BUDGET DEFICIT. The Bureau of the Treasury says on Thursday (Dec. 28, 2023) that the national government's budget deficit narrowed to PHP93.3 billion in November this year. The BTr said this is lower by 24% than last November last year's PHP123.9 billion. (PNA file photo)
MANILA – The national government's (NG) budget deficit went down by 24.75 percent in November due to the growth in revenue collection and a decline in public spending.
In a report on Thursday, the Bureau of the Treasury (BTr) said the budget deficit during the month amounted to PHP93.3 billion, lower than the PHP123.9 billion recorded in the same month last year.
The government incurs a budget deficit when spending exceeds its revenues.
Revenues during the month went up by 2.82 percent to PHP340.4 billion from PHP331.1 billion, driven by the 218-percent increase in non-tax collection.
Collections from January to November this year reached PHP3.56 trillion, higher by 8.75 percent than the PHP3.2 trillion revenues in the same period last year.
According to the BTr, the amount represents 95.58 percent of the P3.729 trillion revenue target for 2023.
"Of the YTD (year-to-date) collection, 89.28% (PHP3.182 trillion) was generated through taxes with the remaining 10.72% coming from non-tax sources," said the BTr.
The national government's expenditures, meanwhile, went down by 4.69 percent to PHP433.6 billion from PHP455 billion in November 2022.
"NG expenditures for November slowed by 4.69% or P21.3 billion on a YoY basis partly due to the lower National Tax Allotment shares of LGUs (local government units), lower direct payments made by development partners for the foreign-assisted rail transport projects of the DOTr (Department of Transportation), as well as the different timing or schedule of big-ticket disbursements in the DPWH (Department of Public Works and Highways) and the DSWD (Department of Social Welfare and Development)," said the BTr.
Year-to-date, spending amounted to PHP4.67 trillion, up by 3.59 percent from PHP4.5 trillion in 2022.
The BTr said the amount is equivalent to about 89.42 percent of the expenditure program for this year. (PNA)
