Budget deficit slightly up in Nov

[ad_1]

THE national government’s budget deficit slightly went up in November as both government revenue and expenditure grew, the Bureau of the Treasury (BTr) said.

Data released by the BTr on Friday showed that the shortfall amounted to P128.7 billion, 0.33 percent higher than the P128.3 recorded a year ago.

The shortfall was higher than the P40.1-billion fiscal deficit from a year ago.

Revenues grew to P284 billion in November 2021, up from P245.8 billion the previous year “resulting from the gradual resumption of economic activities compared to last year,” according to the BTr.

Spending, on the other hand, expanded to P412.7 billion, picking up from P374 billion the year before.

“This is mainly attributed to the higher spending performance by the DPWH (Department of Public Works and Highways), DND (Department of National Defense), DoH (Department of Health), CHEd (Commission on Higher Education) and DSWD (Department of Social Welfare and Development). As a result, cumulative expenditures as of end-November rose to P4.1 trillion, growing by 11.40 percent or P420.1 billion yoy (year on year), but only accounted for 87 percent of the P4.7 trillion revised program for the year,” said the BTr.

The November budget gap raised the year-to-date shortfall to P1.3 trillion, compared to P1.06 trillion in the first 11 months of 2020.

For the first 11 months of the year, total revenues amounted to P2.7 trillion, higher by 5.99 percent from P2.6 trillion in 2020.

The BTr said this is equivalent to 96 percent of the P2.9 trillion revised full-year program.

The Bureau of Internal Revenue earned the majority of revenue during the period, with P1.9 trillion, higher by 7.17 percent from P1.7 trillion a year ago.

The Bureau of Customs, meanwhile, collected P583.3 billion, rising 18.4 percent from P492.3 billion the previous year.

In other offices, tax receipts reached P17.3 billion.

Meanwhile, nontax earnings declined by 19.9 percent to P257 billion from P322 billion with the Treasury contributing P120.6 billion, lower by 42.9 percent from last year, but already exceeding the original full-year program of P74.7 billion by 61.5 percent buoyed by higher dividend remittances, earnings from holdings, income from deposits with the Bangko Sentral ng Pilipinas as well as interest on advances from government-owned and -controlled corporations.

Other office revenues improved by 23.65 percent to P137.3 billion from P11 billion the previous year.

Spending in the first 11 months, meanwhile, amounted to P4.1 trillion from P3.6 trillion in the same period last year.



Source link

Leave a Comment

Your email address will not be published. Required fields are marked *