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THE NATIONAL Government’s budget deficit narrowed to P123.9 billion in November, as revenue growth outpaced state spending.
A WORKER cuts metal in a construction area in Binondo, Manila, March 24. — PHILIPPINE STAR/ RUSSELL PALMA
Data sent by Finance Secretary Benjamin E. Diokno to reporters on Wednesday showed the fiscal gap shrank by 3.7% to P123.9 billion last month from the P128.7-billion deficit in November 2021.
Month on month, the November deficit widened from the P99.1 billion in October.
In the 11 months to November, the budget deficit shrank by 7.2% to P1.24 trillion, from the P1.33-trillion gap in the same period last year.
Mr. Diokno said this was 75% of the revised P1.7-trillion full-year deficit program.
The Bureau of the Treasury (BTr) has yet to officially release its cash operations report for November.
In November, revenue collections jumped by 16.57% to P331.1 billion, from P284.4 billion in the same month in 2021.
Tax revenues increased by 15.92% year on year to P312.9 billion in November. The Bureau of Internal Revenue (BIR) collected P237.1 billion, up by 12.53% year on year, while the Bureau of Customs (BoC) saw its collections surge by 30.74% to P75.7 billion. There were no revenues recorded from other tax offices.
Nontax revenues went up by 28.96% to P18.2 billion in November, as the BTr reported a 13.25% drop in revenues to P5.3 billion. Other offices saw a 61.04% increase in revenues to P12.9 billion.
Meanwhile, state spending rose by 10.24% to P455 billion in November, from P412.7 billion a year ago.
Primary spending — which refers to total expenditures minus interest payments — rose by 12.43% to P428.9 billion year on year from P381.5 billion.
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