“I am pleased to report that the National Government posted a deficit of P1.8 billion in July 2014, narrower than year-ago levels as a result of efficient collection of tax revenues. The year-to-date deficit was recorded at P55.7 billion, well-within the program.

“Netting out interest payments brought the primary balance in July to a surplus of P46.5 billion. For January to July, the primary surplus was at P152.2 billion, wider than last year’s P106.1 billion.

“In the first semester of the year, we have recorded a tax effort of 13.7% and a revenue effort of 15.6%, higher than last year’s comparable figures of 13.6% and 15.3%, respectively. For the first six months of 2014 revenues expanded at 11.2% year-on-year, higher than the 9.2% growth in nominal GDP in the same period. We have maintained this trend of faster revenue growth than nominal GDP growth since 2011.

“This encouraging news of higher growth in revenues and in GDP comes after the latest domestic liability management transaction of the Bureau of Treasury and the signing of a grant agreement with the European Union for health sector reform.

“These recent developments are testament that our thrust of good governance continues to be fundamental to creating a virtuous cycle of growth and investment in social services and improving the lives of Filipinos. However, our work here is not done. I see the remaining years of this administration as the pivotal moment to institutionalize reform and to augment productive investments. We will use this time to push for legislative reforms, raise revenues, and manage our debt to effectively support the government’s key priorities.

Total revenues grow double-digits; BIR and BTr exceed targets

“Revenues amounted to P166.7 billion in July, growing by 15.3% from the comparable period in 2013. In the period of January to July, the National Government collected P1.10 trillion, up 11.8% from last year.

“The Bureau of Internal Revenue (BIR) exceeded its target for the month,raking in P119.9 billion or a growth of 19.8%. Year-to-date, BIR collections grew by a tenth to P763.2 billion.

“The Bureau of Customs (BOC) recorded double-digit growth for the seventh month in a row. The Bureau collected P30.5 billion in July, higher than last July’s figures by 10.1%. For the first seven months, Customs’ take reached P203.9 billion, up 18.0% year-on-year.

“Lastly, the Bureau of Treasury (BTr) income for July amounted to P7.5 billion, exceeding its target by 22.0%. This brought the date tally toP70.4 billion, marking a 22.6% increase from same period last year.

Share of interest payments to expenditures see downward trend

“National Government disbursements for July were P168.5 billion. For January to July, disbursements were recorded at P1.16 trillion, higher 6.2% over comparable figures in 2013.

“Nominal interest payments for the month decreased to P48.2 billion, or to P208.0 billion for January to July. As a percentage of expenditures, interest payments continue to decrease – in the first seven months of 2014, it has dipped to 18.0% from 19.4% in the same period a year ago.