Fiscal deficit as of November contained to 45.6% of full-year program
BIR surpasses November collection target by 7.6%
THE GOVERNMENT contained the fiscal deficit as of November to P127.3 billion, controlling the deficit level to 45.6% of the full-year program.
With the solid government fiscal performance due to respectable improvements in the Aquino administrations spending and collection, the risk of fiscal slippageor of the deficit exceeding the programe is nearly eliminated this year.
On the back of a 20.6% year-on-year boost in revenue collections in the month of November, aggregate revenues in the eleven months of the year grew by 12.7% to P1.409 trillion. Expenditures as of November likewise surged double-digits by 14.1% to P1.536 trillion.
Netting out interest payments, the National Government continues to operate at a primary surplus for January to November amounting to P155.037 billion.
BIR surpasses November target by 7.6%, Treasury triples monthly collection
In November alone, the government recorded P155.308 billion in revenues. Of this amount, the Bureau of Internal Revenue (BIR)Â collected P110.767 billion, exceeding the collection target by 7.6% or by P7.81 billion. With an upsurge of 19.4% compared to November of the previous year, this is the eighth month that BIR registered double-digit growth.
Meanwhile, the Bureau of Customs (BOC) collected P23.749 billion in November, while the Bureau of Treasury collected P8.607 billion, more than triple the P2.725-billion November collection last year. RevenuesÂ from other offices amounted to P12.185 billion, growing 57% year-on-year.
This month President Aquino signed into law Republic Act No. 10351 or the Sin Tax Reform Act of 2012, a key reform agenda especially for the young and the poor unduly exposed to the ill effects of smoking and excessiveÂ drinking. This is an unprecedented legislative victory as it is the first time in 16 years that a sin tax law is passed in favour of the government and its health objectives.
Along with other unprecedented reformssuch as the passage of the Responsible Parenthood and Reproductive Health Bill, the Bangsamoro Framework Agreement for Peace, successive PPP launches, record GDP growth, low inflation and low interest rates this major health and tax reform victory should allay any lingering doubts about the ability of government to pass genuine and sustainable reform measures for the long-term.
With the backing of a President committed to social transformation, these triumphs give us renewed confidence to move forward with our reform agenda, in keeping with President Aquino’s Social Contract with the Filipino People.