The national government incurred a deficit of P3.5 billion in January 2016, 46% or P3.0 billion lower than the same period last year. Net of interest payments, the national government’s primary balance stood at a surplus of P42.1 billion.

National government revenues amounted to P182.2 billion, 9% or P15.6 billion higher than recorded in January 2015, while expenditures totaled P185.7 billion, 7% or P12.6 wider than year-ago figures. Net of interest payments, expenditures grew by 15% year-on-year.

Finance Secretary Cesar V. Purisima remarked, “We’re starting the last year of this administration on a good note and in great shape. Both revenue and expenditure sides of our finances are sustaining a healthy amount of growth. We remain in a firm position to finance the commitments in our social contract with the Filipino people. As always, fiscal sustainability is top of mind.”

The Bureau of Internal Revenue collected P129.7 billion, improving by 7% or P8.52 billion year-on-year. Meanwhile, even as collections on oil continue to shrink by 15% on the back of lower oil prices, the Bureau of Customs collected P31.0 billion for the month, 6% or P1.7 better than year-ago figures, owing in large part to robust non-oil collections growth of 10%. The Bureau of the Treasury raised P8.0 billion.

Interest payments shrunk 11% or by P5.8 billion to P45.6 billion. Interest payments accounted for 25% of expenditures in January 2016, down from the 30% posted same period last year.