The government’s budget deficit reached P1.2 trillion from January to November this year, representing 79.29 percent of the P1.5 trillion full-year program, the Bureau of the Treasury said Monday.
It said the government was also on track to surpassing its revenue goal in 2024, with collections growing 15.2 percent to P4.1 trillion as of end-November, representing 96.12 percent of the P4.3 trillion full-year program.
Revenue collections eased slightly to P338.3 billion in November from P340.4 billion a year ago, due to lower non-tax collections as the previous year’s level included a P23.8 billion remittance of additional dividends from the Bangko Sentral ng Pilipinas (BSP).
Despite the November dip, the 11-month collection amounted to P4.1 trillion, up 15.16 percent from a year ago.
Taxes accounted for 86.47 percent (P3.5 trillion) of the year-to-date collection, reflecting 11.51 percent year-on-year growth. Non-tax sources contributed 13.53 percent (P555.3 billion), rising 45.60 percent year-on-year.
The Bureau of Internal Revenue’s (BIR) collections increased 17.77 percent year-on-year to P247.6 billion in November after deducting P434 million for tax refunds. The BIR’s cumulative uptake of P2.7 trillion also underpinned a 13.88-percent improvement from last year.
The Bureau of Customs (BOC) collected P72.4 billion in November (net of P53 million in tax refunds), down by 1.69 percent from last year’s P73.7 billion. Collections as of end-November rose 4.68 percent to P850 billion from a year ago.
Total income collected by the Bureau of the Treasury (BTr) in November, including dividend receipts, reached P7.9 billion, lower by 80.86 percent year-on-year.
Meanwhile, November 2024 expenditures reached P551.3 billion, up by 27.13 percent from the same period last year. This brought cumulative expenditures in the 11-month period to P5.3 trillion, representing a 12.96 percent increase compared to the same period last year.
Primary expenditures (net of interest payments) increased by 25.85 percent year-over-year to P484.6 billion in November.
Total interest payment (IP) was recorded at P66.7 billion in November, up by 37.29 percent from the same period last year.
