Manila—(PHStocks)—The national government posted a surplus of PhP55.0 in April 2016 on the back of strong revenue collections, bringing the year-to-date deficit down to PhP57.5 billion. Net of interest payments, the national government’s primary balance for January-April 2016 stood at a surplus of PhP59.9 billion. April 2016 surplus stood at PhP69.8 billion.
National government revenues for the month amounted to PhP246.6 billion, 18% or PhP37.5 billion higher than recorded in April 2015, while expenditures totaled PhP191.6 billion, 22% or PhP35.1 billion wider than year-ago figures.
Year-to-date, total revenues rose 7% year-on-year, amounting to PhP725.6 billion, while expenditures expanded 19% to reach PhP783.1 billion.
“I am pleased to report a strong finish on both the revenue and expenditure sides of the Republic’s balance sheet. Consistently solid fiscal performance has put the nation on its firmest fiscal footing in history. The aggressive expansion of fiscal space in a span of 6 years has also funded the most intensive amount of investment the country has seen–fuel for Asia’s bright star to keep burning bright in these challenging times. I am highly confident that the next administration’s economic team has what it takes to improve and build on our gains moving forward,” said Finance Secretary Cesar V. Purisima. “In a volatile world flirting with crisis after crisis, I believe the Philippines has worked and earned the right to be defiantly optimistic.”
The Bureau of Internal Revenue collected PhP177.7 billion for the month, up by 10% or PhP16.9 billion year-on-year. Collections stood at PhP507.8 billion for January-April 2016, expanding 9% on-year.
Meanwhile, as collections on oil for the first four months of 2016 continued to shrink by 14% on the back of lower oil prices, the Bureau of Customs (BOC) more than made up for it in robust non-oil collections growth of 5.7% for the 4-month period and 21.6% just for the month of April. This caused the BOC to collect PhP32.7 billion for the month of April, a 16% jump from year-ago figures to haul a total of PhP123.2 billion for January-April 2016, reflecting a 2% growth.
The Bureau of the Treasury (BTr) raised PhP16.4 billion for the month, 142% higher year-on-year, and PhP52.4 billion in total for the January-April period, reflecting a 7% increase year-on-year. Interest payments amounted to PhP14.8 billion for April 2016, lower by 6%, and PhP117.4 billion for the first four months of the year. Interest payments accounted for 15% of expenditures for January-April 2016, down from 18% posted a year ago.