Gov’t meets revenue target as of March
BUDGET deficit for the first quarter was well below cap as government meets revenue targets while ramping up expenditures.
The Aquino administration posted deficit of P28.621 billion in March, bringing the three-month tally to P33.909 billion, figures from the Bureau of the Treasury showed. The first quarter result was higher than the P26.197 billion deficit a year ago, but fell below the P82.808-billion deficit programmed for the period.
For March, revenues increased by 7.7%, while disbursements rose 15%. Cumulatively, revenues amounted to P360.974 billion, an 11.7% improvement, while disbursements increased 13.1% to P394.883 billion.
Government still operates under a primary surplus worth P64.580 billion as of March this year.
Gov’t meets Q1 revenue goal
BIR, Customs post double-digit growth; Treasury meets goal
Collections of state revenue agencies continued to grow during the first three months of 2012, helping the government meet its revenue goal.
A 7.7% uptick in revenues in March contributed to an aggregate first quarter tally of P360.974 billion, 11.7% up year-on-year and beating the P357.780-billion target for the period. The Bureaus of Internal Revenue (BIR) and Customs, which account for about 90% of state revenues, achieved double-digit growth rates.
BIR collections rose 5% last month to P75.203 billion, bringing its three-month haul to P229.044 billion, 14.8% higher than last year and accounted for 98% of its P232.667-billion first quarter target. Broken down, cash collections rose by 16.6% during the period.
Customs, meanwhile, improved its year-on-year collections last month by 6.8%, raising P25.106 billion, enough to grow its three-month collections by 11% to P69.529 billion. Bulk of the collections was in cash amounting to P68.957 billion, likewise an 11% improvement.
Meanwhile, remittances from government-owned and controlled corporations (GOCCs) boosted the collections of the Bureau of the Treasury way past its goal. The agency collected P37.760 billion as of March, soaring above its P21.686-billion goal.
Finance Secretary Cesar V. Purisima said on Wednesday the first quarter fiscal data “affirms our strategy of consolidating our fiscal position while at the same time investing heavily in key social and economic services.”
He also cited the need to pass “two vital revenue billsâ€ that shall reform the excise tax system and rationalize incentives given to investors and said the two “still remain among the Aquino administration’s priorities.”
“These developments only strengthen our resolve to continue with our initiatives not only to attain investment grade rating and lower our borrowing costs, but also to boost investments in social and economic services to improve productivity and economic growth,” Purisima said.