Gov't records over P40-B budget surplus in April

By Anna Leah Gonzales

May 23, 2024, 12:41 pm

MANILA – The national government recorded a PHP42.7-billion budget surplus in April this year, data from the Bureau of the Treasury (BTr) showed.

The BTr, in its latest cash operations report released on Thursday, said budget surplus during the month, however, was lower than the PHP66.8 billion recorded in the same month last year.

According to the BTr, the lower surplus was due to the faster increase in government spending which outpaced the growth in revenue collections.

Total revenues during the month amounted to PHP537.2 billion, up by 21.90 percent than the PHP440.7 billion collection in April last year.

"The positive outturn for the month was propelled by higher year-over-year (YoY) growth in both tax and non-tax revenues. The increase in tax revenues was fueled by double-digit growth in the collections of revenue collecting agencies while the increase in non-tax revenues was due to strong dividend remittance," the BTr said.

The national government's expenditures, meanwhile, amounted to PHP494.5 billion, up by 32.25 percent from last year.

"The expansion was driven by higher releases of the National Tax Allotment and subsidies to [government-owned and controlled corporations], including releases to [Power Sector Assets and Liabilities Management] pursuant to the Murang Kuryente Act, as well as the release of the 4th tranche of capitalization of the Coconut Farmers Industry Trust Fund," the BTr added. (PNA)