The government’s budget deficit rose 0.3 percent in November to P128.7 billion from a year ago, as both revenues and expenditures grew 15.6 percent and 10.3 percent, respectively, the Bureau of the Treasury said Friday.
This brought the 11-month budget deficit to P1.3 trillion, surpassing the gap registered in the same period last year by 24.6 percent or P263.2 billion, although accounting for just 72 percent of the P1.9-trillion revised 2021 program.
Revenues in November climbed 15.6 percent or P38.2 billion to P284.0 billion, resulting from the gradual resumption of economic activities compared to last year. Tax revenue increased 14.3 percent year-on-year and contributed P270.3 billion or 95 percent to the total, while the remaining P13.7 billion was raised through non-tax collections which also registered a 48.70-percent increase over last year.
The P2.8-trillion cumulative revenues from January to November accounted for 96 percent of the P2.9-trillion revised full-year program and were higher by 6 percent or P156.8 billion over collections achieved in the 11-month period last year.
The Bureau of Internal Revenue collected P210.7 billion (net of P1.1-billion tax refund) in November, up 10 percent or P19.1 billion from last year’s comparable performance. BIR’s total collection as of end-November reached P1.9 trillion or 7.2 percent faster than the P1.8 trillion raised in the same period in 2020 and comprised 92 percent of the revised full-year target of P2.1 trillion.
The Bureau of Customs registered a double-digit year-on-year growth of 32.5 percent or P14.2 billion with November net collections of P57.9 billion. BOC’s cumulative revenue in the 11-month period amounted to P583.3 billion, up by 18.5 percent over last year’s comparable outturn and represented 95 percent of the P616.7 billion adjusted program for the year.
The total income of the Bureau of the Treasury more than doubled in November to P6.1 billion from last year, driven by the increase in dividend remittances and national government’s share from the income of the Philippine Amusement and Gaming Corp.
The Treasury’s cumulative income of P120.6 in the first 11 months was lower by 42.9 percent or P90.7 billion than in the same period last year, although it exceeded the original full-year program of P74.7 billion by 61.5 percent or P45.9 billion.
The government’s disbursement in November amounted to P412.7 billion, outperforming the previous year’s actual level of P374.1 billion by 10.3 percent or P38.7 billion.
“This is mainly attributed to the higher spending performance by the DPWH, DND, DOH, CHED, and DSWD. As a result, cumulative expenditures as of end-November rose to P4.1 trillion, growing by 11.40 percent or P420.1 billion year on year, but only accounted for 87 percent of the P4.7-trillion revised program for the year,” the Treasury said.