MANILA: ECONOMY – Govt posts P8.6-B Nov budget deficit
The budget deficit narrowed in November as state spending grew slower than revenues, the government reported on Tuesday.
The month’s P8.6-billion shortfall was lower than the P21.8-billion and P19.1-billion deficits respectively recorded in October and a year earlier, Treasury bureau data showed.
Government revenues rose by 16 percent to P243.5 billion from P209.2 billion a year earlier while expenditures grew 10 percent to P252.1 billion from P228.4 billion.
The Bureau of Internal Revenue (BIR) accounted for the bulk of collections at P179.4 billion, 14 percent higher compared to the year-earlier P156.8 billion.
The Bureau of Customs netted P46.4 billion—a 15-percent gain from last year’s P40.2 billion—while other offices contributed P2.5 billion, bringing total tax revenues for November to P228.3 billion.
Non-tax earnings, meanwhile, totaled P15.2 billion, with the Bureau of the Treasury contributing P4.3 billion—up 2 percent.
“The increase is mainly due to higher collections of foreign exchange risk cover and guarantee fees which offset the decline in BSF/SSF (bond sinking fund/securities stabilization fund) income and NG (national government) share in airport terminal fees,” the Treasury bureau said in a statement.
Other offices contributed P11 billion, up 51 percent from last year.
The bulk of government expenditures, meanwhile, was for items classified as “others,” which rose by 11 percent to P231.5 billion. Interest payments totaling P20.6 billion, up 5 percent year on year, accounted for the rest of the government’s expenditures for the month.
November’s results led to a cumulative shortfall of P243.5 billion for the first 11 months of the year, higher than the P235.2-billion deficit during the comparative 2016 period.
January to November revenues grew 11 percent year-on-year to P2.25 trillion from P2.03 trillion while year-to-date expenditures registered growth of 10 percent to P2.49 trillion from P2.26 trillion.
“Other” expenditures rose 11 percent to P2.20 trillion, while interest payments recorded 2 percent growth to P290 billion.
Netting out interest payments, the government recorded a P12-billion primary surplus in November, significantly higher than the P400 million surplus last year.
Year-to-date, the primary balance hit a surplus of P46.5 billion, narrower than last year’s P50.2-billion surplus.
COURTESY
THE BUSINESS TIMES
BY MAYVELIN U. CARABALLO, TMT
ON
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