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.”
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