By Joann Santiago
MANILA, Aug. 29 (PNA) — The government’s revenue collection sustained its rise in July 2014 when it increased by 15 percent year-on-year to P166.7 billion from the P144.6 billion in the same period in 2013.
On the other hand, government spending fell 15 percent year-on-year to P168.5 billion from the P197.8 billion.
This brought the budget gap last July to P1.8 billion, a 97 percent drop compared to the P53.3 billion in the same period in 2013.
For the seven-month period, government deficit stood at P55.7 billion, 47 percent decline from the P104.5 billion in end-July 2013.
Of the total revenues last July, the Bureau of Internal Revenue (BIR), which collects about 70 percent of government revenues, shared in P119.9 billion, 20 percent higher than the P100.1 billion in the same period in 2013.
Collections of the Bureau of Customs (BOC) expanded 10 percent to P30.5 billion from P27.7 billion a year ago.
On the other hand, the Bureau of the Treasury (BTr) and the Other Offices registered a drop in their collections at six percent and one percent, respectively.
Revenues of the BTr reached P7.5 billion, lower than year-ago’s P7.9 billion while those of the Other Offices amounted to P9.8 billion, lower than year-ago’s P8.9 billion.
As of end-July this year, revenues reached P1.1 trillion, 12 percent higher than year-ago’s P984.1 billion.
Expenditures also went up after it reached P1.16 trillion, six percent higher than the P1.1 trillion in the same period in end-July 2013.
Finance Secretary Cesar Purisima noted that the latest fiscal performance report came after the report on the recovery of the domestic economy in the second quarter of the year, the successful domestic liability management program and the signing of an agreement between the Philippine government and the European Union for health sector reform.
“These recent developments are testament that our thrust of good governance continues to be fundamental to creating a virtuous cycle of growth and investment in social services and improving the lives of Filipinos,” he said.
The Finance chief, on the other hand, stressed that ”our work here is not done.”
”I see the remaining years of this administration as the pivotal moment to institutionalize reform and to augment productive investments. We will use this time to push for legislative reforms, raise revenues, and manage our debt to effectively support the government’s key priorities,” he added. (PNA)