The Bureau of the Treasury (BTr) on Monday reported a narrower budget deficit in March as higher tax collection and dividend remittances from government corporations overshadowed the increase in spending.
The budget deficit narrowed to P195.9 billion in March this year from P210.3 billion. For the first quarter, however, the budget gap widened to P276.2 billion from P270.9 billion.
The Development Budget Coordination Council has set a budget deficit target of P1.484 trillion this year, around 5.6 percent of gross domestic product, to support higher spending planned for infrastructure development.
Revenue in March total P287.9 billion, up 11 percent on account of higher collection by the Bureau of Internal Revenue and Bureau of Treasury, while expenditure rose 3.2 percent to P483.8 billion. Collection of the Bureau of Customs was lower.
BIR collection was up 3 percent to P145.3 billion as the BTr’s more than tripled its collection to P49.1 billion while the BOC posted a decline by 6.8 percent to P74.5 billion.
In the first quarter, aggregate revenue climbed 14 percent to P933.7 billion while expenditures increased 11 percent to P1.206 trillion. The BIR saw collection rise 17 percent to P591.8 billion, the BOC tariff collection was up 2.4 percent to P218.9 billion while the BTr jumped 76 percent to P72.3 billion.
