Q1-Q3 deficit lower than program by P77.281 billion
“THE GOVERNMENT as of end of third quarter raked in P1.119 trillion in revenues and spent P1.225 trillion, registering a P106.062 billion deficit. This is P77.281 billion lower or 42% less than the program deficit of P183.343 billion, Treasury data show.
“From January to September the administration continued to generate solid year-on-year performances from both sides of the national ledger, with revenues rising 10.0% and expenditures improving 14.5% year-on-year.
“Net of the P245.249 billion in interest payments which is 5.4% below program, the government continues to operate in a primary surplus amounting to P139.187 billion.
“In September alone the administration collected P105.309 billion and disbursed P140.163 billion, recording a P34.854-billion deficit, with interest payments of P24.134 billion.
BIR up 12.6% and BOC up 9.8% YoY as of September
“Of the P1.119 trillion revenues collected in the first nine months of the year, the Bureau of Internal Revenue contributed P772.468 billion and the Bureau of Customs, P213.656 billion. Against the comparable period last year, BIR collections grew double-digits by 12.6% while BOC collections went up by 9.8%.
“The cash component of BIR collections grew 12.2% to P752.434 billion, and its non-cash component soared by 26.1% to P20.034 billion. Meanwhile, the Customs bureau’s cash component amounted to P211.930 billion, up 10.9% year-on-year.
“Of the P105.309 billion in September collections, BIR collected P71.036 billion, while BOC collected P23.208 billion.
“Both major collection bureaus’ monthly collections have consistently exceeded that of the previous year’s.
“Meanwhile, the Bureau of Treasury hauled P65.055 billion, 33.8% higher than target of P48.605 billion as of September.
“Our aggressive efforts to improve tax compliance has consistently generated fiscal space to provide funding for the Aquino administration’s spending priorities. This only strengthens the government’s case that good economics results from prudent spending and fiscal management that are inherent in good governance.
“The Finance Department remains committed to push for reforms in fiscal policy and revenue-generating legislation. We continue to have a healthy working relationship with the honorable senators. And we have no reason to doubt the pronouncements of the acting chair of the Ways and Means Committee, Senator Frank Drilon, that the Senate will maximize the health and revenue impacts of the reform of excise taxes on tobacco and alcohol. We are eager to resume discussions on the measure at the Senate’s plenary sessions in November and we will work tirelessly to pass the measure together with next year’s budget.
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