The government recorded a P1-billion budget surplus for the month of November 2013, reversing the expected deficit of P20.5 billion for the month, the Department of Finance (DOF) said on Wednesday.
DOF data showed that the budget surplus in November brings the year-to-date fiscal deficit at P111.5 billion, or “well within” the P173.2-billion program for the period.
Netting out interest payments, the primary surplus was recorded at P19.1 billion for November 2013, yielding a January to November 2013 primary surplus of P185.2 billion compared to P155.2 billion in 2012.
Finance Secretary Cesar Purisima said that the increased fiscal space in November was especially encouraging given that the national government had to invest for recovery efforts in the aftermath of Super Typhoon Yolanda.
“This is an example of how our economic strength translated directly to resiliency in service of our affected countrymen,” Purisima said.
On the other hand, the DOF data noted that revenues for November totaled P165 billion, improving by 6 percent year-on-year.
Aggregate revenues from January to November 2013 reached P1.566 trillion, an 11-percent increase over the same period in 2012.
The DOF also reported that both Bureau of Internal Revenue (BIR) and Bureau of Customs (BOC) collections gained double-digit year-on-year growth rates in November 2013.
BIR revenues of P126.5 billion for the month reflected a 14-percent increase over the same month in 2012, while BOC collections amounted to P28.2 billion, a 19-percent growth over 2012.
The Bureau of Treasury exceeded its program collection over the January to November period by 44 percent, raking in P75.5 billion.
Expenditures hit P164B
The DOF data, on the other hand, showed that expenditures of the national government amounted to P164 billion for November, bringing the January to November level to P1.677 trillion, a 9-percent increase over the same period in 2012.
“Due to the net issuance of fixed rate treasury bonds for the year, interest payments for November inched 2 percent above program,” the agency stated.
However, the data noted that year-to-date interest payments of P296.7 billion remain below the government’s cap of P302.8 billion, reflecting interest savings of P6.1 billion.
The agency said that the national government continues to show progress in reducing interest payments as a share of national expenditures.
January to November 2013 payments narrowed down to 17.7 percent of the government’s total disbursements, versus 18.4 percent in the same period in 2012.