IT ALL BEGAN WITH GOVT UNDERSPENDING

GOVERNMENT underspending immediately after President Benigno Aquino 3rd assumed office in the second half of 2010 laid the foundation for justifying the economic stimulus package that is the Disbursement Acceleration Program (DAP), which was created in late 2011.

Malacañang spokesman Edwin Lacierda on Monday admitted that the DAP was implemented on the basis of the weak gross domestic product (GDP) posted in the fourth quarter of 2010. But he failed to mention that the weak economy was primarily caused by government underspending.