The government’s budget deficit in the first 11 months fell 7.2 percent to P1.236 trillion from P1.332 trillion a year ago as the double-digit expansion in revenues outpaced the single-digit growth in expenditures, Finance Secretary Benjamin Diokno said Wednesday.
Diokno said the 11-month budget deficit was 75 percent of the P1.7-trillion program for the whole year.
“Year to date, revenues climbed to P3.3 trillion, P503.1 billion or 18.1 percent above last year’s number and representing 99 percent of the P3.3 trillion goal for 2022,” Diokno said.
Tax revenues in the 11-month period climbed 17.48 percent or P440.4 billion to P2.960 trillion from P2.519 trillion a year ago. Meanwhile, non-tax revenues increased 24.6 percent from P255.0 billion to P317.7 billion.
Collections of the Bureau of Internal Revenue rose 12.56 percent to P2.156 trillion from P1.915 trillion while Customs revenues reached P789 billion, up 35.31 percent from P583.3 billion a year earlier.
Government spending from January to November went up 9.91 percent to P4.513 trillion from P4.106 trillion a year ago. This was about 91 percent of the P5.0 trillion full-year program.
Data showed that in November, the budget deficit declined 3.71 percent to P123.9 billion from P128.7-billion shortfall registered in the same month last year.
Revenues in November expanded by 16.57 percent to P331.1 billion from P284 billion, while expenditures grew 10.24 percent to P455 billion from P412.7 billion.
The BIR collected P237.1 billion in November, up 12.53 percent from P210.7 billion a year ago. The Customs collected P75.7 billion, up 30.74 percent from P57.9 billion.