May NG fiscal deficit down to P146.8b year-to-date shortfall at P458.7b
The National Government (NG) registered a budget deficit of P146.8 billion in May, down by 26.72 percent from P200.3 billion recorded a year ago due to double-digit revenue growth alongside the 1.10 percent contraction in government expenditures.
The resulting year-to-date budget gap likewise declined by 18.99 percent or P107.5 billion to P458.7 billion from the previous year’s out turn of P566.2 billion.
Total revenues grew by 18.91 percent to P304.9 billion for the month compared to P256.4
billion collected in May 2021. Year-to-date collection amounting to P1,437.2 billion also
reflected a 15.46 percent or P192.4 billion improvement over last year’s comparable revenue performance.
Ninety percent or P1,289.6 billion of the total collections was sourced from taxes while the remaining 10% or P147.6 billion came from non-tax revenues.
The Bureau of Internal Revenue’s (BIR) net collections amounted to P216.6 billion notching a 17.91 percent or P32.9 billion increase from the P183.7 billion logged in the same
month last year.
Likewise, BIR’s total collection of P959 billion as of end-May beat last year’s performance for the same period by 9.92 percent or P86.6 billion.
The Bureau of Customs (BOC) collected P66.3 billion in May, registering year-on-year growth of 36.35 percent or P17.7 billion, the highest growth achieved since the beginning of the year.
This drove BOC’s cumulative collections to P320.5 billion as of end-May, 28.42 percent or P70.9 billion above the previous year’s outcome of P249.6 billion.
The Bureau of the Treasury’s (BTr) income for the month amounting to P8.9 billion was
lower by 28.22 percent or P3.5 billion year-on-year largely due to lower dividend remittances.
Nevertheless, BTr’s year-to-date collection of P83.4 billion still grew by 37.08 percent or P22.5 billion compared to last year’s P60.8 billion on account of higher dividend remittances, National Goverment share from PAGCOR income as well as income from Bond Sinking Fund (BSF) investments.
May collections from other offices (other non-tax including privatization proceeds
and fees and charges) increased by 8.35 percent over last year at P10.4 billion, bringing
January to May collections to P64.2 billion, also higher by 18.49 percent or P10.0 billion over the same period a year ago.
1 Net of P235.0 million tax refund, May total BIR collection is P216.9 billion inclusive of tax refund.
2 Net of tax refund amounting to P1.8 billion, May total BOC collection inclusive of tax refund is P68.1 billion.
The P451.7 billion NG expenditure for the month was slightly lower by 1.10 percent or P5
billion compared to last year’s P456.7 billion. Nevertheless, year-to-date disbursements of
P1,895.9 billion still outperformed the January-May 2021 level by 4.69 percent or P84.9
Primary spending (net of interest payment) was at P417.9 billion, down by 2.32 percent or
P9.9 billion year-on-year. Meanwhile, the cumulative primary expenditures as of end-May
stood at P1,675.5 billion, 2.64 percent or P43.1 billion higher than comparable figures last
Total interest payments (IP) for the month were up by 16.93 percent or P4.9 billion
from a year ago, reaching P33.8 billion. The resulting cumulative IP of P220.5 billion
likewise exceeded the P178.6 billion actual payment made in the first five months of
For the period January ? May, interest payments accounted for 15.34 percent of
revenues and 11.63 percent of expenditures, up from last year’s 14.35 percent and 9.86 percent, respectively.
Excluding interest payments from expenditures, National Government achieved a P113.0 billion primary deficit for the month, 34.09 percent or P58.4 billion lower compared to last year.
Similarly, the aggregate primary budget deficit of P238.2 billion from January to May contracted by 38.54 percent or P149.4 billion from the P387.6 billion primary deficit posted in the equivalent period a year ago. Bureau of Treasury