National Government achieves P1 billion surplus for November 2013
Year-to-date deficit well within program at P111.5 billion
The National Government posted a budget surplus of P1 billion for November 2013, reversing the expected deficit of P20.5 billion for the month. This brings the year-to-date fiscal deficit at P111.5 billion, well within the P173.2 billion program. Netting out interest payments, the primary surplus was recorded at P19.1 billion for November 2013, yielding a January-November 2013 primary surplus of P185.2 billion compared to P155.2 billion in 2012.
Finance Secretary Cesar Purisima said the increased fiscal space in November was especially encouraging given that the national government had to invest for recovery efforts in the aftermath of Typhoon Yolanda.
“This is an example of how our economic strength translated directly to resiliency in service of our affected countrymen,” Purisima said.
January to November revenues increase by 11% over 2012
Total revenues for November reached P165 billion, a second monthly collection peak after April’s total of P190 billion, and representing an improvement of 6% year-on-year. January to November 2013 total collections amounted to P1.566 trillion, an 11% increase over the same period in 2012.
Both BIR and BOC collections have gained double-digit year-on-year growth rates last November 2013. BIR revenues of P126.5 billion for the month reflected a 14% increase over the same month in 2012. Amidst ongoing Customs reform initiatives, BOC collections amounted to P28.2 billion, a 19% growth over 2012.
The Bureau of Treasury exceeded its program collection over the January to November period by 44%, raking in P75.5 billion.
January to November expenditures grow 9% year-on-year
Total November expenditures stood at P164 billion, bringing year-to-date figures at P1.677 trillion, a 9% growth over comparable expenditures in 2012.
Due to the net issuance of fixed rate treasury bonds for the year, interest payments for November inched 2% above program. However, year-to-date interest payments of P296.7 billion remain below the government’s cap of P302.8 billion, reflecting interest savings of P6.1 billion.
The national government continues to show progress in reducing interest payments as a share of national expenditures. January to November 2013 payments narrowed down to 17.7% of the government’s total disbursements, versus 18.4% in the same period in 2012.
Customs invite public to audit import transactions online
The Bureau of Customs began the year anew with reform initiatives in an unprecedented transparency initiative inviting the public to analyze actual import transactions through Customs. Data on importation for December 2013 is now available and posted in the new and improved BOC website and in the Customs ng Bayan website, an information portal to be fully launched mid-January. BOC has also contributed data to be published in the National Open Data website (www.data.gov.ph), to be launched on January 16th.
Purisima added: “By opening the books of one of the most corrupt government agencies and uploading publicly available information in the Customs Ng Bayan website, the Filipino people can actively join in our fight against widespread smuggling and corruption in Customs by analyzing for themselves actual import information and identifying fraudulent and questionable transactions.”
Links:
Bureau of Customs Website: http://customs.gov.
Customs Ng Bayan: http://www.dof.gov.ph/