The National Government achieved a fiscal surplus of P21.9 billion, eight fold the P2.5 billion surplus in August 2012. Year-to-date, overall fiscal deficit stands at P82.6billion, in line with Government projections.
Revenue Performance
Revenue collections in August reached P155.1billion, 20% or P25.7 billion higher compared to the same period last year. Collections by the Bureau of
Internal Revenue (BIR) and Bureau of Customs (BoC) were recorded at P118.1 billion and P26.1 billion, reflecting 22% and 15% year-on-year revenue growth, respectively. Revenue from other offices grew 7% from a year ago to P7.5 billion while Bureau of the Treasury (BTr) income rose 15% year-on-year to P3.4 billion.
Revenue collections reached P1,139.2 billion for the first eight months of the year. Actual collections for January to August were recorded at P811.9 billion for BIR and P198.9 billion for BOC, growing 16% and 4%, respectively, on a year-on-year basis. BTr income totaled P60.9 billion and other offices contributed P67.5 billion. Total tax revenues amounted to P145.7 billion, representing 94% of total revenues while the remainingP9.4 billion came from non-tax sources.
Expenditures
Actual disbursements for August amounted to P133.2 billion, reflecting a 5% or P6.4 billion increase, year-on-year. Interest payments amounting to P18.2 billion accounted for14% of total expenditures for the month. Total disbursements for January to August reached P1,221.8 billion, 13% higher than comparable disbursements in 2012.
Primary Surplus/ (Deficit)
Netting out interest payments as a part of expenditures, the National Government recorded a primary surplus of P40.1 billion in August and P146.3 billion within the first eight months of the year.
