Saturday, October 12, 2013

Budget surplus for August 2013 at P21.9B

From the Website of GPH - Government of the Philippines

Budget surplus for August 2013 at P21.9B

NG surpasses August targets by 8%
The National Government (NG) posted a P21.9 billion fiscal surplus in August to bring the 2013 total deficit to P 82.6 billion. The fiscal surplus for the month was 8% above the P20.3 billion target for August and more than eight times the surplus of P2.5 billion achieved in August 2012. BIR, BOC, and the BTr all achieved double-digit growth for the month of August compared to the previous year.

Secretary of Finance Cesar Purisima noted that the August surplus was achieved despite nearly on-target spending, signaling the government’s success at sustaining fiscal strength.
“The above-target surplus is highly encouraging given that the government came very close to hitting its spending target in August. As other economies in Asia are resorting to aggressive revenue measures, we have proven that good governance has had a dramatic effect in restoring stability to the coffers of the government,” Purisima said.

For the month of August, revenues totaled P155.1 billion against expenditures of P133.2 billion. For the first eight months of 2013, aggregate revenues summed up to P1,139.2 billion, financing P1,221.8 billion in expenditures.

Netting out interest payments, the government was able to achieve a primary surplus amounting to P40.1 billion in August, bringing the year-to-date primary surplus up to P146.3 billion.


NG revenue has gone up 20% over the same month in the previous year with August revenues totaling P155.1 billion against last year’s P129.4 billion. For the eight-month period, NG collected P1,139.2 billion, up 12% from the same period in the previous year. The large increase in revenue collection for August is a result of improved collection efforts from both BIR and the BOC, with both agencies posting high growth numbers.
For August, BIR was able to collect P118.1 billion, growing by 22% from the same month last year while BOC collected P26.1 billion, up by 15% year-on-year. This brings the total collections by BIR and BOC to P811.9 billion and P198.9 billion, respectively. The Bureau of Treasury had an income of P3.4 billion, growing 15% compared to last year. Revenue from other offices amounted to P7.5 billion, 7% higher year-on-year.


National Government expenditures amounted to P133.2 billion for August, 4% below the P138.4 billion target. Year-on-year, expenditures were up P6.4 billion or 5% for the month of August. Total disbursements for January to August amounted to P1,221.8 billion, P137.1 billion or 13% higher than expenditures in 2012.

Continuing reform agenda

Purisima stressed that continuing reforms would support revenue resilience. Recently, President Benigno S. Aquino III announced the reform agenda for the Philippine Bureau of Customs, a wide-ranging set of policy actions aimed at reinventing the agency.
“Significantly, we have replaced all of the BOC’s Deputy Commissioners and Port Collectors with new personnel recruited from the public and private sectors. This is to give the BOC, an agency historically criticized as a bastion of corruption, a clean slate to build good governance from the ground up,” Purisima said.

GPH Website

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