July collections up 15.3%, mark fourth month in double-digit growth for FY12

  • Post category:News

3rd simultaneous double-digit monthly growth in BIR and BOC

THE GOVERNMENT in its efforts to improve collections posted its fourth double-digit monthly growth in the year 2012, as revenue collections for the month of July grew 15.3% to P123.309 billion, Treasury data showed.

This brings the total revenues of the government to P884.230 billion as of July, higher by 12.1% from the same period last year.

These collections financed total expenditures amounting to P957.961 billion as of July, containing the government deficit to P73.731 billion, far below program by P82.831 billion, sustaining fiscal space for government to spend.

The seven-month aggregates of both the expenditure and revenue sides of the ledger performed solidly, with expenditures also up 15.1% from the same period last year. Netting out interest payments, the government still operates at a primary surplus of P127.568 billion as of July.

3rd simultaneous double-digit growth for BIR and BOC

Comprising the seven-month revenue aggregate of P884.230 billion are robust collection performances from both major collection bureaus. The Bureau of Internal Revenue collected P604.676 billion while the Customs bureau collected P167.816 billion. Their aggregate collections expanded by 13.7% and 12.0%, respectively.

Both BIR and BOC have notably shown consistently higher monthly performance this year, against figures from the previous year.

For July alone, BIR collected P83.517 billion and BOC, P24.391 billion. This makes July the third month when BIR and BOC both registered double-digit surges. The collection bureaus are up 13.2% and 14.6%, respectively.

This is the fifth month this year that BIR posted double-digit year-on-year gains for monthly collections; meanwhile, it is the Customs bureau’s fourth.

Moreover, for the first seven months of the year, the Bureau of Treasury was 40.5% above target, garnering P16.695 billion in revenues. Other offices are 11.8% above goal, collecting P53.834 billion.

Expenditures for July amounted to P162.558 billion, up by 21.8% from last year’s figure.

With Senate hearings resuming, the department is keen to seeing the passage of the bills on the reform of excise taxes on tobacco and alcohol, and the rationalization of fiscal incentives.