Gov’t collection deficit doubles to P21 Billion

COLLECTIONS of the government’s major revenue-generating agencies continue to improve but was offset by the 14.84 percent year-on-year expansion in spending resulting to the P21.26 billion deficit last October.
Revenues rose by 5.52 percent to P103.94 billion against year-ago’s P91.50 billion while expenditures rose by 14.84 percent to P125.2 billion from P109.02 billion same period last year.
“Revenue collections continue to improve as government expenditures were ramped up to boost growth and shield the Philippine economy from the present global uncertainties,” Finance Secretary Cesar Purisima said.
Data released by the Bureau of the Treasury (BTr) showed that deficit last October rose by 102.2 percent, amounting to P10.743, from year-ago’s P10.51 billion.
This brought the 10-month deficit to P74.25 billion, 72.53 percent lower than the P270.30 billion same period last year and way below the P300 billion ceiling set for this year.
Revenues as of last October rose by P1.12 trillion, 12.87 percent higher than year-ago’s P993.22 billion.
However, expenditures continue to be lower year-on-year after it only reached P1.2 trillion, 5.40 percent lower than year-ago’s P1.26 trillion.
Specifically, collections by the Bureau of Internal Revenue (BIR), which collects 70 percent of government revenues, rose by 10.92 percent to P70.50 billion last October from year-ago’s P63.57 billion.
While its year-to-date collections jumped by 12.80 percent to P756.76 billion from the P670.9 billion same period last year.
“For the remaining two months, BIR Commissioner Kim S. Jacinto-Henares believes her bureau’s P940-billion 2011 collection goal can still be reached, banking on better tax administration to collect a total of P183.236 billion until December,” Purisima said.
For the Bureau of Customs (BOC), its October 2011 revenues reached P22.84 billion, 1.18 percent higher than year-ago’s P22.58 billion.
While its collections in the first 10 months this year rose by 1.84 percent to P217.78 billion from the P213.53 billion same period last year.
Purisima noted that BOC’s cash collections expanded by 13.06 percent to P212.7billion from year-ago’s P188.203 billion while non-cash collections contracted to P4.675 billion because of lower rice importation on account of good harvest year for the country.
“Rest assured that we are continuously strengthening our trade facilitation efforts led by Commissioner Rozzano Rufino B. Biazon and vigorously pursuing the crackdown against smugglers in a bid to take in more revenues for the government,” he said. [PNA]