National government budget surplus at P67.3 billion in May 2015
Year-to-date figures reach surplus of P86.4 billion
The National Government’s budget balance in May 2015 was at a surplus of P67.3 billion, P55.6 billion higher than the surplus registered last year. Year-to-date, the budget balance was at a surplus of P86.4 billion. This figure is P77.9 billion higher than a year ago.
The primary balance for the month was at a surplus of P87.9 billion, P52.5 billion higher than May 2014. Year-to-date, the primary balance was recorded at a surplus of P223.3 billion, 50% higher than the P148.6 billion posted last year.
Revenue generation gets a boost
Year-to date collections of the Bureau of Internal Revenue (BIR) reached P596.3 billion, growing 9% or P47.2 billion from comparable figures in 2014 The BIR raked in P128.5 billion for the month, maintaining its collections performance.
The Bureau of Customs (BOC) collected P26.7 billion, bringing its total haul for the first five months of the year to P147.1 billion. Notably, despite the 49% decrease in weighted average values of imported oil given the price declines in the world market, total customs collections for January to May 2015 still grew by 1% year-on-year, pulled up by the 15% improvement in collections from non-oil commodities.
Meanwhile, income from the Bureau of the Treasury (BTr) amounted to P11.0 billion for May, up by P6.8 billion year-on-year. January-May income amounted to P60.4 billion, 8% higher than year-ago figures.
Other offices contributed P76.4 billion for the month, reflecting the P60.1 billion Coco Levy-related remittance to the special account in the general fund. The said funds were proceeds from the sale of San Miguel Corporation (SMC) Series 1 preferred shares including interest income, as these were transferred to the BTr in 2012 and held in escrow. Year-to-date collections reached P118.3 billion.
Expenditures sustain growth
National Government disbursements for the month totaled P175.2 billion, expanding by 9% compared to May 2014. For the period of January to May, expenditures reached P835.7 billion, reflecting an increase of 6% from year-ago levels.
Year-to-date, interest payments amounted to P136.9 billion, 2% lower from a year-ago levels. May 2015 interest payments totaled P20.6 billion. Interest payments for January-May 2015 accounted for 16% of expenditures, improving on the 18% share recorded last year.
Finance Secretary Cesar V. Purisima said, “Various volatile events in the global landscape serve as stark reminders of the importance of the hard work of reform carefully sustained by prudent fiscal management. We continue to build ample safeguards protecting the country from shocks that pose risks to our upward trajectory. Protecting our fiscal health over time enables everyday Filipinos to reap the dividends of higher and more durable growth.”
