The government’s budget deficit jumped 43.8 percent in June to P215.5 billion from a year ago, driven by the 27.91-percent growth in expenditures that outpaced the 18.20-percent growth in revenue collection, the Bureau of the Treasury said Tuesday.
Data showed despite the increase, the P674.2-billion cumulative budget deficit in the first half still lagged by 5.84 percent or P41.8 billion from last year’s P716.1 billion. It was also lower than the P828.7-billion programmed deficit by 18.64 percent or P154.5 billion.
Revenue collection reached P290.3 billion in June, up by 18.20 percent or P44.7 billion from a year ago. The figure in the fist six months also improved 15.91 percent to P1.727 trillion and surpassed the target by 4.80 percent.
Tax revenues made up 89 percent or P1.541 trillion of the six-month collection, while non-tax collections contributed 11 percent or P186.3 billion.
The Bureau of Internal Revenue’s collection grew 8.90 percent or P14.2 billion to P173.5 billion in June and 9.76 percent or P100.8 billion to P1.132 trillion in the first half. Julito G. Rada
Customs collection soared 46 percent in June to P76.2 billion and marked 17 straight months of positive growth. The bureau’s cumulative revenue of P396.7 billion in the first half exceeded both the mid-year program and the previous year’s outturn by 9.98 percent (P36.0 billion) and 31.47 percent (P95.0 billion), respectively.
The agency attributed the gains from anti-smuggling measures including the fuel marking program which was boosted by elevated oil prices and peso depreciation.
Income collected and generated by the Bureau of the Treasury in June was at par with last year’s P20.8 billion. Meanwhile, its first-semester collection of P104.1 billion surpassed the previous year’s achievement in the same period by 27.54 percent or P22.5 billion and almost double the year-to-date program of P52.8 billion.
Expenditures in June reached P505.8 billion, 27.91 percent or P110.4 billion more than the P395.4 billion last year on higher capital outlay disbursements for road and transport infrastructure programs of the Department of Public Works and Highways and Department of Transportation and projects under the Revised Armed Forces of the Philippines Modernization Program of the Department of National Defense.
“Spending, likewise, grew on the back of the implementation of various social protection programs of the Department of Social Welfare and Development, the release of the P10.0 billion Coco Levy Fund, and higher personnel services expenditures,” the Treasury said.
This pushed the first-semester spending performance to P2.401 trillion, up by 8.85 percent or P195.3 billion from a year ago, but 3.04 percent or P75.4 billion lower than the P2.477 trillion target set for the period.