The government incurred a budget deficit of P19.1 billion in November, as expenditures jumped 33 percent, outpacing the 18-percent growth in revenue collection.
This brought the total budget shortfall in the first 11 months to P235.2 billion, the Bureau of Treasury said Wednesday.
Data showed the November deficit was a reversal of the P6-billion budget surplus recorded in the same month last year. It was also wider than the P2.3-billion deficit recorded in October, according to the latest cash operations report of the Treasury.
The 11-month deficit also escalated from the P46.5-billion shortfall posted in the same period in 2015.
Netting out debt interest payments, the government posted a primary surplus of P400 million in November.
Revenue collection increased 18 percent in November to P209.2 billion, bringing the 11-month tally to P2.03 trillion.
The Bureau of Internal Revenue collected P156.8 billion in November, up by 20 percent from a year ago. BIR collections grew 9 percent year-on-year to P1.45 trillion in the first 11 months.
“Adding back P500 million in tax refunds further increase the collection to P157.3 billion. Inclusion of tax refunds heightens the year-to-date total to P1.5 trillion for an increase of 10 percent over the previous year,” the Treasury said.
The Bureau of Customs posted a 15 percent year-on-year increase in November collections of P40.2 billion. Customs raised P361.7 billion in 11 months, up by 10 percent from a year earlier.
Treasury collections also jumped 35 percent year-on-year in November to P4.2 billion, bringing its total haul in 11 months to P95.3 billion.
Collections from other offices (non-tax) declined 22 percent to P6.5 billion in November, with the cumulative collection reaching P107.2 billion in 11 months.
Government spending escalated 33 percent in November, the fastest in nearly two years, or after the 35-percent spending growth in April 2015.
Expenditures hit P228.4 billion in November, or P56.9 billion higher than P171.4 billion in the same month a year ago.
Government spending in November brought year-to-date expenditures to P2.265 trillion, up by 14 percent from P1.992 trillion in the same period last year.
Debt interest payments in November grew 34 percent year-on-year to P19.6 billion, leading to a cumulative of P285.4 billion, or 1 percent-lower than a year ago.
