The government incurred a budget deficit of P75.3 billion in September after posting a surplus in the previous month, data from the Bureau of Treasury show.
The bureau said in its web site Tuesday the budget deficit widened more than three times from P22.1 billion a year ago. It was also a reversal of the P32.6-billion budget surplus in August 2016.
The September figure brought the government’s fiscal position to a deficit of P213.7 billion in the first nine months of the year, higher than the P25.6-billion gap posted in the same period in 2015.
The government said netting out interest payments, it posted a primary balance deficit of P42.7 billion in September.
Government revenues in September rose percent year-on-year to P166 billion, bringing year-to-date collections to P1.64 trillion.
The Bureau of Internal Revenue collected P113.0 billion in September, up 1 percent over the same period in 2015. BIR collections in the nine-month period rose 9 percent year-on-year to P1.2 trillion.
The Bureau of Customs increased collections 2 percent to P33.3 billion. Customs has raised P287.9 billion in the first three quarters, up 7 percent on year.
Collections of the Bureau of the Treasury contracted 3 percent to P7.7 billion due to lower income gained from deposits and investment.
Collections from other offices (non-tax) for the month grew 2 percent to P10.2 billion year-on-year while the cumulative reached P88.4 billion.
“The resulting 44 percent contraction in year-to-date collections is still due to the transfer of Coco Levy Assets to the Bureau of the Treasury which boosted 2015 receipts,” the Treasury said.
Meanwhile, government spending in September rose 30 percent, the fastest in less than two years.
Expenditures in September increased to P241.3 billion, or P186.3 billion higher than P186.3 billion a year ago.
