Friday, June 27, 2014

National government records P11.8-B fiscal surplus in May 2014

From the Website of GPH - Government of the Philippines

National government records P11.8-B fiscal surplus in May 2014

Total revenues, BIR and BOC collections grow at double-digits
The National government posted its second straight month of fiscal surplus–P11.8 billion for the month of May–as a result of the rapid growth of total revenues and tax revenues. This brought the January-May fiscal balance at a surplus of P8.5 billion, a reversal of the P42.8 billion deficit over the same period last year.

Netting out interest payments, the May primary surplus was at P35.4 billion, an increase of nine-fold from the comparable figures last year.

“In the month of May, we saw total revenues, tax revenues, BIR (Bureau of Internal Revenue) collections, and BOC (Bureau of Customs) collections expanding at double-digit growth rates,” Secretary of Finance Cesar V. Purisima said.

“This signifies the third straight month of double-digit year-on-year growth for total revenues and the fifth straight month for the Bureau of Customs. If we keep up this performance, we are on track to fund more crucial infrastructure projects, especially the three new ones recently approved by the NEDA (National Economic and Development Authority) Board.”

Total revenues, BIR and BOC collections register double-digit growth

Total revenue collections for May amounted to P172.2 billion, up by 11.8% from collections in May of last year. Year-to-date, total revenues reached P795.1 billion, 12.2% higher than comparable figures in 2013.

The Bureau of Customs continued to post high growth rates in its collections, raking in P28.8 billion this month or an 11.1% improvement from May last year. Year-to-date, Customs collections amounted to P146.1 billion, a 20% rise from comparable figures in 2013.

The Bureau of Internal Revenue collected P128.3 billion in May, signifying a 14.6% year-on-year growth. Year-to-date, collections were P549.1 billion, an 8.7% improvement from last year.

Total Bureau of Treasury income amounted to P4.1 billion, exceeding its target by 17.0%. Year-to-date, total Bureau of Treasury income reached P55.9 billion, 142.8% above target and 37.7% higher than comparable figures last year.

Interest payments decrease to 17.8% of expenditures

The National Government disbursed P160.5 billion in May or a total of P786.6 from January to May in 2014. Year-to-date spending has grown 4.7% compared to figures in January to May last year.

“The National Government continues to show proactive liability management and promote the sustainability of its debt portfolio, as manifested by the decreasing share of interest payments to government spending. For January to May of this year, interest payments were 17.8% of expenditures, an improvement from 18.5% last year.”

GPH Website


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