The national government incurred a deficit of P74.4 billion in March 2016, bringing the year-to-date deficit to P112.5 billion. Net of interest payments, the national government’s primary balance for January-March 2016 stood at a deficit of P9.9 billion.

Primary balance for the month of March was at a deficit of P38.6 billion. The Department of Finance (DOF) expects the primary balance to register a surplus by year-end.

National government revenues for the month amounted to P157.8 billion, narrower by 8% or P13.3 billion than recorded in March 2015, while expenditures totaled P232.2 billion, 23% or P43.7 billion wider than year-ago figures.

Year-to-date, total revenues rose 2% year-on-year, amounting to P479.0 billion, while expenditures expanded 17% to reach P591.5 billion.

The DOF is confident that first quarter budget operations maintained the nation’s fiscal sustainability and contributed positively to first quarter growth. The DOF is committed to the expansion of fiscal space in the government’s pursuit to fund greater investments for the Filipino people.

The Bureau of Internal Revenue collected P105.7 billion for the month, improving by 9% or P8.6 billion year-on-year. Collections stood at P330.2 billion for the quarter, up 8% on-year.

Meanwhile, as collections on oil for the first quarter of 2016 continued to shrink by 17% on the back of lower oil prices, the Bureau of Customs (BOC) collected P90.5 billion. The BOC raised P32.4 billion for the month of March.

The Bureau of the Treasury (BTr) raised P11.2 billion for the month and P24.9 for the quarter. Interest payments amounted to P35.6 billion for March 2016 and P102.6 billion for the quarter. Interest payments accounted for 17% of expenditures for the first 3 months of 2016, down from the 20% posted a year ago.