Govt posts P2.6-B surplus in April

The government posted a P2.6-billion budget surplus in April, the first monthly surplus this year, but would have to continue toughening revenue collection and "leave the next administration with a manageable budgetary position." Department of Finance Secretary Margarito Teves said April’s surplus was because of government’s slow-moving expenditure growth with the election ban on spending. Total budget revenue in April amounted to P124.5 billion, up by 6.8 percent compared to April last year. The Bureau of Internal Revenue (BIR) collected P91.2 billion, exceeding its revenue goal by P4.96 billion. The Bureau of Customs (BoC) raised P22.8 billion – P83 million higher than its target. The income of the Bureau of Treasury (BTr) amounted to P5.1 billion., and revenues by other government offices, which included privatization, totaled P5.4 billion. Budget expenditures in April totaled P121.9 billion, an increase of 12.1 percent compared to the same month last year. But the expenditure growth in April was lower than the 25-percent increase in spending in March. For the first four months, however, the budget deficit amounted to P131.6 billion which, Teves said, was still below the government's deficit target of P145.2 billion for the first half of the year. Total revenues for the period totaled P390.3 billion, up by 10.9 percent from a year earlier. BIR revenues amounted to P265.1 billion, up by 9.6 percent, while the BOC collected 28.8 percent more at P83.4 billion. The BTr’s income amounted to P18.9 billion from January to April, and other government offices generated P23 billion. Total expenditures in the first four months rose by 12.5 percent to P521.9 billion from a year earlier. Net of interest payments, expenditures grew by 16.3 percent to P397.3 billion.—VS, GMANews.TV