GOOD economic stewardship by the administration of President Ferdinand R. Marcos Jr. resulted in the country’s budget deficit dipping in November from last year’s figure as the government posted growth in revenue.
The Bureau of Treasury (BTr) reported Monday that the national government’s P123.9-billion budget deficit in November was down by 3.71 percent, or almost P5 billion from a year ago with government revenue growing by 16.57 percent, outperforming the 10.24 percent increase in expenditure.
Consequently, the cumulative budget deficit as of-end November slowed to P1.2 trillion, 7.23 percent (P96.3 billion) lower compared to the budget gap posted in the equivalent period in 2021 and was at 75 percent of the P1.7 trillion full-year program.
The BTr also said revenue collection for November rose to P331.1 billion, 16.57 percent, or P47.0 billion higher year-over-year (YoY).
This brought the year-to-date (YTD) collection to P3.3 trillion, 18.13 percent, or P503.1 billion above last year’s figure and representing 99 percent of the P3.3 trillion goal for the year.
Taxes contributed P3.0 trillion, or 90 percent to the total revenue, and registered 17.48 percent YoY growth for said period.
The remaining balance of P317.7 billion (10 percent) from non-tax sources also improved by 24.59 percent from the previous year’s level, the treasury bureau reported.
The Bureau of Internal Revenue (BIR) collected P237.1 billion (net of P471.0 million tax refund) for November, representing a hike of 12.53 percent, or P26.4 billion YoY.
The BIR reported total collections from January to November reached P2.2 trillion, 12.56 percent (P240.6 billion) higher over the same period a year ago and is 90 percent of the P2.4 trillion FY 2022 program.
Collections by the Bureau of Customs (BOC) totalled P75.7 billion, or an increase by P17.8 billion or by 30.74 percent.
The BOC’s resulting YTD uptake similarly rose to P789.2 billion, 35.31 percent or P206.0 billion higher than for the same period a year ago and surpassing the FY 2022 P721.5 billion target by P67.7 billion (9.39 percent).
BTr also said its income for November declined to P5.3 billion, 13.25 percent (P806.0 million) lower YoY mainly due to the high base for dividend collections.
Nevertheless, BTr’s YTD income of P148.2 billion surpassed the revenue collected in the same period last year by 22.90 percent, or P27.6 billion. This more than doubled the P61.2 billion original 2022 full-year program.
Revenues from other offices (other non-tax including privatization proceeds, fees and charges) for November climbed to P12.9 billion, improving by 61.04 percent (P4.9 billion) over the previous year’s outcome.
Similarly, the total collection of P169.5 billion for January-November was higher by 26.11 percent, or P35.1 billion against the P134.4 billion registered in the same period last year.
The national government spending for November reached P455.0 billion, 10.24 percent, or P42.3 billion faster compared to 2021, mainly attributed to the larger National Tax Allotment (NTA) of local government units (LGUs), disbursements from capital outlay projects of the Department of Public Works and Highways (DPWH), payouts for the social protection programs of the Department of Social Welfare and Development (DSWD), and releases for the year-end bonus and cash gift of government employees.
The year-to-date disbursement of P4.5 trillion reached 91 percent of the P5.0 trillion full-year program and likewise outperformed the previous year’s 11-month total of P4.1 trillion by P406.8 billion (9.91 percent).
Meanwhile, the government posted a 12.43 percent growth in YoY primary spending (net of interest payment) for November, which reached P428.9 billion, bringing the cumulative primary expenditure to P4.1 trillion or an increase by 9.44 percent (P349.6 billion) YoY.
November interest payments (IP) totaled P26.1 billion, dipping by 16.43 percent, or by P5.1 billion from last year’s level.
The resulting IP as of end-November increased to P459.3 billion, 14.21 percent (P57.1 billion) higher YoY, the BTr said.
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