National government posts P80.9 billion budget surplus in April 2014
BOC records fourth straight month of double-digit growth
The National Government budget balance for April 2014 was at a surplus of P80.9 billion, more than double the surplus in the same period a year before, as a result of improved collection by revenue generating agencies. This brings the January-April 2014 budget balance at a deficit of P3.3 billion, well-within the program and an improvement from the P29.7 billion deficit in the previous year.
Netting out interest payments, the primary surplus in April was P94.3 billion or 55.8% higher than the surplus a year before.
“The month of April sustained the strong fiscal performance we experienced in the first quarter of the year,” Finance Secretary Cesar V. Purisima said.
“Revenues in the first quarter grew 9.4%, which is faster than the country’s Q1 GDP growth. We have also attained a tax revenue to GDP ratio of 12.4%, an increase from 12.0% in Q1 2013. We are striving to achieve our tax effort goal for the year to give us more fiscal headroom for productive spending.”
Revenue collections grow 18.1%, BTr income rises 391.3%
Total revenue collections amounted to P224.4 billion in April, an 18.1% rise from last year. This brought revenue collections for January to April to P622.86 billion, 12.4% higher than comparable figures in 2013.
We continue to reap the fruits of reforms at the Bureau of Customs – the Bureau posted its fourth straight month of double-digit growth by raking in P30.8 billion, a 13.4% year-on-year growth. Year-to-date, collections grew 22.2% to reach P117.3 billion.
The Bureau of Internal Revenue (BIR) collected P156.1 billion this April, a 4.8% increase from comparable 2013 figures. BIR revenues for January to April reached P420.8 billion, 7.1% higher than last year’s figures.
Total Bureau of Treasury income for the month amounted to P30.8 billion, exceeding its target by 721.4% and sharply rising 391.3% year-on-year.
January-April interest payments down to 18.6% of expenditures
Following the disbursement of a fourth of the budget in the first quarter of 2014, April expenditures decreased to P143.6 billion, 6.3% lower than comparable figures last year. Year-to-date disbursements were P626.1 billion, 7.2% higher than comparable figures in 2013.
Interest payments for the month were P13.4 billion, a 43.4% drop from figures in April of last year. This brings year-to-date interest payments to 18.6% of spending, an improvement from 20.9% a year ago.
More successes after WEF on East Asia
“During discussions at the well-received World Economic Forum on East Asia, the Philippines has been lauded as the next Asian miracle and possibly the next economic tiger. This recent news on our fiscal position is proof that we do have the potential for greater growth,” Purisima said.