Gov't posts usual April surplus on higher revenues

MANILA, Philippines -- The Aquino administration posted a budget surplus in April on the back of revenues rising the fastest in 11 months during the period marking the deadline of paying income taxes.

 

The surplus -- which indicates government earned more than it spent -- amounted to P55 billion, five percent wider than same period last year, the Bureau of the Treasury reported on Wednesday.

 

This trimmed the budget gap for the first four months to P69.8 billion.

 

"Consistently solid fiscal performance has put the nation on the firmest fiscal footing in history," outgoing Finance Secretary Cesar Purisima said in a statement.

 

"I am highly confident that the next administration has what it takes to improve and build on our gains moving forward," he added.

 

A budget surplus is usually recorded in April as more revenues come in from income taxes filed and paid during the mid-month deadline.

 

For this year, revenues that month reached P246.6 billion, up 18 percent which was the fastest since May last year's 40-percent increase.

 

Expenditures, meanwhile, continued its double-digit growth at 22 percent to P191.6 billion, data showed. 

 

The Bureau of Internal Revenue (BIR), which collects income taxes, led revenue gains by raising P177.7 billion, up by a tenth year-on-year. It missed its P222.09-billion goal.

 

On the other hand, the Bureau of Customs, with recovering oil prices, increased its take 16 percent to P32.7 billion in April.

 

BIR and Customs, which collectively account for 90 percent of state revenues, boosted their collections nine and two percent, respectively, in the first four months.