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Business
Jan.-Oct. deficit hits P115.74 billion

The national government’s fiscal deficit from January to October of this year reached P115.736 billion, which is within its target.

“The fiscal deficit for the first 10 months of the year amounted to P115.736 billion, with revenues up 11.8 percent and expenditures rising 14.5 percent to P1.369 trillion. This resilient performance from both sides of the national ledger greatly reduces the risk of fiscal slippage by year-end, as it is well within the full year deficit program of P279.106 billion,” Finance Secretary Cesar Purisima said on Thursday.

“Netting out interest payments, the administration still operates at a primary surplus of P150.953 billion. The government operated at a primary surplus of P11.766 billion in October this year, against the primary deficit of P8.6 billion of October last year,” he added.

The national government deficit in October amounting to P9.674 billion is P11.583 billion lower than the P21.257-billion deficit incurred for the same month last year.

Revenue collections reached P134.320 billion for the month of October. Actual collections for the month were recorded at P86.105 billion for Bureau of Internal Revenue and P26.934 billion for Bureau of Customs, representing a growth rate of 22 percent and 18 percent, respectively.

“The government collected P134.320 billion in October, soaring 29.2 percent from the last year and bringing the 10-month aggregate revenue to P1.253 trillion. This is the second highest monthly growth for the year,” Purisima said.

Total tax revenues amounted to P114.756 billion, representing 85 percent of the total revenue take for the month.

Income from the Bureau of the Treasury amounted to P6.298 billion, a growth of 140 percent, while collections from other government offices for the month were recorded at P14.983 billion.

The revenue collection of P1.253 trillion billion for the first 10 months of the year is 12 percent more than the P1.121 billion collected during the same period last year.

For January to October 2012, total government disbursements amounted to P1.369 billion, which is 15 percent higher than the comparable disbursements in 2011. Actual disbursements in October amounted to P143.994 billion.

Refer http://www.manilatimes.net/index.php/business/top-business-news/36322-jan-oct-deficit-hits-p115-74-billion

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Jan.-Oct. deficit hits P115.74 billion


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