Gov't records budget surplus in January

By Anna Leah Gonzales

March 15, 2024, 8:17 pm

MANILA – The national government posted a budget surplus of PHP88 billion in January this year, up by more than 90 percent from a year ago's PHP45.7 billion.

"The fiscal outturn was brought about by a faster 21.15% year-over-year increase in revenue collection outpacing the 10.39% expansion in government spending," the Bureau of the Treasury (BTr) said in a report on Friday.

Total revenues during the month rose to PHP421.8 billion from PHP348.2 billion last year, driven by higher tax collections which comprised 91.31 percent or PHP385.2 billion of the total collection.

The remaining 8.69 percent or PHP36.6 billion was generated through non-tax sources.

The national government's disbursements, meanwhile, amounted to PHP333.99 billion, higher by 10.39 percent than last year's spending of PHP302.4 billion.

Primary expenditures, which accounted for 77.77 percent of the total, inched up to PHP259.6 billion from P255.4 billion posted a year ago.

Meanwhile, interest payments, which accounted for the remaining 22.23 percent, rose to PHP74.2 billion. (PNA)