April Budget Posts P31-B Surplus

MANILA, Philippines -- The national government posted P31.024 billion budget surplus in April due as double-digit growth in revenue collections are more than enough to support an accelerated spending, the Department of Finance (DOF) announced yesterday.

In a statement, Finance Secretary Cesar V. Purisima said the government will continue to accelerate spending for the year to support growth, taking advantage of its large fiscal space to finance infrastructure projects and social programs.

The surplus of P31.024 billion has trimmed down year-to-date deficit to P2.885 billion. Revenues surged by more than a tenth in April and by 11.4 percent for the first four months of the year, while disbursements recorded an uptick of 9.1 percent and 12.1 percent, respectively.

For April alone, revenues stood at P153.268 billion, while expenditures amounted to P122.244 billion. From January to April, meanwhile, the government already collected P514.242 billion in revenues to finance P517.127 billion in expenditures.

Netting out interest payments, the government still operates under a primary surplus amounting to P111.742 billion as of April.

The Bureau of Internal Revenue (BIR) and Bureau of Customs, other offices post double-digit expansion in April.

The government's premier revenue agencies led the collection growth last month, contributing to a four-month tally that was more than a tenth higher compared with last year, data showed.

As of April, the government already collected P514.242 billion, up 11.4 percent from P461.413 billion recorded a year ago. For last month alone, collections surged by 10.8 percent to P153.268 billion.

The BIR, which accounts for about 70 percent of total tax revenues, led the pack with the deadline on the payment of income taxes resulting in a 12.2 percent growth in collections last month. BIR collected P116.021 billion in April against previous year's P103.393 billion.

In the first four months of the year, BIR already collected P345.065 billion, an improvement of roughly 14 percent from P302.942 billion in 2011.

Meanwhile, Customs collections expanded by 13 percent last month, collecting P25.367 billion against last year's P22.440 billion. Bulk of the collections was in cash.

Customs now collected P94.896 billion in the four months to April, 11.6 percent up year-on-year. Broken down, a total of P94.319 billion was collected in cash, while the remaining was in the form of tax expenditure fund.

Loading...

Editor’s note:Yahoo Philippines encourages responsible comments that add dimension to the discussion. No bashing or hate speech, please. You can express your opinion without slamming others or making derogatory remarks.

  • National Geographic 'Afghan girl' in Pakistan papers probe
    National Geographic 'Afghan girl' in Pakistan papers probe

    Pakistani officials are investigating after the famous green-eyed "Afghan girl" immortalised in a 1985 National Geographic magazine cover was found living in the country on fraudulent identity papers. The haunting image of the then 12-year-old Sharbat Gula, taken in a refugee camp by photographer Steve McCurry, became the most famous cover image in the magazine's history. Now Pakistani officials say that Gula applied for a Pakistani identity card in the northwestern city of Peshawar in April …

  • NYC, Orthodox Jews reach deal on circumcision suction ritual
    NYC, Orthodox Jews reach deal on circumcision suction ritual

    NEW YORK (AP) — The city said Tuesday it has reached a tentative agreement with members of the ultra-Orthodox Jewish community over a tradition known as oral suction circumcision. …

  • ‘Noy angered by previous SAF failures to get Marwan’
    ‘Noy angered by previous SAF failures to get Marwan’

    Supt. Raymund Train, who led the SAF team that killed Marwan in Mamasapano, Maguindanao on Jan. 25, recounted in a sworn statement the meeting he and senior SAF officers had with Aquino in Malacañang on Nov. 30. Train said among the senior officers who attended the meeting were then PNP chief Director General Alan Purisima, SAF chief Director Getulio Napeñas, SAF deputy commander Chief Supt. Noli Taliño and intelligence group chief Senior Supt. Fernando Mendez. …

  • Duterte: Disband all armed groups
    Duterte: Disband all armed groups

    All armed groups, including those of the communists and Muslim secessionist groups, should be disbanded for the country to achieve stability, Mayor Rodrigo Duterte said yesterday. Duterte said even the Moro Islamic Liberation Front, the Moro National Liberation Front and the New People’s Army should be asked to lay down their arms once these groups agree to join him in what he described as a unity government if he becomes President in 2016. Duterte said under the federal government that he is …

  • Vatican seeks to quell Mexican anger over pope's drug remark
    Vatican seeks to quell Mexican anger over pope's drug remark

    VATICAN CITY (AP) — The Vatican sought Wednesday to defuse a diplomatic tiff with Mexico after Pope Francis referred to the possible "Mexicanization" of his native Argentina from drug trafficking, the latest instance of Francis' casual speaking style getting him into trouble. …

  • School can’t sack unwed mom – SC
    School can’t sack unwed mom – SC

    The dismissal of an employee of a Catholic school on the grounds of premarital sexual relations and pregnancy out of wedlock was illegal, the Supreme Court (SC) has ruled. In a 23-page decision promulgated on Feb. 17, the third division of the high court struck down the decision of St. Scholastica’s College-Westgrove (SSCW) in Silang, Cavite to dismiss Cheryll Santos Leus for “disgraceful or immoral conduct” in violation of the school’s 1992 Manual of Regulations for Private Schools (MRPS). …

  • Who's your daddy? Hippo ancestry unveiled
    Who's your daddy? Hippo ancestry unveiled

    A great-great grandfather of the hippopotamus likely swam from Asia to Africa some 35 million years ago, long before the arrival of the lion, rhino, zebra and giraffe, researchers said Tuesday. "The origins of the hippopotamus have been a mystery until now," Fabrice Lihoreau, a palaeontologist at France's University of Montpellier and co-author of the study, told AFP. …

  • BOC destroys P50-M smuggled shoes
    BOC destroys P50-M smuggled shoes

    The Bureau of Customs (BOC) destroyed yesterday some P50 million worth of fake footwear products earlier seized in an anti-smuggling drive. The knockoffs of popular brands such as Nike, Adidas, Converse, Skechers, Northface, Leaveland, Merelle, Lacoste, Vans, Havaianas and Ipanema were confiscated from Warehouse 4 in Olivarez Compound, Parañaque City. …

POLL

Should Aquino be held accountable over the Mamasapano operations?

Loading...
Poll Choice Options