To address this, the Economic Development Group, which is chaired by Diokno, recently met with major government agencies that have low budget utilization rates. These include the Department of Public Works and Highways, the Department of Transportation and the Department of Social Welfare and Development.“Some of the main challenges identified by the presenting agencies are seasonality in project implementation with higher disbursements expected in Q4 2023, take-up of beneficiaries, preparatory activities for procurement, implementation problems, and payment issues,” said Diokno.DOF Undersecretary Zeno Abenoja, who also joined the press briefing, said the agencies also presented their catch-up plans such as accelerating preparations for rescheduled projects and better engagement with contractors.With these strategies in place, Abenoja said the agencies were committed to helping the government hit its expenditure target for the year.“Yeah, it would be close to what was initially planned. That’s a commitment provided by the different agencies. Of course, there will be different performances but overall, that was the commitment of our partner agencies,” said Abenoja.Diokno said the Department of Budget and Management has also extended its help to these departments.“In support of the agencies’ drive to improve government spending, the Department of Budget and Management has committed to consolidate and help agencies in the implementation of action points in order to achieve the yearend disbursement targets,” he said.<ul class='op-related-articles'>	<li><a href='https://news.abs-cbn.com/business/10/05/23/inflation-quickens-in-september-to-61-percent'>Inflation quickens in September to 6.1 percent despite rice price cap</a></li></ul>RELATED VIDEO<figure class='op-interactive'><iframe allow='autoplay; fullscreen' frameborder='0' height='100%' id='ivsplayer01' scrolling='no' src='https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&key=e8c22c015ca9eafa76f1e3edfa03c603&spid=3001339&vid=2831625' width='100%'></iframe></figure><div class='iwantbar'>Watch more News on <a href='https://www.iwanttfc.com/#!/browse/Genres/News/tag_id_genres/id_news' target='_blank'>iWantTFC</a></div>

Speaking to the media on Friday, Diokno noted that infrastructure projects are usually done during the fourth quarter.“The fourth quarter is where most infrastructure projects are done. Kasi dry season iyon diba? Walang bagyo masyado sa fourth quarter,” he said.

<div class='embed-wrap'><figure data-feedback='fb:likes,fb:comments'><img alt='Department of Finance Secretary Benjamin Diokno answers questions at a briefing after the Ceremonial Distribution of Land Titles to beneficiaries of the Agrarian Reform Law during a formal program held at the Heroes Hall in Malacanang Palace in Manila on July 7, 2023. Jonathan Cellona, ABS-CBN News/File.' src='https://sa.kapamilya.com/absnews/abscbnnews/media/2023/life/08/16/20230707-marcos-agrarian-reform-jc-0660.jpg' ><figcaption>Department of Finance Secretary Benjamin Diokno answers questions at a briefing after the Ceremonial Distribution of Land Titles to beneficiaries of the Agrarian Reform Law during a formal program held at the Heroes Hall in Malacanang Palace in Manila on July 7, 2023. Jonathan Cellona, ABS-CBN News/File.</figcaption></figure></div>MANILA - Department of Finance (DOF) Secretary Benjamin Diokno is confident that the Philippine economy’s performance would improve during the second half of 2023 on the back of stronger government spending.

Finance Secretary Benjamin Diokno is confident that the Philippine economy’s performance would improve during the second half of 2023.

Improved gov’t spending to drive economic growth in second half: Diokno | ABS-CBN News

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Improved gov’t spending to drive economic growth in second half: Diokno

Improved gov’t spending to drive economic growth in second half: Diokno