OVP Budget Utilization Rate and Future Plans
MANILA, Philippines — The Office of the Vice President (OVP) is determined to boost the utilization rate of its P733-million budget for this year, which currently stands at 34 percent as of June. This target reflects the OVP’s commitment to fully maximize allocated funds in 2025.
During a recent press briefing, OVP spokesperson Ruth Castelo emphasized, “We intend to use up the entire budget that was allotted to us for 2025,” adding that the office will accelerate program implementation to enhance the utilization rate. “We’re already at 34-percent utilization rate. [W]e still have time, and we’re going to speed up the action on all of our programs,” she noted.
Internal Challenges Affecting Budget Use
Castelo acknowledged that internal challenges have contributed to delays. “There were a lot of challenges inside, internally, in the Office of the Vice President,” she said. She also explained that the OVP is being cautious in spending its funds to prevent any controversies.
“We understand that we need to speed up utilizing the funds, but we also do not want to carelessly utilize the funds. So we are being very careful so as not to open any issue that may be thrown against us,” Castelo added.
2024 Budget Utilization and Program Delays
Regarding the previous year, Castelo reported that the OVP used 85.55 percent, or P1.783 billion, of its P2.084-billion budget for 2024. She explained that some funds remained unspent due to additional requirements needed before releasing money for certain projects.
In particular, delays affected the Mag Negosyo Ta ‘Day program. Castelo said, “There were a lot of challenges in implementing the Mag Negosyo Ta ‘Day, because it takes a lot of time in accessing and qualifying the would-be beneficiaries of the program.”
Mag Negosyo Ta ‘Day Program Overview
The Mag Negosyo Ta ‘Day is a flagship initiative of the OVP designed to provide financial and technical support to livelihood projects. It has been instrumental in helping establish small businesses nationwide, fostering entrepreneurship and economic growth.
Local leaders noted that despite setbacks, the program’s impact remains significant, creating opportunities for many Filipinos to start and sustain their own enterprises.
For more news and updates on OVP budget utilization rate, visit Filipinokami.com.
