Gov’t posts P11.8 B budget surplus

By , on June 28, 2014

ShutterStock image
ShutterStock image

MANILA — For the second straight month on double-digit revenue growth, a budget surplus of P11.8 billion has been recorded by the government in May.

A surplus of P8.5 billion, which reverse the P42.8-deficit recorded in the same period last year, has resulted from the fiscal performance in May.

Rising up to 12 percent, revenues for the month of May reached 172.3 billion, where tax collections comprise 92 percent.

Within five months, the Bureau of Internal Revenue’s (BIR) collections increased by nine percent at P549.1 billion.

BIR was able to collect P28.8 billion for the month of May or 11 percent higher than the figure recorded in the same month last year which caused the government’s main tax collection agency to maintain its upward trajectory.

“This signifies the third straight month of double-digit year-on-year growth for total revenues and the fifth straight month for the Bureau of Customs. If we keep up this performance, we are on track to fund more crucial infrastructure projects, especially the three new ones recently approved by the NEDA Board,” said Finance Secretary Cesar Purisima.

The budget surplus is an indicator of an improving economy’s better and efficient debt management contributed to the country’s financial position.

“The National Government continues to show proactive liability management and promote the sustainability of its debt portfolio, as manifested by the decreasing share of interest payments to government spending,” Purisima said.