The National Government’s budget balance in April 2015 was at a surplus of P52.6 billion, 35% or P28.3 billion lower than the surplus registered last year. Year-to-date, the budget balance was at a surplus of P19.1 billion, in contrast with the P3.3 billion deficit recorded the same time last year.

The primary balance for the month was at a surplus of P68.3 billion. Year-to-date, the primary balance was recorded at a surplus of P135.4 billion, 20% higher than the P113.3 billion posted last year.

Total revenues for the month totaled P209.1 billion in April. Meanwhile, total revenues for the period of January-April reached P679.6 billion, expanding 9% year-on-year.

Year-to date collections of the Bureau of Internal Revenue (BIR) sustained its growth trajectory – the BIR raked in P160.8 billion for the month, bringing the January-April tally to P467.9 billion, up 11% from comparable figures in 2014.

The BOC’s take for the month came in at P28.1 billion, bringing its total collections for the first four months of the year to P120.4 billion, reflecting a year-on-year growth of 3%.

Meanwhile, income from the Bureau of the Treasury (BTr) amounted to P11.6 billion for April, and P49.5 billion for January-April, slowing down due to reduced bond holdings, as well as the remittance of dividend collections from GOCCs in March instead of April as was the case last year.

Other offices contributed P8.6 billion for the month and P41.9 billion for January-April.

National Government disbursements for the month totaled P156.5 billion, expanding by 9% compared to April 2014. For the period of January to April, expenditures reached P660.6 billion, reflecting an increase of 5% from year-ago levels. We expect this improving pace to further accelerate as agencies continue to uncork the barriers to faster government spending.

Year-to-date, interest payments amounted to P116.3 billion, while April 2015 interest payments totaled P15.7 billion. Interest payments for January-April 2015 accounted for 18% of expenditures, improving on the 18% share recorded last year.

The sound fiscal health of the country remains to solidify our place as Asia’s bright spot. Both houses of Congress have recently advanced priority economic bills, namely the Tax Incentives Management and Transparency Act (TIMTA), Fair Competition Act, and the easing of the Cabotage law, ensuring that we continue to grow with better policy environments.

Particularly, TIMTA enables us to monitor the tax expenditures we provide in the form of incentives, ensuring that each and every taxpayer peso is used to encourage investments in the most strategic and productive manner. TIMTA allows us to safeguard our firm fundamentals in leveraging data transparency for more informed economic decision-making.

We are confident that the continued expansion of our fiscal space can support the growing spending needs of a booming economy. The reforms we have painstakingly put in place are showing results in due time. We are working hard to, one can perhaps say, put a 6th R to our spending philosophy: we want to spend on right project, with the right quality, with the right people, at the right time, at the right cost, and at the right pace.