The national government incurred a budget deficit of P39.1 billion in November, as the 19-percent growth in disbursements outpaced the 7-percent expansion in revenue collection, the Bureau of the Treasury said Thursday.
Data showed the November deficit was 354 percent wider than the P8.6-billion shortfall registered in the same month last year.
This brought the budget deficit in the first 11 months to P477.2 billion, accounting for 91 percent of the 2018 full-year deficit target of P523.7 billion. This was also 96 percent higher than the budget deficit of P243.5 billion a year ago.
“Government revenues in November posted a 7-percent increment over similar collections last year to reach P259.7 billion, driving the year-to-date collections to P2.6 trillion, up from last year by 16 percent or by P367.9 billion,” the agency said.
The Treasury said of the total revenues, 93 percent were from tax collections while 7 percent were from non-tax sources. About 92 percent of the P2.84 trillion full-year revenue program was collected thus far.
Collections by the Bureau of Internal Revenue increased 7 percent in November to P192 billion from P179.4 billion raised in November 2017. Total BIR collections in January to November reached P1.8 trillion, up by 11 percent or P179.9 billion cover the same period last year.
The Bureau of Customs raised P47.9 billion in November, up by 3 percent or P1.5 billion year-on-year. “The 30-percent growth from January to November 2017’s collections results in a year-to-date balance of P538.5 billion,” it said.
The income of the Bureau of the Treasury in November improved 10 percent to P4.7 billion. Likewise, the year-to-date BTr total income of P103.6 billion exceeded last year’s collection by 20 percent or P17.1 billion.
Non-tax revenues from other offices climbed 16 percent to P12.8 billion in November from the 2017 level. Year-to-date collections from January to November soared 41 percent or P44.6 billion year-on-year to P154.4 billion.
National government disbursements reached P298.9 billion in November, 19 percent or P46.7 billion higher than the spending performance in the same period last year. The resulting year-to-date expenditures of P3.09 trillion was higher than the previous year’s level by 24 percent or by P601.7 billion.
Interest payments in November grew 20 percent year-on-year to P24.7 billion, mainly due to discounts of re-issued bond series and valuation effect of year-on-year peso depreciation.
This led to a total IP of P320 billion from January to November, 10 percent or P30 billion higher than the total IP posted in the same period in 2017.
Interest payments as a percentage of expenditures in January to November declined to 10.3 percent from 11.6 percent a year ago. Meanwhile, IP as a percentage of total revenues similarly decreased to 12.2 percent from 12.9 percent.
“Not surprisingly, the national government recorded a P14.5 billion primary deficit for the month, in contrast to the P12-billion primary surplus registered last year. The year-to-date primary deficit of P157.2 billion, was a reversal of the P46.5 billion primary surplus recorded last year, owing to the national government’s aggressive ‘Build, Build, Build’ program and investment in human capital,” the Treasury said.