The national government’s fiscal deficit reached P127.3 billion as of end-November 2012, the Bureau of Treasury (BTr) said on Thursday.

In a statement, the BTr said that the national government deficit in November was up by P31.046 billion or 32.3 percent than deficit level of the same period last year.

But the cumulative deficit represented only 45.6 percent of the full-year program of P279.106 billion for 2012.

”For the month of November, the national government posted a deficit of P11.564 billion, 47.4 percent lower than the deficit for the same month last year,” the Treasury said.

Meanwhile, revenue collections reached P155.308 billion, 20.6 percent higher compared to the collections level of the same month last year.

Actual collections for the month were recorded at P110.767 billion for Bureau of Internal Revenue (BIR) and P23.749 billion for Bureau of Customs (BOC), which altogether represented 87 percent of total revenues.

The remaining non-tax revenues include collections from other government offices and income by the Bureau of Treasury amounting to P12.185 billion and P8.607 billion, respectively.

The BTr also noted that revenue performance for November reached P1.408 trillion for January to November this year, or an improvement of 13 percent compared to same period last year.

Of the total revenues, P1.247 trillion, or 89 percent were tax collections, while P161.574 billion were collections from non-tax sources.

The BIR and the BOC registered a growth in revenue collection of 14 percent and 9 percent, respectively, for the first 11 months compared to same period last year.

For January to November 2012, total disbursements of about P1.535 trillion, 15 percent higher than the comparable disbursements in 2011.

For its part, the Department of Budget and Managemen reported that national government disbursements from January to November this year increased by 14.1 percent to P1.54 trillion, from P1.35 trillion in the same period of 2011.

Budget Secretary Florencio Abad said that disbursements net of interest payments during the 11-month period increased by 14.5 percent year-on-year to P1.25 trillion.

The growth rate of agency disbursements is faster than the 12.3-percent growth of interest payments.

Abad also noted that spending in November reached P166.9 billion, 10.7 percent higher than the P150.7-billion spent in November 2011. Non-interest disbursements during the month increased by 12.6 percent, however, this was tempered by the 4.6-percent decline in interest payments.