Year-to-date balance registers a deficit of P46.5 billion
The National Government’s budget balance in November 2015 was at a surplus of P6.0 billion, bringing the year-to-date balance to a deficit of P46.5 billion. The primary balance for the month was at a surplus of P22.0 billion, while year-to-date primary surplus registered at P241.3 billion.
Revenue sustains growth trajectory
Total revenues for the month reached P177.5 billion in November, 12% or P19.2 billion higher than the year-ago figure. Meanwhile, total revenues for the period of January-November reached P1.95 trillion, reflecting a 12% growth year-on-year.
“We approach the P2 trillion mark resolute in our commitment to expand fiscal space for the Filipino people. Hitting our infrastructure spending goal of 5% to GDP this year is no walk in the park; we still have a lot of catching up to do compared to our peers. Thus, we remain firm in our fiscal discipline. We will continue developing our tax administration and enforcement capacity,” Finance Secretary Cesar V. Purisima said.
The Bureau of Internal Revenue (BIR) hauled in P136.4 billion for the month, 12% wider than year-ago figures. This pulls year-to date collections of the BIR at P1.33 trillion, growing 9% or P106.9 billion from year-ago figures.
The Bureau of Customs (BOC) raised P29.1 billion in November, growing by 18% on year-ago figures. This makes total January-November figures amount to P329.8 billion, expanding by 2% year-on-year. While the persistent downtrend of oil prices caused January-November collections on oil to drop by 32%, non-oil collections continue to look encouraging with growth of over 11%.
Meanwhile, income from the Bureau of the Treasury (BTr) amounted to P3.1 billion for November, pushing the year-to-date total to P100.5 billion, 12% higher than year-ago figures. The Bureau of the Treasury is still 81% above its full year 2015 program.
Expenditures continue double-digit growth
National Government disbursements for the month reached P171.4 billion, expanding 13% year-on-year. For the period of January to November, expenditures reached P1.99 trillion, reflecting an increase of 13% from year-ago levels.
Year-to-date, interest payments amounted to P287.9 billion, 13% or P42.8 billion lower than programmed. Interest payments for January-November 2015 accounted for 14% of expenditures, improving on the 17% share recorded last year.
“Prudent and proactive liability management is reaping dividends for future generations of Filipinos. Our grandchildren will live to have a much lesser burden on their backs. This is a future we want to secure through a sound fiscal position and a resilient economy,” Purisima added.