Gov’t posts smaller budget surplus in April 

MANILA, Philippines – The national government posted a smaller budget surplus of P31.4 billion in April as spending growth outpaced revenue gains following the extension of the annual income tax filing deadline.

Latest data from the Bureau of the Treasury (BTr) showed the April surplus was 53.29 percent lower than the P67.3 billion recorded in the same month last year.

READ: Philippine budget surplus soars to P165.4B in January on slower spending

Expenditures rose 11.14 percent to P505.4 billion, driven by higher disbursements to local government units, payments for foreign-assisted railway projects, and the return of P60 billion in excess funds to the Philippine Health Insurance Corp.

Meanwhile, revenues grew at a slower 2.83 percent pace to P536.8 billion.

Broken down, collections by the Bureau of Internal Revenue inched up 0.41 percent to P422.2 billion, tempered by the extension of the annual income tax filing deadline from April 15 to May 15.

READ: BIR beats April revenue target amid delayed income tax returns

The Bureau of Customs generated P86.3 billion in revenues, up 15.52 percent from a year ago.

Non-tax revenues increased 7.32 percent to P25.8 billion, supported by recovered restitution funds linked to the flood control corruption scandal and privatization proceeds. /pai