May 2013 budget deficit down by 37% year-on-year

The national government has posted a P13.2 billion budget deficit in May, 37 percent lower than its projected P20.9 billion deficit for the said month, due to government's revenue collection efforts. Cumulative deficit in the first five months of 2013 was P42.8 billion, 31% below the P61.9 billion programmed for the period.

"The cash operations report so far shows that we continue to be well within our deficit ceilings despite the healthy pace of our expenditures program," Secretary of Finance Cesar Purisima said in a statement released to the media. "Our strong collection performance provides plenty of room for further expansion of our priority programs."

For May alone, revenues totaled P154.039 billion against expenditures of P167.203 billion. From January to May, aggregate revenues summed up to P708.374 billion, financing P751.213 billion in expenditures.

Government revenues for May grew 17 percent compared to the same month last year driven mainly by improved collections from the BIR and dividends remitted to the Bureau of Treasury. Revenues for May totaled P154.039 billion, bringing the five-month total to P708.374 billion, 10% higher than revenues for the same five-month period last year.

For May, BIR was able to collect P111.9 billion while BOC collections amounted to P25.9 billion, growing by 18% and 3% from the same month last year. Bureau of Treasury had an income of P9.4 billion, growing 87% compared to last year while revenue from other offices amounted to P6.8 billion, 3% higher year-on-year.

National Government expenditures amounted to P167.2 billion for May, P10.7 billion or 6% below budget. Year-on-year, expenditures were up P16 billion or 11% for the May.

Total disbursements for January to May amounted to P751.213 billion, P83 billion or 12.4 percent higher than comparable disbursements in 2012.

"Our resilient revenues have given us space for liability management activities in these volatile economic conditions. We are closely monitoring market developments for opportunities to further strengthen our fiscal position," added the finance chief. (PNA)