Govt posts Jan surplus of P45.7B

THE national government (NG) recorded a budget surplus of P45.7 billion in January, the Bureau of the Treasury reported on Friday, reversing from the P23.4-billion deficit seen a year earlier.

This was due to revenues outgrowing government spending, Finance Secretary Benjamin Diokno told reporters.

Data for the period showed a 25.21-percent rise in revenue, significantly outpacing a 0.32-percent increase in government spending.

The Treasury, in a statement, said the government collected P348.2 billion in January compared to last year’s P278.1 billion.

Taxes accounted for 87.73 percent or P305.4 billion, growing by 19.48 percent year on year, while non-tax revenue took a 12.27-percent share of P42.7 billion, up by 90.37 percent.

Bureau of Internal Revenue collections rose by 19.94 percent to P234.8 billion, while the Bureau of Customs netted P70.6 billion, 20.99 percent higher year on year.

The Treasury, meanwhile, generated P17.8 billion for a 59.69-percent increase from January last year.

Other office collections (nontax revenues including privatization proceeds, fees and charges) accounted for 58.46 percent of the non-tax component and increased to P25.0 billion in January 2023, more than double the amount recorded the previous year.

January expenditures totaled P302.4 billion, slightly higher than the year-earlier P301.5 billion, mainly due to spending by the Defense and Transportation departments. Social protection programs and education subsidies contributed.

In January, primary expenditures made up 84 percent of total disbursements, totaling P255.4 billion.

Interest payments of P47.0 billion were down 28.35 percent year on year.

NG’s primary surplus for January 2023 was P92.7 billion, up from P42.2 billion the previous year.