PH posts P21.9-B budget surplus in Aug, 1st in 4 months
MANILA, Philippines - The national government posted a fiscal surplus of P21.9 billion in August, an eight fold increase from the P2.5 billion surplus a year ago. This was also 8% above the P20.3 billion target for August.
For the first eight months of the year, the overall fiscal deficit stood at P82.6 billion, 35% of the 2013 goal.
The Bureaus of Internal Revenue, Customs and Treasury all achieved double digit growth in August compared to the previous year.
Finance Secretary Cesar Purisima said the August surplus was achieved despite nearly on-target spending, signaling the government's success at sustaining fiscal strength.
"The above-target surplus is highly encouraging given that the government came very close to hitting its spending target in August. As other economies in Asia are resorting to aggressive revenue measures, we have proven that good governance has had a dramatic effect in restoring stability to the coffers of the government," Purisima said.
The Department of Finance has programmed a budget deficit of P144.5 billion for Jan-Sept, with total revenue of P1.3 trillion against total expenditures of P1.4 trillion.
In August, revenue collections reached P155.1 billion, 20% higher than year-ago figures.
Actual disbursements for August amounted to P133.2 billion, a 5% jump year-on-year.