REPUBLIC OF THE PHILIPPINES
BUREAU OF THE TREASURY
INTRAMUROS, MANILA 2801
Funding the Republic
NG Posts P6.0 Billion Budget Surplus for November 2015
Year-to-Date Deficit at P 46.5 Billion
XX December 2015 Manila, Philippines –The National Government (NG) generated
a P6.0 billion surplus for November, 12% lower than the surplus recorded in 2014,
and trimming the year-to-date deficit to P46.5 billion. This marks the fourth time
that the government was able to achieve a surplus for 2015.
Revenue Performance
Government revenues amounted to P177.5 billion in November leading to a year-todate collection of P1,945.4 billion. Revenue growth gained momentum for the month,
resulting in a 12% year-on-year increase, and narrowing the gap against expenditure
growth to 1%. Of the total, 86% or P1,670.8 billion were sourced from tax
collections while the remaining 14% or P274.5 billion were from non-tax sources.
The Bureau of Internal Revenue (BIR) collected P136.4 billion for the month, P14.5
billion or 12% higher from a year ago. Total BIR collections for the first eleven
months of 2015 has grown by 9%, or 106.9 billion year-on-year to P1,327.0 billion.
The Bureau of Customs (BOC) raised P29.1 billion in November, increasing by 18%
or P4.4 billion compared to last year. This enabled the Customs Bureau to realize a
year-on-year growth of 2% or P5.1 billion for January to November.
Income generated and collected by the Bureau of the Treasury (BTr) amounted to
P3.1 billion in November, down by 9% or P0.3 billion year-on-year. Part of the
slowdown can be attributed to lower income from BSF/SSF investments for the
month. Despite this, the Bureau still managed revenue growth of 12% or P11.0
billion on a year-on-year basis.
Other offices contributed P8.9 billion, 8% higher than the P8.2 billion collected for
the same month in 2014. Similarly, January to November collections of P188.1 billion
indicates an 86% improvement over the same period last year.
Expenditures
NG expenditures amounted to P171.4 billion in November, reflecting a 13% or P20.0
billion acceleration from comparable figures last year. Year-to-date disbursements of
P1,992.0 billion also grew by 13% over 2014 levels.
November Interest payments (IP) totaled P16.0 billion, down 12% year-on-year,
mainly due to lower domestic IP. The P2.0 billion or 13% reduction in domestic IP for
the period reflects the impact of the liability management exercise in September this
year. The cumulative IP for January to November is down by 1% or P4.4 billion
relative to last year.
Interest payments represented 9% of the total expenditures for November and
14% for January to November compared to 12% and 17% for 2014, respectively.
Primary Surplus/ (Deficit)
Netting out interest payments, the primary surplus for November is P22.0 billion,
12% or P2.9 billion lower than November 2014 figures. The resulting year-to-date
primary surplus of P241.3 billion is 9.1% lower than the P265.4 billion recorded in
2014.
Fiscal Performance
For the Period Indicated
(In Billion Pesos)
November
Particulars
2014
2015
YoY
2014
2015
Diff
158.2
177.5
19.2
12%
1,735.5
1,945.4
209.9
12%
BIR
121.9
136.4
14.5
12%
1,220.1
1,327.0
106.9
9%
BOC
24.7
29.1
4.4
18%
324.6
329.8
5.1
2%
BTr
3.4
3.1
(0.3)
-9%
89.6
100.5
11
12%
Other Offices
8.2
8.9
0.7
8%
101.1
87
86%
151.4
171.4
20.0
13%
1,762.3
1,992.0
229.7
13%
18.1
16.0
(2.1)
-12%
292.3
287.9
(4.4)
-1%
133.3
155.4
22.1
17%
1,470.0
1,704.1
234.1
16%
6.8
6.0
(0.8)
-12%
(26.8)
(46.5)
(19.8)
74%
24.9
22.0
(2.9)
-12%
265.4
241.3
(24.1)
-9.1%
REVENUES
EXPENDITURES
Interest Payments
Others
SURPLUS/ (DEFICIT)
Primary Surplus/
(Deficit)
Diff
January to November
188.1
YoY