By Elijah Joseph C. Tubayan
Reporter

THE NATIONAL GOVERNMENT’s (NG) budget deficit was more than halved in November as revenues surged — particularly due to nontax collections — and outpaced expenditure growth, according to data the Bureau of the Treasury (BTr) released on Tuesday.

Year-to-date deficit, however, was still slightly bigger than the gap in 2016’s comparable 11 months.

The Treasury said yesterday that the government’s budget balance saw an P8.6-billion deficit last month that was 55% less than November 2016’s P19.1 billion.

Overall government revenues increased 16% that month to P243.5 billion from P209.2 billion a year ago. Of that amount, tax revenues totaled P228.3 billion, 15% more than the year-ago P197.8 billion.

The Bureau of Internal Revenue (BIR) raked in P179.4 billion, 14% more than P156.8 billion previously, while the Bureau of Customs (BoC) collected P46.4 billion, 15% more than P40.2 billion a year ago.

Nontax revenues for the month were 33% more at P15.2 billion from P11.5 billion. Of that amount, the Treasury raised P4.3 billion, two percent bigger than the year-ago P4.2 billion, while other government officer collected 51% more at P11 billion from P7.3 billion.

The national government spent P252.1 billion in November, 10% more than the P228.4 billion spent in 2016’s comparable month.

Of total expenditures, interest payments accounted for P20.6 billion, five percent more than the year-ago P19.6 billion.

Other expenditures grew by a bigger 11% to P231.5 billion from November 2016’s P208.8 billion.

The latest figures took the 11-month deficit to P243.5 billion, still four percent more than the P235.2-billion gap seen a year ago.

The current budget gap is 50.51% off the P482.1-billion shortfall programmed for this year.

Overall revenues as of end-November grew 11% to P2.25 trillion from P2.031 trillion in 2016’s corresponding 11 months. That, in turn, was equivalent to 92.71% of the P2.427-trillion disbursement program.

Tax revenues totaled some P2.054 trillion, up 12% from P1.828 trillion previously.

Year to date, the BIR collected P1.621 trillion, 12% more than the year-ago P1.45 trillion, while the BoC collected 14% more at P413.1 billion from P361.5 billion. Other offices’ collections grew 22% to P19.8 billion, from P16.3 billion.

Nontax revenues slipped three percent to P196 billion as of November from the P202.8 billion recorded in 2016’s corresponding 11 months. Of that amount, the Treasury accounted for P86.5 billion, nine percent less than the year-ago P95.3 billion. Other offices’ revenues edged up by two percent to P109.5 billion from P107.5 billion.

The government’s 11-month spending level was 10% up at P2.494 trillion from P2.266 trillion, equivalent to 85.73% of 2017’s P2.909 trillion disbursement program.

Interest payments went up 2% to P290 billion from P285.4 billion. Spending by other agencies on the other hand grew 11% to P2.204 trillion from P1.98 trillion a year ago.

Sought for comment, Union Bank of the Philippines chief economist Ruben Carlo O. Asuncion said that while November’s revenue growth was “welcome news,” analysts will continue to check if the government can sustain spending to help prod overall economic expansion.

“From past experience, spending has always been on the weak side… It must be noted that growing the expenditure has been the focus of government this year, with more spending in the next five years,” Mr. Asuncion said in an e-mail yesterday.

“In 2018, spending will continue be the focus, as continuously stressed by the Duterte administration. I expect that government spending to finish closer to the target.”

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