A man works on a government project, a 300-meter flyover that will connect two main expressways in Manila in this file photo. Stepped-up spending in the fourth quarter led to a budget deficit of P22 billion in November. Despite this, the deficit for the first 11 months registered only P96.25 billion, barely a third of the P300 billion the government intended to spend on top of the 2011 national budget. AFP PHOTO/NOEL CELIS
The national government posted a budget deficit of P22 billion in November as Malacañang rushed spending in the fourth quarter.
Still, last month’s overspending brought the budget deficit for the 11 months to November to just P96.25 billion, barely a third of the P300 billion that the government intended to spend on top of this year’s national budget.
The 11-month deficit was also just over a third of the P269.82 billion recorded in the same period of 2010.
January-November expenses reached P1.35 trillion, or 78.7 percent of the planned P1.71 trillion for the full year. It was also 2 percent less than the P1.37 trillion incurred in the same period last year.
On the other hand, 11-month revenues reached P1.25 trillion, or 13.1-percent higher than last year’s P1.1 trillion.
In November alone, expenditures reached P150.75 billion, 35.7 percent higher than the P111.05 billion spent last year.
Last month’s revenues reached P128.75 billion, an increase of 15.4 percent from P111.54 billion in November 2010.
“Our November fiscal position has shown our ability to sustain increased expenditures with improved revenue collections,” Finance Secretary Cesar V. Purisima said in a statement. “This only shows that we can keep up with our fiscal consolidation processes despite spending more to shield our economy from the present global uncertainties.”
From January to November, the Bureau of Internal Revenue contributed revenues of P849.52 billion, 2.5 percent short of the target but up 12.8 percent from year-ago collections.
The Bureau of Customs chipped in P242.96 billion, 16 percent short of the target but up 4 percent year on year.
Also, the Bureau of the Treasury turned in P75.02 billion, which was 48.6 percent more than the P50.47 billion earned previously.
Other government offices yielded P82.28 billion, rising by 22 percent year on year from P67.26 billion.
“The early enactment of the P1.82-trillion 2012 General Appropriations Act bodes well for the timely implementation of the Aquino administration’s priority programs and projects next year, which should support growth and create employment,” Purisima said.