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By Chino S. Leyco, Reporter
THE government earned more than it spent last
month, with the Philippines’ budget surplus more than doubling in
April from a year ago.
In a briefing, Finance Secretary Margarito Teves
said the budget surplus last month rose to P25.8 billion, or more
than double the P12 billion in April last year.
Last month’s revenue surplus allowed the
government to cut its four-month deficit to P25.8 billion from P51.6
billion last year.
“The April surplus is the highest on record
for the month, ever since 1986,” Teves told reporters.
The government usually enjoys a surplus in April
because the deadline for payment of income taxes falls on this
month.
Revenues last month reached P122 billion, 20.6
percent higher than the P101.2 billion last year, while expenditures
reached P96.3 billion, an increase of 7.9 percent from the last
year’s P89.2 billion.
The Bureaus of Internal Revenue (BIR) and of
Customs collected P91.3 billion and P21.7 billion, increasing by
20.6 percent and 26.4 percent, respectively, from a year ago.
The Bureau of Treasury’s contribution inched
up by 3.5 percent to P4.7 billion from last year’s P4.6 billion.
Other state offices contributed P4.2 billion, up by P89.2 billion
year-on-year.
“The strong collection of the BIR and
[Customs] in April has enabled us to remain on track with our
revenue program for the year,” Teves said.
Revenue for this year are programmed to reach
P1.1 trillion. For the second quarter alone, the government should
post a budget surplus of P19.2 billion, in line with its plan to
attain a balanced budget.
Revenues in the first four months amounted to
P375.5 billion, 11 percent higher than last year’s P338.5 billion.
BIR collections for the same period rose 17.9 percent to P258
billion, while Customs’ take improved 23 percent to P70.6 billion.
The treasury bureau’s income reached P21.8
billion, up 16.7 percent year on year. Other offices, including the
proceeds from privatization, however, fell 42.1 percent to P25.2
billion.
“We have to work even harder to raise
additional revenues, which may be needed for increased spending on
sectors that require government support amid rising costs of food
and oil in the world market,” Teves said.
He said BIR collections were in surplus by P13
billion over its target, while Customs was short of P2.8 billion.
“But still we don’t have a clear idea on the
impact of the [economic] slowdown, so the effect to [gross domestic
product] will be very important. Since we don’t have the official
figure yet for the first quarter, its very difficult to make an
assessment,” Teves said.
“It’s too early to tell. We’re not
changing the targets yet. Its difficult to make adjustments when
we’re on track,” he added.
The government is set to announce the
country’s first-quarter economic performance before the end of the
month.
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