Philippine budget gap reached PHP 63.6 billion in May this year, 15 percent lower than the PHP 75.1 billion deficit in the same month last year.
Data released by the Bureau of Treasury (BTr) Friday showed that the government spent more than its revenues in May 2017.
Data show that government revenues last May reached PHP 228.3 billion, 14 percent higher than year-ago’s PHP 199.8 billion.
But expenditures rose 20 percent year-on-year to PHP 261.7 billion from PHP 217.4 billion in May 2016, data show.
The Bureau of Internal Revenue (BIR), which collects around 70 percent of taxes, contributed PHP 158.7 billion, up five percent from its PHP 151.6 billion collections.
The Bureau of Customs (BOC) shared in PHP39.6 billion, 23 percent higher than its PHP32.1 billion revenues in May 2016.
Non-tax revenues came from the BTr, which collected PHP 18 billion, up 214 percent from its PHP 5.7 billion year-ago collections, and the Other Offices, which collected PHP 9.3 billion, four percent higher than the PHP9 billion revenues in May last year.
In the first five months of the year, revenues rose eight percent year-on-year to PHP996.5 billion and expenditures by six percent to PHP1.06 trillion.
BIR revenues for the period totaled PHP716.8 billion, up nine percent from year-ago’s PHP659.4 billion.
BOC’s collection increased by 13 percent from year-ago’s PHP155.3 billion to PHP174.9 billion.
BTr contributed PHP48 billion, down 18 percent from year-ago’s PHP 58.6 billion, and the Other Offices’ share reached PHP47.7 billion, seven percent more than the PHP44.6 billion revenues same period last year. (Joann Santiago/PNA)
