PHL govt posts P482-M budget surplus in Nov.

The government posted a budget surplus of P482 million in November, the second monthly surplus recorded by the Aquino administration since it assumed office on June 30.

The surplus last month helped trim the government’s deficit position to P269.8 billion in the first eleven months, Finance Secretary Cesar V. Purisima reported Tuesday.

“The National Government continued to demonstrate its resolve to maintain fiscal discipline when it posted a surplus of P482 million in November — the second surplus month of the five-month old Aquino Administration — on the back of improving revenue collections," Purisima said.

Purisima first reported a budget surplus in August.

“With a little more than five months into office, the Aquino administration has reversed the primary deficit of P50 billion that it had inherited at the beginning of July by posting a primary surplus of P5.2 billion for the period January to November," Purisima said. 

Disbursements in January-November totaled P1.374 trillion compared to revenues totaling P1.104 trillion, according to the Finance Department.

Revenues grew at a faster pace of 8.1 percent against 6.2 percent for disbursements, the department said.

Both the Bureau of Internal Revenue and the Bureau of Customs continued to make headway in their respective campaigns against tax evaders and smugglers, with both agencies reporting double-digit increases in collections last month, Purisima said.

In November alone revenues totaled P111.5 billion against disbursements of P111.1 billion, largely because the BIR posted P82.4 billion in revenues — up 17.8 percent year-on-year — while the Customs Bureau’s collections rose 14.1 percent to P20 billion.

For the BIR, November was its highest monthly growth rate in 32 months or in nearly three years.

Disbursements in November amounted to P111.1 billion or 16.7 percent below the P133.3-billion program for the month.

In January-November, the national government posted a deficit of P269.8 billion against P300.2 billion on program for the period.

The deficit target for 2010 is P325 billion or 3.9 percent of the gross domestic product.
— VS, GMANews.TV