THE national government’s budget deficit in September fell slightly year-on-year to P179.8 billion as revenue collections rose faster than expenditure, the Bureau of the Treasury (BTr) said.
The Treasury said revenue growth, which was at 24.79 percent, “outperformed” the 13.63-percent increase in the national government’s expenditure during the reference month.
The national government’s total revenues in September reached P288.814 billion, nearly a quarter higher than the P231.4 billion recorded in the same period of last year, BTr data showed.
BTr data showed that tax revenues accounted for the bulk of the government’s overall revenue collections in September. Tax revenues during the period rose 18.62 percent to P253.3 billion from P213.5 billion last year.
Bureau of Internal Revenue (BIR) collections accounted for 68 percent of the government’s tax revenues in September, or about P173.6 billion. Revenues collected by the Bureau of Customs (BOC) amounted to P79.3 billion.
BTr data showed that revenues from both the BIR and the BOC rose by double-digit rates during the reference period, at 19.4 percent and 21.7 percent, respectively.
The national government’s non-tax revenues in September nearly doubled to P35.6 billion from last year’s P17.9 billion. Non-tax revenues attributed to the BTr amounted to P7.3 billion while P28.2 billion came from other government offices.
“The YoY improvement resulted mainly from higher NG share from Pagcor profit, BTr managed funds and interest on NG deposits,” Treasury said.
Spending in September reached P468.6 billion, a 13.63-percent increase from the P412.14 billion posted in the same month of last year.
“This was driven mainly by higher capital expenditures, National Tax Allotment of LGUs, and Interest Payments [IP], alongside the subsidy releases to PhilHealth for the National Health Insurance Program,” the Treasury said.
The national government’s budget deficit during the January-to-September period fell by 11.09 percent to P1.012 trillion from P1.139 trillion in the same period of last year. Total revenues in the 9-month period rose by 18.79 percent year-on-year to P2.657 trillion as both tax and non-tax income posted double-digit growth rates during the reference period. Tax revenues of the government from January to September rose by 17.48 percent to P2.348 trillion from last year’s P2.029 trillion while non-tax revenues expanded by 31.55 percent year-on-year to P272.6 billion, based on BTr data.
“The resulting P2.7 trillion YTD figure which already accounted for 80 percent of the full-year program, similarly outstripped the previous year’s performance for the same period and the 2022 program by 18.79 percent [P420.3 billion] and 7.74 percent [P190.9 billion], respectively,” the Treasury said.
Government expenditure during the 9-month period increased by 8.71 percent to P3.67 trillion from P3.376 trillion in the January-to-September period of last year.
The Treasury noted that the government’s spending during the reference period was P69.7 billion short of the 9-month programmed expenditure of P3.739 trillion.
Sept. budget gap dips as revenue rises 24.79%
Source: News Paper Radio
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