MANILA—The Philippines posted a budget surplus of Php 2.22 billion in January 2017 after revenues expanded higher than expenditures due to collection reforms.
Data released by the Bureau of the Treasury (BTr) on Thursday showed that revenues rose by 10 percent year-on-year to Php 200.3 billion while expenditures went up seven percent to Php 198.1 billion.
Excluding interest payments, the government registered a Php 44.6 billion surplus.
Of the total revenues in the first month this year, the Bureau of Internal Revenue (BIR), which collects around 70 percent of taxes, contributed Php 147.4 billion, up 14 percent.
The Bureau of Customs (BOC) shared in Php 35.94 billion, up 16 percent.
Revenues by the BTr reached Php 8 billion, up one percent, while the Other Officers registered a 36 percent contraction on collection after its revenues went down to nearly Php 8 billion.
On government expenditures, interest payments went down by seven percent to Php 42.35 billion.