DoF gets more budget

While the budget department (DBM) took a cut on its outlay next year, the Department of Finance (DOF) will receive a higher expenditure budget of P12.226 billion from this year’s outlay of P10.825 billion or an increase of P1.401 billion.

The bulk of the amount will go to its capital outlay, which will climb to P1.585 billion from the P381.579 million this year, representing a jump of 314.9 percent.

Budget earmarked for capital outlay often goes to acquisition or purchase of new equipment, including motor vehicles and building of new offices.

The budget department, however, imposed a ban on purchase of new motor vehicles and construction of new building offices in line with its austerity program.

The finance department’s maintenance and operating expenditures (MOOE) will likewise move up slightly to P4.94 billion from P4.8 billion in 2010. MOOE expenditures are immovable obligations such as utilities and rent.

On top of its regular budget, DOF will be entitled to P1.849 billion from the Agriculture and Fisheries Modernization Act (AFMA) funds earmarked for next year.

It will also have a share of about P50 million from the revenues derived from fines and penalties for violation of printing and issuance of receipts and invoices.

The DOF is assigned a revenue target of P1.260 trillion in 2011 from P1.14 trillion this year. The revenue goal would be shared by the Bureau of Internal Revenue (BIR) with P940 billion and the Bureau of Customs (BOC) with a collection target of P320 billion.

The agency’s non-tax goal will, however, drop to P68.132 billion from P86.975 billion for the current year.

Contrary to DOF, the DBM suffered an 18.8 percent cut in its budget for 2011 to P780.9 million from this year’s allocation of P961.6 million. Dino Ng


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