PH posts P11.8-B budget surplus in May


Posted at Jun 26 2014 12:45 PM | Updated as of Jun 26 2014 10:47 PM

MANILA, Philippines – The national government incurred a second straight-month budget surplus in May amid lower spending and shortfall on target revenues, the Department of Finance (DOF) said Thursday.

Finance Secretary Cesar Purisima said the budget surplus of P11.8 billion in May was supported by a 12 percent growth in revenue collections.

“In the month of May, we saw total revenues, tax revenues, BIR collections, and Customs collections expanding at double-digit growth rates. This signifies the third straight month of double-digit year-on-year growth for total revenues and the fifth straight month for Customs,” he said.

Government posted revenues of P172.23 billion in May, an increase of 12 percent from the P154.04 billion in May last year.

The Bureau of Internal Revenue and Bureau of Customs collections, meanwhile, registered double-digit growth rates despite its shortfall in target revenues.

Its spending decreased by 4 percent in May.

In January to May, the budget surplus resulted to P8.5 billion, a turnaround from the aggregate deficit position that the government has usually run since April 2011.

The second straight monthly budget surplus was a first in six years. -- With ANC