Philippines: Govt posts P36.9-B budget deficit for Sept

• Oct 24, 2017

Expenditures drop, year-to-date target missed

The budget deficit narrowed in September from a year earlier, the government reported on Monday, as state spending dropped amid a surge in revenues.

The P36.9-billion shortfall for the month was significantly lower than the P75.3 billion posted last year based on data released by the Bureau of the Treasury.

The gap, however, was wider compared to the August deficit of P28.8 billion.

Government revenues rose by 21 percent to P200.1 billion from P166 billion a year earlier, while expenditures fell by 2 percent to P237 billion from P241.3 billion.

The Bureau of Internal Revenue accounted for the bulk of collections at P141.4 billion, 25 percent higher compared to the year-earlier P113 billion.

The Bureau of Customs netted P40.3 billion — a 21-percent gain from last year’s P33.3 billion — while other offices contributed P1.7 billion, bringing total tax revenues for the month to P183.4 billion.

Non-tax earnings, meanwhile, totalled P16.7 billion, with the Treasury bureau contributing P7.3 billion – down 5 percent and attributed to lower income from the Bond Sinking Fund/Securities Stabilization Fund that offset higher dividend collections from Philippine Amusement and Gaming Corp. and national government shares of stocks.

Other offices contributed P9.4 billion, up 10 percent from last year’s level.

The bulk of government expenditures went to those classified as “others,” which rose 1 percent to P210.6 billion.
Interest payments totaled P24.6 billion, down 19 percent year on year, accounted for the rest of the government’s expenditures for the month.

Year-to-date

September’s results led to a cumulative shortfall of P213.1 billion for the first nine months of the year, marginally lower than the P213.7-billion gap recorded last year.

The government missed its P345.2-billion deficit target for the period.

January to September revenues grew 9 percent year-on-year to P1.80 trillion from P1.64 trillion, while year-to-date expenditures registered growth of 8 percent to P2.01 trillion from P1.86 trillion.

“Other” expenditures rose 10 percent to P1.76 trillion, while interest payments recorded flat growth at P249 billion.

Netting out interest payments, the government recorded a P10.5-billion primary deficit in September, down 75 percent from last year.

Year-to-date, the primary balance hit a surplus of P35.9 billion, wider than last year’s P36.1-billion surplus.

Source: http://www.manilatimes.net/govt-posts-p36-9-b-budget-deficit-sept/358383/