Revenues post double-digit growth of 11.6% as of June
THE GOVERNMENT maintains ample fiscal space for continued government investments to boost growth, as first semester fiscal deficit is lower by P74.859 billion than program, Treasury data showed.
The administration posted a deficit of P11.696 billion last June, bringing the year-to-date figure to a contained P34.482 billion, lower than the first half deficit program of P109.341 billion.
For June alone, revenues registered P115.276 billion, bringing the six-month aggregate to P760.921 billion, financing P795.403 billion in expenditures. Both the six-month tally of revenues and expenditures are higher than same period last year, with both sides of the ledger growing 11.6% and 13.8%, respectively.
Netting out interest payments, the government still operates under a six-month primary surplus amounting to P115.528 billion.
Revenue growth sustained
Double-digit upticks in both BIR and BOC
Government revenues posted a double-digit year-on-year growth rate of 11.6%. Comprising this are double-digit upticks from the Bureaus of Internal Revenue (BIR) and Customs and an above-target haul by the Bureau of the Treasury.
For the first six months of the year, revenues amounted to P760.921 billion, against the previous yearâ€™s P681.640 billion. In June alone, the government collected P115.276 billion, up 15% from the same period last year.
As of June, BIR collections amounted to P521.159 billion, a 13.8% year-on-year improvement. In June alone, BIR collected P81.343 billion, up 22% from the same period last year. Since the start of the year, BIR monthly collections have consistently exceeded that of the previous year, with June collections being the fourth month growing by double-digits.
The Bureau of Customs, on the other hand, expanded its collections by 11.6% to a 2012 first-semester collection of P143.425 billion. In the month of June alone, Customs collections grew by 8% to P23.299 billion. Like BIR, monthly Customs collections have consistently exceeded monthly collections of the previous year.
With the resumption of Congressional sessions this month, the department is keen to see the passage of the bills on the reform of excise taxes on tobacco and alcohol, and the rationalization of fiscal incentives.