Philippines registers ₱21.9-Billion budget surplus in August 2013 from ₱1.221 trillion expenditures

The Philippines registered a wider budget surplus in August, which helped trim the gap in the first eight months, prompting a Cabinet official to say that government efforts in keeping healthy finances are bearing fruit.

The Department of Finance noted the government recorded a 21.9-billion surplus after income and expenses in August were tallied, reflecting over 800 percent more than the 2.5 billion it registered a year earlier.

The surplus was beyond the 20.3 billion on program, and was able to trim the deficit in the first eight months to 82.6 billion.

In a statement, Finance Secretary Cesar Purisima noted the August surplus came at a time when government was nearly on-target in spending, saying it was a sign of success in sustaining fiscal strength.

"The above-target surplus is highly encouraging given that the government came very close to hitting its spending target in August," said Purisima.

Revenue collections totaled 155.1 billion in August, against expenditures of 133.2 billion. Spending nearly hit the 138.4 billion on program.

Tax revenues amounted to 145.7 billion, representing 94 percent of the total, while non-tax sources contributed 9.4 billion.

The Bureau of Internal Revenue was able to collect 118.1 billion for the month, while the Bureau of Customs was able to bring in 26.1 billion.

The Bureau of Treasury recorded a 3.4-billion income in August other offices amounted to 7.5 billion.

In the first eight months, revenues reached 1.139 trillion, versus expenditures of 1.221 trillion.

"As other economies in Asia are resorting to aggressive revenue measures, we have proven that good governance has had a dramatic effect in restoring stability to the coffers of the government," Purisima said. – Siegfrid Alegado/VS, GMA News

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