The budget deficit incurred by the national government narrowed by 1.4 percent to P316.8 billion in the first quarter of the year from P321.5 billion in the same quarter last year on the back of the double-digit growth in revenue collections.
Data released by the Bureau of the Treasury (BTr) showed revenues collected by the national government went up by 12.6 percent to P784.4 billion from P696.5 billion.
The government’s tax take grew by 11.7 percent to P697.2 billion from P624 billion, while non-tax revenues collected jumped by 20.3 percent to P87.2 billion form P72.5 billion.
The collections of the Bureau of Internal Revenues (BIR) went up by seven percent to P502.8 billion form January to March this year compared to P469.7 billion, while that of the Bureau of Customs (BOC) surged by 26.4 percent to P188.6 billion from P149.2 billion.
The collections of the BTr jumped by 23.9 percent to P48.7 billion from P39.3 billion, as its earnings more than doubled last March propelled by higher dividend remittances, along with higher income from BSF investment, guarantee fees as well as national government share from PAGCOR income.
On the other hand, the Treasury also reported an 8.2 percent rise in government expenditures to P1.1 trillion from P1.02 trillion.
For the month of March alone, the government budget shortfall was cut by almost two percent to P187.7 billion from P191.4 billion in the same month last year.
Revenue collections soared by 36 percent to P293.9 billion from P216.2 billion, while government spending grew by 18.1 percent to P481.5 billion from P407.6 billion.