House Deputy Speaker Michael Romero on Monday said increased public spending is key in attaining the government's target of a 6.5-percent to 7.5-percent gross domestic product (GDP) growth in 2020.
Romero said government agencies must spend their respective budgets without delay for maximum economic growth and poverty reduction impact.
Hitting the GDP growth and poverty reduction targets this year are, in my view, two key goals of the 2020 national budget, he said.
The DBM (Department of Budget and Management) has proven it can release the funds fast, but it is the capacity of each agency to spend the funds timely and as authorized that must be the focus of each head of agency, he added.
He noted that Congress has extended the availability of the 2019 Maintenance and Other Operating Expenses (MOOE) and Capital Outlays for the executive branch to spend in 2020.
This is part of the budget released in 2019 but not yet spent by the implementing agencies. So within the first half of 2020, the agencies would be using 2019 and 2020 funds. The economy should get a sizeable boost from all that government spending, he said.
The House leader vowed that Congress will closely watch how well and how fast the departments spend the budgets by checking their absorptive capacity.
Citizens nationwide should see more classrooms, school buildings, bridges, roads, and other key infrastructure built left and right in the coming months, he said.
Source: Philippines News Agency