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PHL gov't budget deficit up 15%, reaches P63 B

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MANILA — Philippine budget gap reached P 63.6 billion in May this year, 15 percent lower than the P 75.1 billion deficit in the same month last year.


Data released by the Bureau of Treasury (BTr) showed that the government spent more than its revenues in May 2017.


Data show that government revenues last May reached P 228.3 billion, 14 percent higher than year-ago’s P 199.8 billion.


But expenditures rose 20 percent year-on-year to P 261.7 billion fromP 217.4 billion in May 2016, data show.


The Bureau of Internal Revenue (BIR), which collects around 70 percent of taxes, contributed P 158.7 billion, up five percent from its P 151.6 billion collections.


The Bureau of Customs (BOC) shared in P39.6 billion, 23 percent higher than its P32.1 billion revenues in May 2016.


Non-tax revenues came from the BTr, which collected P 18 billion, up 214 percent from its P 5.7 billion year-ago collections, and the Other Offices, which collected P 9.3 billion, four percent higher than theHP9 billion revenues in May last year.


In the first five months of the year, revenues rose eight percent year-on-year to P996.5 billion and expenditures by six percent to P1.06 trillion.


BIR revenues for the period totaled P716.8 billion, up nine percent from year-ago’s P659.4 billion.


BOC’s collection increased by 13 percent from year-ago’s P155.3 billion to P174.9 billion.


BTr contributed P48 billion, down 18 percent from year-ago’s P 58.6 billion, and the Other Offices’ share reached P47.7 billion, seven percent more than the P44.6 billion revenues same period last year.

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