Senate approves bill to extend the validity of the 2021 budget through December 2022 – archyde

Metro Manila (CNN Philippines, December 13th) – The Senate approved the bill in its last reading on Monday, which extends the validity of the current budget until December 31, 2022.

It passed House Law 10373, which allows agencies to fully use the 4.5 trillion yen budget in 2021 to implement priority government programs and projects. The bill now goes to the President to be signed.

“After the expiry of the period of validity, all funds that have not been released expire, while funds that have not been spent or not disbursed are added to the unused surplus of the general fund,” says the draft law.

The measure also stipulates that the construction of infrastructure projects and the delivery of goods and services must be completed by December 31 of next year.

In the meantime, the Department of Budget and Administration will issue guidelines for the cash budget system.

On October 31, the DBM released 4.39 trillion yen, or 97.4% of the budget.

Reference-www.nach-welt.com

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