NG January-October 2012 Fiscal Performance

  • Post category:News

29 November 2012 , Manila, Philippines: The January to October fiscal deficit of the National Government reached P115.736 billion. The National Government deficit in October amounting to P9.674 billion is P11.583 billion lower than the P21.257 billion deficit incurred for the same month last year.

Revenue Performance

Revenue collections reached P134.320 billion for the month of October.Actual collections for the month were recorded at P86.105 billion for BIR, P26.934 billion for BOC representing a growth rate of 22% and 18%, respectively. Total tax revenues amounted to P114.756 billion, representing 85% of total revenues while the remaining 15% which includes Bureau of the Treasury income is attributed to non-tax revenues. The Bureau of the Treasury income amounted to P6.298 billion and posted a growth of 140% while collections from other offices for the month were recorded at P14.983 billion.

Revenue collections reached P1,253.267 billion for the first ten months of the year. It grew by 12% compared to the same period of last years P1,121.027 billion. Of the total revenues, P1,111.515 billion or 89% are tax collections while P142.000 billion are collections from non-tax sources.

The Bureau of Internal Revenue (BIR) and the Bureau of Customs (BOC) registered a growth of 13% and 11%, respectively, for the first ten months compared to same period last year. Actual collections for the period January to October were recorded at P858.573 billion for BIR and P240.590 billion for BOC. The Bureau of the Treasury income was recorded at P71.353 billion or a 2.7% increase over the previous years level while other offices, registered an income of P82.751 billion.

Expenditures

For January to October 2012, total disbursements amounted to P1,369.003 billion, 15% higher than the comparable disbursements in 2011.Actual disbursements in October amounted to P143.994 billion.

Primary Surplus/ (Deficit)

Netting out the interest payments in the expenditures, the National Government recorded a primary surplus for January to October amounting to P150.953 billion.