Gov’t posts P482-M budget surplus
SOURCE: INQUIRER
MANILA, Philippines—The government posted a budget surplus of P482 million in November “on improved revenues and judicious public expenditure management,” Budget Secretary Florencio B. Abad said on Tuesday.
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SOURCE: INQUIRER
MANILA, Philippines—The government posted a budget surplus of P482 million in November “on improved revenues and judicious public expenditure management,” Budget Secretary Florencio B. Abad said on Tuesday.
This put the budget deficit for the 11 months to November at P269.8 billion, or 83 percent of the P325-billion ceiling for 2010.
Compared to the P272.5-billion deficit incurred in the same period last year, the shortfall was just 1 percent lower.
“With positive developments in both the revenue and disbursement fronts, we will most likely” keep full-year overspending within the target cap, Abad said.
He said government spending from January to November was P92.3 billion or 6.3-percent lower than the P1.47-trillion planned disbursements for the period.
“We are not only more certain that our full-year deficit target will be met, but we also have enough spending room for [December],” Abad said.
He explained that while the government spent below the planned disbursements, this would not compromise economic growth since spending was higher compared to last year.
January-November expenses increased by P80.4 billion or 6.2 percent from P1.4 trillion in the same period of 2009.
In a statement, Finance Secretary Cesar V. Purisima said that with a second month of budget surplus out of five months under the Aquino administration, the government’s P50-billion primary deficit as of July was turned around to a primary surplus of P5.2 billion for January-November.
Purisima was referring to the budget surplus of P1.3 billion that was recorded in August.
The primary deficit or surplus excludes interest payments on outstanding debts.
“On the revenue front, the Bureau of Internal Revenue and Bureau of Customs continued to make headway in their respective campaigns against tax evaders and smugglers as both agencies registered double-digit increases in collections last month,” Purisima said.
“We are confident that the succeeding months will bring in higher revenue collections as the campaigns gain traction and taxpayers become increasingly convinced that it is not business as usual and that they need to pay appropriate taxes,” he added.
Revenues from January to November reached P1.1 trillion, or 8.1-percent higher than last year’s P1.02 trillion. The BIR contributed P753.3 billion, up 10.5 percent from year-ago collections of P681.9 billion. Customs chipped in P233.5 billion, also up 15.9 percent year-on-year from P201.4 billion. The Bureau of the Treasury turned in P52.4 billion, which was 13.4-percent lower than the P60.5 billion earned last year.
In November alone, total revenues reached P111.5 billion, up 15.8 percent from P96.3 billion a year ago.
Expenditures in November reached P111.1 billion, higher by 8.1 percent than the P102.7 billion spent in the same month of 2009.
Compared to the P272.5-billion deficit incurred in the same period last year, the shortfall was just 1 percent lower.
“With positive developments in both the revenue and disbursement fronts, we will most likely” keep full-year overspending within the target cap, Abad said.
He said government spending from January to November was P92.3 billion or 6.3-percent lower than the P1.47-trillion planned disbursements for the period.
“We are not only more certain that our full-year deficit target will be met, but we also have enough spending room for [December],” Abad said.
He explained that while the government spent below the planned disbursements, this would not compromise economic growth since spending was higher compared to last year.
January-November expenses increased by P80.4 billion or 6.2 percent from P1.4 trillion in the same period of 2009.
In a statement, Finance Secretary Cesar V. Purisima said that with a second month of budget surplus out of five months under the Aquino administration, the government’s P50-billion primary deficit as of July was turned around to a primary surplus of P5.2 billion for January-November.
Purisima was referring to the budget surplus of P1.3 billion that was recorded in August.
The primary deficit or surplus excludes interest payments on outstanding debts.
“On the revenue front, the Bureau of Internal Revenue and Bureau of Customs continued to make headway in their respective campaigns against tax evaders and smugglers as both agencies registered double-digit increases in collections last month,” Purisima said.
“We are confident that the succeeding months will bring in higher revenue collections as the campaigns gain traction and taxpayers become increasingly convinced that it is not business as usual and that they need to pay appropriate taxes,” he added.
Revenues from January to November reached P1.1 trillion, or 8.1-percent higher than last year’s P1.02 trillion. The BIR contributed P753.3 billion, up 10.5 percent from year-ago collections of P681.9 billion. Customs chipped in P233.5 billion, also up 15.9 percent year-on-year from P201.4 billion. The Bureau of the Treasury turned in P52.4 billion, which was 13.4-percent lower than the P60.5 billion earned last year.
In November alone, total revenues reached P111.5 billion, up 15.8 percent from P96.3 billion a year ago.
Expenditures in November reached P111.1 billion, higher by 8.1 percent than the P102.7 billion spent in the same month of 2009.
