Government books P43-billion budget surplus in April
At A Glance
- The national government had a budget surplus of P42.7 billion in April 2024.<br>The year-to-date budget deficit reached P229.9 billion by April.<br>Total revenue for the month was P537.2 billion, with tax collection accounting for 87.1% of the total.<br>The Bureau of Internal Revenue's collection grew by 12.6% to P378.5 billion. The Bureau of Customs collected P80.7 billion, a 19.52% increase from the previous year.<br>Government expenditure reached P494.5 billion.<br>Interest payment were P67.5 billion, 46% higher than the previous year.<br>Net of interest payments, the government recorded a P110.2 billion primary surplus for April.
The Bureau of the Treasury said that the Marcos administration recorded a budget surplus in April, albeit smaller than the previous year.
According to the Treasury bureau's report on Thursday, May 23, the national government's fiscal surplus fell 36 percent to P42.7 billion from P66.8 billion in April of the previous year.
April typically closes with a surplus because it marks the end of the tax filing season for annual income tax returns.
The decline was primarily fueled by a 32 percent surge in public spending, which reached P494.5 billion from P373.9 billion a year earlier.
In contrast, government revenues posted a much slower growth rate compared to expenditures.
The Treasury's report showed that tax and non-tax revenues totaled P537.2 billion last month, a 22 percent growth from P440.7 billion in April 2023.
Out of this total, the Bureau of Internal Revenue collected P378.5 billion, higher by 12 percent than the previous year's P336 billion.
Meanwhile, the Bureau of Customs recorded P80.7 billion in revenue, a 19 percent improvement from P67.6 billion a year ago.
Excluding interest payments of P67.5 billion, the national government's primary surplus amounted to P110.2 billion.
In the first four months of this year, the national government's budget deficit fell to P229.9 billion. However, this amount is still a 12 percent increase compared to the P204.1 billion recorded in the same period last year.
At end-April, revenues had risen by 17 percent to P1.471 trillion, while expenditures grew by 16 percent to P1.701 trillion.
The financing gap from January to April accounted for 15.48 percent of the Marcos administration's deficit ceiling of P1.484 trillion, equivalent to 5.6 percent of the country's economy.