The Marcos administration reported a budget surplus in January due to higher revenue collection and weak government spending, the Department of Finance (DOF) said Friday.
Finance Secretary Benjamin Diokno said the government’s fiscal balance swung to a P45.75 billion surplus in the first month of 2023, a reversal from the P23.38 billion deficit incurred a year ago.
“This favorable outcome was a result of revenues outgrowing government spending: revenues grew by 25.2 percent while spending rose by 0.3 percent.”
Finance Secretary Benjamin Diokno
Based on the DOF data provided by Diokno, total revenues grew 25 percent to P348.17 billion in January from P278.07 billion last year.
Tax collection rose 19 percent year-on-year to P305.43 billion from P255.62 billion, while non-tax revenue jumped 90 percent from P22.45 billion to P42.73 billion.
In January, the Bureau of Internal Revenue (BIR) collected P234.82 billion, up 20 percent from P195.77 billion a year ago.
Meanwhile, the Bureau of Customs raised P70.59 billion during the month, 21 percent higher against its P58.34 billion tax take in January 2022.
On the other hand, government expenditures barely moved in January from P301.46 billion to P302.42 billion.
Netting out interest payments, the government recorded a primary surplus of P92.72 billion in the first month of 2023, an increase of more than double compared with P42.17 billion in the same month last year.
In 2023, the economic managers expect the national government’s budget deficit to hit P1.47 trillion, equivalent to 6.1 percent of the economy, or gross domestic product (GDP).
This year’s fiscal deficit ceiling is narrower than the actual P1.614 trillion incurred in 2022.
