Gov’t posts record surplus in April

MANILA, Philippines - The government enjoyed a record high budget surplus in April due to an 18-percent increase in revenue collections and a six-percent drop in expenditures, the Department of Finance (DOF) reported yesterday.

The government recorded a  budget surplus of P80.9 billion in April, more than double the P36.8 billion in the same month last year.

“The month of April sustained the strong fiscal performance we experienced in the first quarter of the year,” Finance Secretary Cesar V. Purisima said.

According to the DOF, government revenues reached P224.4 billion in April, an 18-percent increase from P190 billion a year ago. Expenditures for the month however were six percent lower   at P143.6 billion from a year ago, thus the budget surplus for the period.

Despite the April surplus, the government was still in deficit in the first four months at P3.3 billion, albeit much lower than the P29.7 billion a year ago.

 Total collections of the Bureau of  Internal Revenue amounted to  P156.1 billion, up five percent from  year-ago levels, while the Bureau of Customs improved its collections by 13 percent to P30.8 billion.

The Bureau of Treasury contributed P30.8 billion in revenues, while other government offices reported revenues of P6.7 billion.

Interest payments plunged 43 percent to P13.4 billion, while other expenditures climbed one percent to P130.2 billion.

Revenues during the four-month period climbed 12 percent to P622.9 billion, while expenditures also rose seven percent to P626.1 billion.

The revenue boost  came from the Bureau of Treasury, which raised P30.8 billion in April, with dividends from GOCCs alone hitting P18.5 billion.

“Total (Bureau of Treasury) income for April is five times the amount in 2013, bringing the January-April 2014 collections to P51.8 billion, while approaching 92 percent of the revenue target for 2014,” the DOF said.