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FROM a
deficit of P17 billion a year ago, the national
government posted a P1.6-billion surplus in July,
bringing the seven-month deficit to P39.4 billion,
Finance Secretary Margarito Teves said on Friday.
The
turnaround represented a narrowing down from the
year-ago deficit of P48.5 billion.
“This
brings us back on track with our fiscal program for the
year,” Teves reported.
Privatization proceeds and improved tax collection
boosted revenue flows by 41 percent in July alone to
P104 billion, and by 12.8 percent in the first seven
months to P614.3 billion.
Year-ago
revenues totaled only P73.7 billion and P614.3 billion,
respectively.
“Revenues from other offices, which include
privatization, increased more than five-fold to P19.1
billion, largely due to the full remittance of the net
proceeds from the sale of government’s 20-percent stake
in the Philippine National Oil-Energy Development
Corp.,” he said.
July
expenditures were robust, having grown nearly 13 percent
year-on- year to P102.4 billion; seven-month spending
posted a 10.2-percent growth to P653.6 billion.
The main
collection arms, which have been lagging in their
targets in recent months, posted significant increases.
The
problematic Bureau of Internal Revenue (BIR) posted
excess collection close to P1 billion in July alone,
said Teves.
So did
the Bureau of Customs, which also posted excess
collection totaling P971 million.
The BIR
was set to collect P57.8 billion but actually collected
P58.7 billion; the BOC aimed for P19.859 billion but
collected P20.8 billion instead.
The
Bureau of Treasury received dividends of P400 million in
July alone but its seven-month dividends already total
P6.3 billion.
The bulk
came from government financial institutions, the
government corporations and agency units like the
National Housing Authority, the Philippine Ports
Authority, Light Rail Transit Authority, and many
others. |
