PHL posts Php 23.7-B budget gap in February ’17

MANILA- - Higher government spending in February 2017 resulted a Php 23.7-billion fiscal deficit for the month even as the main collecting agencies registered improvements in tax collections.

Data released by the Department of Finance (DOF) Thursday showed that government expenditures in the second month this year reached Php 175.6 billion, up one percent from year-ago's Php 173.6 billion.

Revenues during the same month amounted to Php 151.8 billion, up nine percent from the Php 139 billion same period in 2016.

Of the total, the Bureau of Internal Revenue (BIR), which collects around 70 percent of total taxes, contributed Php 105.9 billion, up 12 percent from the Php 94.8 billion it registered during same month last year.

The Bureau of Customs (BOC) collected Php 30.9 billion, 14 percent higher than its Php 27 billion revenues in January 2016.

Meanwhile, both the Bureau of the Treasury (BTr) and the Other Offices registered contractions in their collections last February.

BTr collected Php 5.3 billion, down eight percent from year-ago's Php 5.8 billion, and the Other Offices contributed Php 7.7 billion, lower by 17 percent than it's Php 9.2 billion collection in February last year.

For the first two months this year, the government registered a Php 21.5 billion budget gap, 44 percent lower than the Php 38.1 billion deficit same period in 2016.

Expenditures reached Php 373.7 billion, four percent higher than year-ago's Php 359.3 billion.

Revenues were up by 10 percent to Php 352.2 billion against year-ago's Php 321.2 billion.

BIR collection rose 13 percent to Php 253.3 billion and BOC's by 15 percent to Php 66.8 billion.p>BTr registered a three percent drop in revenues to Php 13.3 billion as well as the Other Offices, which posted a 28 percent decline in collections to Php 15.6 billion.

Source: Philippines News Agency