Budget swings to deficit in February

The national government slid back to a budget deficit in February, pegged at P76.4 billion, after chalking up a surplus of P44.5 billion in January, according to the Bureau of the Treasury.

The Treasury said in a statement the budget swung to a deficit as disbursements rebounded by 21 percent while revenue collection grew by 13 percent for the month.

In a separate statement, the Department of Finance said the deficit could have been wider had it not been for a deadlock between the Senate and the House of Representatives on the passage of the P3.757-trillion 2019 national budget.

Data from the Treasury showed that the budget gap for the first two months reached P31.8 billion, which was 23 percent less than the P41.5-billion deficit recorded in the comparative period of 2018.

Two-month expenditures totalled P490.7 billion, up 7 percent from P458.9 billion previously.

On the other hand, two-month revenues reached P458.8 billion, higher by 13 percent than the P417.4 billion recorded a year ago.

From January to February, the Bureau of Internal Revenue contributed revenues of P320.8 billion, which was an increase of one-tenth from P292.3 billion.

Similarly, the Bureau of Customs chipped in P92.6 billion, rising 9 percent from P84.5 billion.

Also, the Bureau of Treasury turned in P18.8 billion, a surge of 35 percent from P14 billion previously.

In February alone, expenditures reached P278.5 billion, increasing year-on-year by one-fifth from P230.2 billion.

February revenues reached P202.1 billion, rising by one-eighth from P178.5 billion in the same month of 2018.

The DOF said the delay in the implementation of the 2019 General Appropriations Act has prevented the government from spending P43.7 billion on its economic stimulus programs in the year’s first two months alone. (See related story on this page.)

The government posted a budget deficit of P558.3 billion in 2018, which was equivalent to 3.2 percent of gross domestic product, bigger than the program of 3 percent or P523.7 billion.

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