25 September 2014 Manila, Philippines – The National Government (NG) recorded a P29.9 billion fiscal surplus in August, a 36% or P8.0 billion improvement over the surplus recorded a year ago. The resulting year-to-date deficit of P25.9 billion is 69% or P56.7 billion lower than comparable figures in 2013.
Revenue collections amounted to P170.0 billion in August, posting 10% year-on-year growth equivalent to P14.8 billion. Tax revenues amounted to P158.3 billion for the month, representing 93% of the total while growing 8.6% or P12.6 billion year-on-year to reach P1,134 billion as of end-August 2014. Year-to-date revenue collections have now grown 12% year-on-year, amounting to P1,270.4 billion in the first eight months of 2014.
The Bureau of Internal Revenue (BIR) collected P127.6 billion for the month, reflecting 8% or P9.5 billion higher year-on-year growth. Total BIR collections as of end-August is at P890.7 billion, reflecting a 10% increase over the same period last year.
The Bureau of Customs (BOC) brought in P29.1 billion, maintaining its monthly double digit growth with an 11% year-on-year improvement in August. Year-to-date BOC collections amounting to P232.9 billion is 17% higher year-on-year.
Total Income of The Bureau of the Treasury (BTr) amounted to P5.3 billion in August, a 54% year-on-year improvement due to higher investment income and better dividend collections. Year-to-date Total BTR Income of P75.7 billion, of which P42.6 is from Treasury Operations, have already surpassed their respective 2014 full-year targets of P56.2 billion and P35.6 billion.
Other offices contributed P8.0 billion for the month, 8% higher than comparable figures last year. Total collection of P71.1 billion as of August2014 indicates a 5% increment over the same period last year
Government spending in August amounted to P140.1 billion, reflecting a 5% improvement over last year’s levels. Year-to-date NG expenditures of P1,296.3 billion is 6% higher year-on-year.
As a portion of expenditures, Interest Payments (IP) of P20.6 billion for August increased by 13% year-on-year due to higher domestic payments which offset the contraction in external IP. Nevertheless, in proportion to revenues for the first eight months of 2014 is down to 18.0% from 20.1% in 2013, and 17.6% compared to expenditures from 18.7% a year ago, indicating greater capacity to service debt and fiscal space for more productive spending.
Primary Surplus/ (Deficit)
Net of Interest Payments, NG recorded a P50.5 billion primary surplus for August. This brings the year-to-date primary surplus to P202.7 billion, exceeding the P146.3 billion as of August last year.