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Monday, March 4, 2024

Revenue collection up 16.6% in November

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The government’s budget deficit went down by 3.71 percent in November to P123.9 billion from P128.7 billion a year ago as revenue collection grew 16.57 percent, faster than the 10.24-percent increase in expenditures, the Bureau of the Treasury said Tuesday.

This brought the cumulative budget deficit as of end-November to P1.2 trillion, down by 7.23 percent or P96.3 billion from a year ago and represented 75 percent of the P1.7-trillion full-year program.

Revenue collection reached P331.1 billion in November, up by P47.0 billion from a year earlier, bringing the year-to-date collection to P3.3 trillion, 18.13 percent or P503.1 billion above last year’s figure and representing 99 percent of the P3.3-trillion goal for the year.

Taxes contributed P3.0 trillion or 90 percent to the total and registered a 17.48-percent year-on-year growth in the period. The balance of P317.7 billion (10 percent) from non-tax sources also improved by 24.59 percent from the previous year’s level.

The Bureau of Internal Revenue raised P237.1 billion (net of P471.0 million tax refund) in November, up 12.53 percent or P26.4 billion year on year. Cumulative collection by the agency from January to November reached P2.2 trillion, 12.56 percent or P240.6 billion higher over the same period last year.

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