Latest Stories

Gov’t posts P19.5-B budget deficit

Treasury notes double-digit rise in expenditures


Finance Secretary Cesar V. Purisima.

The national government incurred a budget deficit of P19.5 billion in January, jumping 23 percent year-on-year as a double-digit surge in expenditures outpaced that for revenues, according to documents from the Bureau of the Treasury.

Expenses in January reached P157.9 bllion, 11 percent more than the P142.3 billion spent in the same month last year.

On the other hand, revenues reached P138.4 billion, 9.5 percent higher than last year’s P126.4 billion.

Of the total revenue in January, P94.7 billion came from the Bureau of Internal Revenue while the Bureau of Customs contributed P24.5 billion. The BIR’s tax-take during the month was up by 11.2 percent year-on-year but was 6.2 percent short of the monthly goal while that of Customs exceeded the target for January by P200 million and was 11.6 percent higher than year-ago level.

The Bureau of the Treasury contributed P9.4 billion, which was 15.4 percent less than the P11 billion earned a year ago. Other government offices generated P9.8 billion, rising by 19.5 percent year-on-year from P8.2 billion.

Finance Secretary Cesar V. Purisima said in a statement that, netting out interest payments in the expenditures, the government recorded a primary surplus of P35.3 billion in January, which would have been an improvement of 2.8 percent.

“We are confident of sustaining the improvements in our revenue generation especially with our aggressive campaign to improve (income tax) collections among self-employed, business and professionals,” Purisima said.

The finance chief, along with Internal Revenue Commissioner Kim Henares, earlier this month launched a campaign to increase average collections from such individual taxpayers to P200,000 a year from P33,000.

He said this was being done through more intensive collaboration and information sharing with local government units, the Department of Trade and Industry, the Professional Regulatory Commission and private sector industry and professional associations.

“No less than President Aquino himself has taken the lead in this endeavor (as) he pointed out to members of the Federation of Filipino-Chinese Chambers of Commerce and Industry the (group’s) dismal record in complying with tax laws,” he added.

Purisima was referring to the occasion when the President made a speech last Friday during an FFCCCII convention. The Chief Executive noted that of the federation’s 207 member-companies, 23 percent did not have a tax identification number and half did not file tax returns.

“It is this political will that will ensure the success of our campaign to improve tax compliance,” Purisima said.

Follow Us

Follow us on Facebook Follow on Twitter Follow on Twitter

Recent Stories:

Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile phones; 14-issue free trial. About to step out? Get breaking alerts on your mobile.phone. Text ON INQ BREAKING to 4467, for Globe, Smart and Sun subscribers in the Philippines.

Tags: budget deficit , Business , expenditures , revenues

  • muddygoose

    Deficit spending is normal, but I’d love to see us slowly cutting the debt down. With less money channeled to debt payments, I believe the next few generations will enjoy a better quality of life.

  • TheTuth

    A great news with a misleading headline. Maybe a former tabloid writer.

  • http://www.facebook.com/billy.reyes.984 Billy Reyes

    spend more on the rural areas, stop spending so much in National Capital Region.

  • http://www.facebook.com/profile.php?id=100003516764413 Jean Claude

    Good! now they are spending. for the last 2 years the government has been underspending.

Copyright © 2014, .
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City, Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94


  • Romblon mining site collapses; 3 killed
  • South Korea says 295 missing in ferry disaster
  • OFW who returned home from UAE tests positive for MERS-CoV – DOH chief
  • QC cops bear crosses as penance for demerits
  • Kim Henares needs a reprimand, says Cayetano
  • Sports

  • China, Taiwan rout foes for 3rd, 5th places in Asian Club volleyball
  • Ginebra’s new import Freeman arrives, makes PBA return vs ROS
  • Fielder ends HR drought, Rangers beat Mariners 5-0
  • Power Pinoys salvage 7th place in Asian men’s volley club championship
  • Knicks prevent Nets from clinching fifth seed
  • Lifestyle

  • Are your favorite malls open this Holy Week break?
  • Celebrate Easter Sunday at Buddha-Bar Manila
  • Moriones feast: A slow, steady transformation
  • Weaving ‘palaspas’ a tradition kept alive in Tayabas City
  • Finalists announced for best translated books
  • Entertainment

  • Mommy Dionisia Pacquiao’s greatest hits
  • Deniece Cornejo posts bail—report
  • Miley Cyrus hospitalized, cancels US concert
  • Otaku Summer Jam 2014: Summer’s hottest J-rock/Cosplay event
  • 2NE1 returns to Manila with “All Or Nothing” Tour
  • Business

  • I-Remit teams up with Lakhoo for remittances from Oman
  • Megawide nets P1.4 B in 2013
  • Longer TRO sought on rate hike
  • Make a stylish statement with the all-new Yaris
  • Hearing set in Olarte case
  • Technology

  • Smart phone apps and sites perfect for the Holy Week
  • Tech company: Change passwords or suffer ‘Heartbleed’
  • Filling the digital talent gap
  • SSS to shut down website for Holy Week
  • Another reason to quit social media this Holy Week: your safety
  • Opinion

  • We may never know
  • Couple of things
  • Mommy D’s magic
  • Stop bizarre and bloody Good Friday rituals
  • Holy Week taboos
  • Global Nation

  • Visa-free travel to Japan could boost tourism
  • 2 PCG men ordered arrested over Balintang Channel shooting
  • US Embassy closed on Holy Thursday, Good Friday
  • Relief worker draws inspiration from helping Yolanda victims
  • Philippines says peace pact should hold despite clashes
  • Marketplace