Business World
THE GOVERNMENT posted another surplus in November, amid prudent spending and strong revenue collections.
Budget Secretary Florencio B. Abad reported this morning that the government posted a P482-million surplus last month, which reduced its 11-month deficit to P268.9 billion, way below the P300.2 billion programmed for the period.
"With the positive developments in both revenue and disbursement fronts... we will most likely achieve our full-year deficit target of P325 billion," Mr. Abad told a briefing.
The Aquino administration posted its first surplus in August.
Mr. Abad said the government spent P111.1 billion last month, lower than its P133.3-billion expense cap. He explained that capital and infrastructure disbursements were 11.7% lower compared to a year ago after the previous administration frontloaded outlays in the first half.
Disbursements from January to November summed up to P1.374 trillion, up by 6.2% from P1.294 trillion last year.
The Bureaus of Internal Revenue (BIR) and Customs (BoC), meanwhile, posted an 18% and a 14% year-on-year rise, respectively, in their collections last month even if they did not meet their targets.
The BIR collected P82.43 billion in November against its P86.03 billion goal, while the BoC managed P20 billion against its P26.73 billion target.
Revenue collections hit P1.104 trillion in the 11 months to November, 8.1% higher than a year ago. -- PPM
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