Year-to-date balance registers a deficit of P52.6 billion
The National Government’s budget balance in October 2015 was at a deficit of P27.0 billion, bringing the year-to-date balance to a deficit of P52.6 billion. The primary balance for the month was at a deficit of P19.0 billion, while year-to-date primary surplus registered at P219.3 billion.
Revenue sustains growth trajectory
Total revenues for the month reached P163.0 billion in October, 7% or P10.8 billion higher than the year-ago figure. Meanwhile, total revenues for the period of January-October reached P1.77 trillion, reflecting a 12% growth year-on-year.
“Maintaining a consistently robust revenue performance is critical to funding our future. Collections figures for the past 58 months have shown us on an uptrend, delivering concrete gains for our people in terms of increased funding for education, health, and social services. We ought to do everything we can to protect these gains towards the close of this administration and beyond,” Finance Secretary Cesar V. Purisima said.
The Bureau of Internal Revenue (BIR) hauled in P115.8 billion for the month, 14% wider than year-ago figures. This pulls year-to date collections of the BIR at P1.19 trillion, growing 8% or P92.4 billion from year-ago figures.
The Bureau of Customs (BOC) raised P32.5 billion in October, making January-October figures amount to P300.7 billion. With the global glut shaving oil prices to almost a third of year-ago values, collections on imported oil sagged with a 32% year-on-year decline. However, this is offset by a 12% improvement in collections from non-oil commodities, allowing the year-to-date figure to maintain its footing compared to year-ago numbers.
Meanwhile, income from the Bureau of the Treasury (BTr) amounted to P5.6 billion for October, pushing the year-to-date total to P97.4 billion, 13% higher than year-ago figures. The Bureau of the Treasury is still 85% above its full year 2015 program.
Expenditures hit 4th consecutive month of double-digit growth
National Government disbursements for the month totalled P190.0 billion, expanding 23% year-on-year. For the period of January to October, expenditures reached P1.82 trillion, reflecting an increase of 13% from year-ago levels.
Year-to-date, interest payments amounted to P272.0 billion, P34.5 billion lower than programmed. Interest payments for January-October 2015 accounted for 15% of expenditures, improving on the 17% share recorded last year.
“We are optimistic about our growth prospects in the final year of the administration. Accelerated public spending on the back of solid fundamentals sets the stage for a strong fourth quarter finish. Keeping our record of prudent fiscal management is crucial to keeping our social contract with the Filipino people.”