The national government (NG) reported a strong fiscal performance in October, recording a P6.3 billion surplus, a significant turnaround from the P34.4 billion deficit in the same month last year.
The surplus was driven by a 23 percent increase in revenue collections, which outpaced the 11 percent growth in government expenditures. As a result, the year-to-date fiscal deficit narrowed to P963.9 billion, or 65 percent of the P1.48 trillion full-year target.
October revenue collections reached P473.1 billion, reflecting a P87.3 billion year-on-year increase. The cumulative 10-month revenue reached P3.77 trillion, surpassing last year’s performance by 17 percent and around 88 percent of the revised full-year target of P4.27 trillion.
Of the total January-October revenues, tax collections contributed PH3.23 trillion, up 11 percent. Non-tax revenues rose by 65 percent to P539.4 billion. The Bureau of Internal Revenue collected P325.5 billion in October, an 19 percent increase from the previous year, driven by higher collections from value-added tax, corporate income tax, personal income tax, and excise taxes on tobacco.
The government’s robust revenue performance helps keep it on track to meet its fiscal targets for the year.
The Bureau of Customs reported P86.9 billion in October collections, a 12 percent increase, driven by improved import verification and fuel marking initiatives. Total customs collection rose 5.3 percent to P777.6 billion in the first 10 months.
Meanwhile, the Bureau of the Treasury’s October income dipped 14 percent to P14.5 billion but year-to-date total surged by 29 percent to P224.7 billion on higher dividend remittances of government corporations.
