The National Government recorded a wider budget surplus of P88.0 billion in January, aided by stronger tax collection during the month.
The budget surplus in January last year was P45.7 billion.
The Bureau of the Treasury said tax revenue jumped 25 percent to P385.2 billion, with the bulk accounted for by the Bureau of Internal Revenue, whose total collection for the month rose 31 percent to P308.4 billion. Collection by the Bureau of Customs was up 4 percent to P73.4 billion.
The improvement in tax collection during the month was largely driven by the shift in the value-added tax remittance from monthly to quarterly, pushing the crediting of the fourth quarter 2023 collection over to January. Customs collection rose due to the improved system of determining the customs value of imported goods, strengthened border protection, and concrete trade facilitation efforts.
Total revenue for the month was up 21 percent to P421.8 billion while total expenses was up 10 percent to P333.9 billion, with interest expense ballooning 58 percent to P74.2 billion.
Income of the Bureau of the Treasury declined to P16.7 billion in January from P17.8 billion in the same period last year due to lower income from interest on national government deposits and investments. The decline was partially offset by the higher government share from PAGCOR income.
Total January collection from other offices, including privatization proceeds and fees and charges, was down 11 percent to P19.9 billion due to reduced collections from the government’s share from Malampaya proceeds.
