Primary Surplus Amounted to P155.037 Billion
27 December 2012, Manila, Philippines – The National Government fiscal deficit reached P127.300 billion as of end-November 2012, up by P31.046 billion or 32.3% higher than deficit level of the same period a year ago. This cumulative deficit represented 45.6% of the full year program of P279.106 billion for FY2012.
For the month of November, the National Government posted a deficit of P11.564 billion, 47.4% lower than the deficit for the same month last year.
Last month’s revenue collections reached P155.308 billion, 20.6% higher compared to the collections level of the same month last year.
Total tax revenues for the month amounted to P135.486 billion. The Bureau of Internal Revenue (BIR) collections amounted to P110.767 billion while that of the Bureau of Customs (BOC) reached P23.749 billion, which altogether represented 87% of total revenues. The remaining non-tax revenues include collections from other offices and income by the Bureau of Treasury amounting to P12.185 billion and P8.607 billion, respectively.
Revenue performance for November brought the National Government revenue collections to P1,408.505Â billion for the first eleven months of the year. Â It posted growth rate of 13% compared to the same period last year and represented 90% of the total revenue program of P1,560.622 billion for FY2012.
Of the total revenues for the period, P1,247.001 billion or 89% were tax collections while non-tax sources contributed the balance of P161.574 billion. Cumulative collections consisted of P969.340 billion for BIR and P264.339 billion for BOC, registering a growth of 14% and 9%, respectively.
For the month of November, total expenditures grew by 10.7% over last year. Interest payments amounted to P15.648 billion, 4.6% lower compared with interest outflows in 2011.Â
From January to November 2012, total disbursements reached P1,535.875 billion, posting a 14% rise against spending in 2011.Â Agency spending and general government operations registered P1,253.538 billion or 82% of the total expenditures for the period, while the remaining P282.337 billion were releases for interest payments.Â Â
Primary Surplus/ (Deficit)
Netting out the interest payments in the expenditures, the National Government recorded a primary surplus for the period January to November amounting to P155.037 billion.