spot_img
28.1 C
Philippines
Friday, March 29, 2024

Govt registered P6-b budget surplus in November

- Advertisement -

The government posted a P6-billion budget surplus in November, as public spending continued to lag behind the target, data from the Finance Department show.

It was the fourth month the government posted a surplus in 2015, although it was 12 percent lower than the P6.8-billion surplus recorded in November 2015.

This brought the government’s fiscal position to a deficit of P46.5 billion in the first 11 months, compared with the P26.78-billion deficit in the same period in 2014. 

The 11-month deficit, however, was 81 percent short of the P246.7-billion target deficit for the period.

The government said netting out interest payments, it posted a primary balance surplus of P22 billion in November.

- Advertisement -

Government revenues in November climbed 12 percent year-on-year to P177.5 billion but fell 21 percent short of the P224.065-billion programmed collection for the month.

The November collections brought the 11-month tally to P1.945 trillion, or 12 percent higher than P1.735 trillion recorded in the same period in 2014.  Actual collections missed the P2.089-trillion target for the period.

“We approach the P2-trillion mark, resolute in our commitment to expand fiscal space for the Filipino people. Hitting our infrastructure spending goal of 5 percent to GDP this year is no walk in the park; we still have a lot of catching up to do compared to our peers. Thus, we remain firm in our fiscal discipline. We will continue developing our tax administration and enforcement capacity,” Finance Secretary Cesar Purisima said.

Meanwhile, government spending in November increased 13 percent year-on-year to P171.4 billion from the P151.397 billion recorded in the same month last year. The figure, however, was 23 percent short of target, marking the sixth consecutive month the government missed the programmed expenditures.

Government spending increased 13 percent to P171.4 billion in November.  This brought total expenditures in 11 months to P1.99 trillion, which was also up 13 percent from a year ago.

Interest payments made by the government declined 12 percent year-on-year in November to P15.992 billion. Interest payments in 11 months hit P287.9 billion.

Budget Secretary Florencio Abad said the department would continue to address the issue of underspending in the government. 

“We, at DBM, are pleased to know that gradual efforts to address issues in underspending such as the GAA-as-Release Document, advanced procurement of goods and services, and the creation of full-time delivery units have produced positive results. As we expect agencies to fine-tune the schedule of their disbursements this year, we look forward to seeing more of its impact in the country’s fiscal performance,” Abad said.

- Advertisement -

LATEST NEWS

Popular Articles