INQUIRER FILE PHOTO
According to the Bureau of the Treasury (BTr), the national government’s budget deficit for May decreased by 16.7% to P122.2 billion from the previous year’s P146.8 billion due to a higher growth rate in revenue compared to spending.
The data from BTr also revealed that the deficit for January to May decreased by 28.9% to P326.3 billion from P458.7 billion.
Revenues for May grew by 9.4% to P333.4 billion, while five-month receipts increased by 108% to P1.41 trillion. Expenses only rose by 0.9% to P455.7 billion in May, with five-month disbursements growing slightly higher at 1.2% to P1.92 trillion.
Despite these figures, the budget deficit as of May only accounted for about 22% of the projected P1.499 trillion needed to fund the Marcos administration’s programs this year, according to the interagency Development Budget Coordination Committee. Finance Secretary Benjamin Diokno noted that slow spending among government agencies remains a problem, but there is still time to address this issue.
Last month, Budget Secretary Amenah Pangandaman encouraged government agencies to accelerate their budget disbursement and spending to support project implementation.
The Bureau of Internal Revenue (BIR) contributed P213.3 billion in revenues for May, a decrease of 3.3% from the previous year’s P216.6 billion. However, BIR’s total collections for the first five months reached P1.05 trillion, an increase of 10% from P959 billion.
The Bureau of Customs (BOC) saw a 17.6% increase in collections for May, amounting to P77.9 billion compared to P66.3 billion in the same month last year. BOC’s five-month intake reached P359.3 billion, a 12.1% increase from P320.5 billion.
In May, the increase in spending was mainly hindered by lower National Tax Allotment shares of local government units and net lending assistance to government corporations.
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Omprakash Tiwary is a business writer who delves into the intricacies of the corporate world. With a focus on finance and economic landscape. He offers readers valuable insights into market trends, entrepreneurship, and economic developments.
Denial of responsibility! Samachar Central is an automatic aggregator of Global media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, and all materials to their authors. For any complaint, please reach us at – [email protected]. We will take necessary action within 24 hours.
