House OKs bill extending availability of 2021 budget until December 2022

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Metro Manila (CNN Philippines, November 29) — The House of Representatives on Monday approved on third and final reading the bill extending the availability of the 2021 national budget to December 31, 2022.

With 168-6 votes, the lower chamber approved House Bill No. 10373 which seeks to amend Section 62 of the general provisions of Republic Act No. 11518 or the General Appropriations Act of Fiscal Year 2021.

The proposed measure allows different agencies to fully utilize the 2021 national budget of ₱4.5-trillion to implement priority government programs and projects.

“After the end of validity period, all unreleased appropriations shall lapse, while unexpended or undisbursed funds shall revert to the unappropriated surplus of the General Fund,” the bill read.

The bill also provides that infrastructure projects must be completed not later than Dec. 31 next year.

Meanwhile, the Department of Budget and Management is authorized to issue the necessary guidelines for the cash budgeting system.

As of Oct. 31, the DBM released ₱4.39 trillion or 97.4% of the ₱4.5-trillion national budget this year. This leaves a balance of ₱115.57 million.