The national government incurred a deficit of P34.6 billion in February 2016, bringing the year-to-date deficit to P38.1 billion. Net of interest payments, the national government’s primary balance for January-February 2016 stood at surplus of P28.8 billion. Primary balance for the month of February was at a deficit of P13.3 billion.

National government revenues for the month amounted to P139.0 billion, 5% or P6.2 billion higher than recorded in February 2015, while expenditures totaled P173.6 billion, 22% or P31.1 billion wider than year-ago figures.

Year-to-date, total revenues rose 7% year-on-year, amounting to P321.2 billion, while expenditures expanded 14% to reach P359.3 billion.

Finance Secretary Cesar V. Purisima remarked, “We continue to see robust revenue growth supporting the government’s investment priorities. Our financial position remains healthy. Amid an uncertain global environment, maintaining a firm fiscal position is more important than ever.”

The Bureau of Internal Revenue collected P94.8 billion for the month, improving by 7% or P5.9 billion year-on-year. Collections stood at P224.5 billion for the period of January-February 2016, up 7% on-year.

Meanwhile, even as collections on oil for the first 2 months of 2016 continued to shrink by 17% on the back of lower oil prices, the Bureau of Customs (BOC) collected P58.1 billion for the 2-month period, 3% or P1.5 better than year-ago figures, owing in large part to respectable non-oil collections growth of 6.5%. The BOC raised P27.0 billion for the month of February.

The Bureau of the Treasury (BTr) raised P5.8 billion for the month, reflecting a 33% increase compared to year-ago figures. Total BTr income for the first 2 months of the year is at P13.8 billion.

Interest payments shrunk 13% to P21.3 billion for February 2016. Year-to-date, interest payments reached P66.9 billion, 5% lower than same period last year.

Interest payments accounted for 19% of expenditures for January-February 2016, down from the 22% posted a year ago.