The national government registered a budget deficit of P146.8 billion in May, down by 26.72 percent from P200.3 billion recorded a year ago due to double-digit revenue growth alongside the 1.10-percent contraction in government expenditures.
The resulting year-to-date budget gap also declined by 18.99 percent or P107.5 billion to P458.7 billion from the previous year’s outturn of P566.2 billion.
Total revenues grew by 18.91 percent to P304.9 billion for the month compared to P256.4 billion collected in May 2021.
Year-to-date collection amounting to P1,437.2 billion also reflected a 15.46 percent or P192.4 billion improvement over last year’s comparable revenue performance.
Ninety percent or P1,289.6 billion of the total collections was sourced from taxes while the remaining 10 percent or P147.6 billion came from non-tax revenues.
The Bureau of Internal Revenue’s (BIR) net collections amounted to P216.6 billion, notching a 17.91 percent or P32.9 billion increase from the P183.7 billion logged in the same month last year.
Likewise, BIR’s total collection of P959 billion as of end-May beat last year’s performance for the same period by 9.92 percent or P86.6 billion.
The Bureau of Customs (BOC) collected P66.3 billion in May, registering year-on-year growth of 36.35 percent or P17.7 billion, the highest growth achieved since the beginning of the year.
This brought BOC’s cumulative collections to P320.5 billion as of end-May 2022, 28.42 percent or P70.9 billion above the previous year’s outcome of P249.6 billion.
The Bureau of the Treasury’s (BTr) income for the month amounting to P8.9 billion was lower by 28.22 percent or P3.5 billion year-on-year largely due to lower dividend remittances.
Nevertheless, BTr’s year-to-date collection of P83.4 billion still grew by 37.08 percent or P22.5 billion compared to last year’s P60.8 billion on account of higher dividend remittances, NG share from PAGCOR income as well as income from Bond Sinking Fund (BSF) investments.
May 2022 collections from other offices (other non-tax including privatization proceeds and fees and charges) increased by 8.35 percent over last year at P10.4 billion, bringing January to May collections to P64.2 billion, also higher by 18.49 percent or P10 billion over the same period a year ago.
The P451.7 billion national government expenditure for the month was slightly lower by 1.10 percent or P5 billion compared to last year’s P456.7 billion.
Nevertheless, year-to-date disbursements of P1,895.9 billion still outperformed the January-May 2021 level by 4.69 percent or P84.9 billion.*PNA
