Budget shows P29B surplus in Aug as revenues grow

The government’s budget posted a P28.8-billion surplus last August as revenue collections outstrip expenditures for the month.

Data released by the Bureau of the Treasury (BTr) showed expenditures in the month reached P201.6 billion, up 14 percent from P177 billion a year-ago.

Revenues, in turn, rose by 10 percent to P230.4 billion against year-ago’s P209.6 billion.

The Bureau of Internal Revenue (BIR), which collects around 70 percent of taxes, contributed P171.7 billion, nine percent higher than the P157.5 billion collections same month last year.

The Bureau of Customs’ (BOC) share reached P38.3 billion, 16 percent higher than its P33.1 billion revenues in August 2016.

As of August, the government’s budget deficit for the year stood at P176.2 billion, 27 percent higher than the P138.4 billion in the same period last year.

BIR revenues reached P1.157 trillion, nine percent up from year-ago’s P1.06 trillion.

BOC contributed P283.6 billion, 11 percent higher than its P254.6 billion collections in August last year.

Expenditures to date reached P1.777 trillion, 10 percent higher than the P1.619 trillion during the same period last year.