As the year comes to an end, the National Economic and Development Authority (Neda) expects government spending to continue to slow for the rest of the year.
AS the year comes to an end, the National Economic and Development Authority expects government spending to continue to slow for the rest of the year.
“It is also possible that in response to Covid-19, [government] downloaded its spending much earlier in the first half and so that’s less resources already available in the third quarter and that might be expected also for the fourth quarter,” Balisacan said in the briefing. He added that the release of cash allowance for teachers in preparation for the start of face-to-face classes in August this year and releases for the Free Higher Education Program for various State Universities and Colleges were also among the factors that slowed GFCE.
De La Salle University economist Maria Ella Oplas thinks that while the government outlook may not be as rosy, she expects state spending to increase in the last quarter. Lanzona added that this becomes an even greater concern if one considers the country’s debts and the economy’s recovery. Bureau of the Treasury data showed government debt service payments have contracted 7.67 percent in the January to September period.
Gross capital formation in the third quarter grew 21.7 percent and averaged 21.1 percent in the first three quarters of 2022. Valuables posted the highest growth under Gross Capital Formation, at 11.2 percent in the third quarter.
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