National gov't reverts to P45.7b budget surplus for January
The National Government’s (NG) fiscal balance for January reverted to a budget surplus of P45.7 billion from last year’s P23.4 billion deficit.
The fiscal turnout for the period reflected 25.21 percent revenue growth
far exceeding the 0.32 percent increase in public expenditures.
The National Government collected P348.2 billion for the first month of 2023 compared to last year’s P278.1 billion.
Taxes made up 87.73 percent of the total collection reaching P305.4 billion and increasing by 19.48 percent year-over-year.
Meanwhile, non-tax revenue accounted for 12.27 percent (P42.7 billion) while also growing significantly by 90.37 percent from a year ago.
The Bureau of Internal Revenue’s (BIR) tax take grew by 19.94 percent (P39 billion) to P234.8 billion for January from P195.8 billion collected for the same month last year.
The higher outturn can be partly attributed to the revenue collection reforms undertaken by the agency, including its digitalization programs.
Similarly, the Bureau of Customs’ (BOC) collection of P70.6 billion for January reflected a 20.99 percent (P12.2 billion) year-on-year increase supported by stringent collection efforts.
The Bureau of the Treasury (BTr) booked P17.8 billion in revenue for the month, posting double-digit growth of 59.69 percent or P6.6 billion from last year’s similar collection.
This was primarily driven by higher investment, interest income on NG deposits and remittance of national government share in Philippine Amusement and Gaming Corp. profit.
Collections from other offices (non-tax revenues including privatization proceeds and fees and charges) comprised 58.46% of the non-tax component and rose to P25 billion in January 2023, more than twice the level recorded a year ago.
National Government disbursement for January stood at P302.4 billion, showing a marginal increase of 0.32 percent over last year’s P301.5 billion.
Excluding interest payments, primary expenditures actually grew by 8.28 percent or nearly P20 billion from last year’s outturn.
This resulted mainly from higher disbursements by the Department of National Defense (DND) and Department of Transportation (DOTr) for their capital outlay projects, as well as the Department of Social Welfare and Development (DSWD) and the Department of Education (DepEd) for the implementation of social protection programs and educational grants or subsidies, respectively.
Primary expenditures accounted for eighty-four (84 percent) of the total disbursements in January, equivalent to P255.4 billion.
Interest payments (IP), on the other hand, constituted the remaining
16 percent (P47 billion) and declined by 28.35% or P18.6 billion year-on-year partly due to the base effect of the timing of foreign IP1
IP in proportion to expenditures significantly decreased to 15.53% for January from 21.74 percent a year ago.
Similarly, IP relative to revenues for the month went down to
13.49 percent from 2022’s level of 23.57 percent.
Net of interest payments, National Government’s primary surplus for January was at P92.7 billion, increasing more than twofold from last year’s primary surplus of P42.2 billion. Bureau of Treasury