(MENAFN) The Philippines posted an increase of USD479.79 million to USD11.3 billion on its spending in the first quarter of this year compared to the same period in 2014, Xinhua reported.
Payments in March, which reached to USD4.2 billion, showed an annual increase of 11.2 percent, marking a strong rise from the growth in February payments of 9.6 percent and January's 5.4-percent decrease.
The upsurge in disbursements by the end of the first quarter was driven by quicker spending in Maintenance and Other Operating Expenditures and Capital Outlay in a number of major agencies.
"On first glance, spending in the first quarter may seem unremarkable, but the fact that it accelerated sharply by March gives us good reason to be optimistic," Budget Secretary said in a statement.
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