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National Government Fiscal Deficit Drops to P146.8 Billion in May 2022

Due to double-digit revenue growth and a 1.10 percent decrease in government spending, the national government (NG) reported a budget deficit of PHP146.8 billion in May, down from PHP200.3 billion in the same month a year earlier.

As a result, the year-to-date (YTD) budget gap decreased from PHP566.2 billion the previous year to PHP458.7 billion, a decrease of 18.99 percent or PHP107.5 billion.

Compared to PHP256.4 billion collected in May 2021, total revenues increased by 18.91 percent to PHP304.9 billion for the month.

The total amount collected thus far this year, PHP 1,437.2 billion, is up 15.46%, or PHP 192.4 billion, compared to the same period last year.

Taxes accounted for ninety percent (90%) of the total receipts, or PHP 1,289.6 billion; the remaining 10%, or PHP 147.6 billion, came from non-tax sources.

Net collections for the Bureau of Internal Revenue (BIR) totaled PHP216.6 billion, up PHP32.9 billion (17.91%) or from PHP183.7 billion in the same month last year.

Similarly, BIR’s total revenue of PHP959 billion as of the end of May outpaced the amount collected during the same period last year by 9.92 percent, or PHP86.6 billion.

The Bureau of Customs (BOC) collected PHP66.3 billion in May, a 36.35 percent increase from the same month last year, or PHP17.7 billion. This is the largest gain since the year’s commencement.

As of the end of May 2022, this increased BOC’s total collections to PHP320.5 billion, an increase of 28.42 percent or PHP70.9 billion over the PHP249.6 billion result of the previous year.

Lower dividend remittances were a major factor in the Bureau of the Treasury’s (BTr) monthly income decline of 28.22 percent, or PHP3.5 billion, from the previous year, which totaled PHP8.9 billion.

However, BTr’s year-to-date revenue of PHP83.4 billion increased by 37.08 percent or PHP22.5 billion compared to PHP60.8 billion last year because of greater dividend payments, NG share from PAGCOR revenues, and income from Bond Sinking Fund (BSF) investments.

The amount collected from other offices in May 2022 (other non-tax, including privatization proceeds, fees, and charges) rose by 8.35 percent over the previous year to PHP10.4 billion, bringing the total amount collected from other offices from January to May to PHP64.2 billion, which was also up 18.49 percent or PHP10 billion over the same period in the previous year.

In comparison to the same month last year, when national government spending was PHP456.7 billion, PHP451.7 billion, that amount was down 1.10 percent, or PHP5 billion.

Even Nevertheless, year-to-date disbursements of PHP1,895.9 billion have surpassed the level from January to May 2021 by 4.69 percent, or PHP84.9 billion.

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