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Bacolod City, PhilippinesFriday, December 6, 2013
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Gov’t bares P11.2-B deficit

The government posted an P11.2- billion deficit in October, a little lower than the P11.7-billion for the same period of last year, after expenditures surpassed revenues for the month, a government press release said.

Data released by the Bureau of the Treasury yesterday showed that total collection in the 10th month of this year was flat year-on-year at P134.3 billion while expenditures were little changed at P145.5 billion from year-ago’s P146 billion.

This brought the year-to-date budget gap to P112.5 billion, three percent lower than the P115.6-billion for the same period last year.

Finance Secretary Cesar Purisima said sin tax collection as of last September boosted government revenues after it went up by 63.9 percent year-on-year to P63.6 billion from P38.8 billion in end-September 2012.

He explained that sin tax collection in the first three quarters of the year accounted for 73 percent of the P34- billion six tax goal for this year, driven by the higher tax rates since the start of the year.

Of the total government revenues last October, the Bureau of Internal Revenue (BIR) collected P95.6 billion, 11 percent higher than the agency's P56.1 billion collection for the same period last year. BIR collects about 70 percent of government revenues.

On the other hand, collection of the Bureau of Customs rose by three percent to P27.9 billion from year-ago’s P26.9 billion.

Revenues of both the BTr and the Other Offices contracted last October.

Collection of the BTr went down by 43 percent to P3.6 billion from P6.3 billion in 2012 while it was P7.3 billion for the Other Offices in October this year from P15 billion in the same period last year.

From January to October this year, BIR’s collection reached P993.5 billion, 16 percent higher than the P858.6 billion in the same period in 2012.

Collections of the BOC also went up although at a slower rate of 5.0 percent to P252.5 billion from P240.6 billion in end-October last year.

The BTr’s revenue was almost unchanged at P71.7 billion from year-ago’s P71.4 billion while that of the Other Offices totaled to P83.1 billion from P82.8 billion in the same period last year.

Total revenues in the first 10 months this year amounted to P1.4 trillion, 12 percent higher than the P1.25 trillion in end-October 2012, but P345 billion short of the full-year target of 1.745 trillion.

Government spending also continued to rise with the end-October figure at P1.51 trillion, 11 percent higher than the nearly P1.37 trillion in the same period in 2012.*PNA

 

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