Wednesday, February 1, 2023
manilastandard.net
ADVERTISEMENT
  • About
  • News
    • Top Stories
    • National
    • World News
    • Pinoy Abroad
    • Features
  • Opinion
    • Editorial
    • Columns
    • Soundbytes
  • LGUs
    • NCR
    • Luzon
    • Visayas
    • Mindanao
  • Business
    • Corporate
    • Economy & Trade
    • Stocks
    • Money
    • Agri & Mining
    • Power & Tech
    • IT & Telecom
  • Sports
    • Basketball
    • Volleyball
    • Fightsports
    • Active
    • Sports Plus
    • One Championship
    • Columns
  • Entertainment
    • TV & Movies
    • Celebrity Profiles
    • Music & Concerts
    • Digital Media
    • Columns
  • Lifestyle
    • Food
    • Culture & Media
    • Fashion
    • Health and Home
    • Leisure
    • Shopping
    • Columns
  • Others
    • Pets
    • Pop.Life
      • Newsmakers
      • Hangouts
      • A-Pop
      • Post Its
      • Performances
      • Malls & Bazaars
      • Hobbies & Collections
    • Technology
      • Gadgets
      • Computers
      • Business
      • Tech Plus
    • MS ON THE ROAD
      • Sedan
      • SUV
      • Truck
      • Bike
      • Accessories
      • Motoring Plus
      • Commuter’s Corner
    • Home & Design
      • Residential
      • Commercial
      • Construction
      • Interior
    • Spotlight
    • Gallery
      • Photos
      • Videos
    • Events
      • Seminars
      • Exhibits
      • Community
    • Biyahero
      • Travel Features
      • Travel Reels
      • Travel Logs
  • Advertise with Us
No Result
View All Result
  • About
  • News
    • Top Stories
    • National
    • World News
    • Pinoy Abroad
    • Features
  • Opinion
    • Editorial
    • Columns
    • Soundbytes
  • LGUs
    • NCR
    • Luzon
    • Visayas
    • Mindanao
  • Business
    • Corporate
    • Economy & Trade
    • Stocks
    • Money
    • Agri & Mining
    • Power & Tech
    • IT & Telecom
  • Sports
    • Basketball
    • Volleyball
    • Fightsports
    • Active
    • Sports Plus
    • One Championship
    • Columns
  • Entertainment
    • TV & Movies
    • Celebrity Profiles
    • Music & Concerts
    • Digital Media
    • Columns
  • Lifestyle
    • Food
    • Culture & Media
    • Fashion
    • Health and Home
    • Leisure
    • Shopping
    • Columns
  • Others
    • Pets
    • Pop.Life
      • Newsmakers
      • Hangouts
      • A-Pop
      • Post Its
      • Performances
      • Malls & Bazaars
      • Hobbies & Collections
    • Technology
      • Gadgets
      • Computers
      • Business
      • Tech Plus
    • MS ON THE ROAD
      • Sedan
      • SUV
      • Truck
      • Bike
      • Accessories
      • Motoring Plus
      • Commuter’s Corner
    • Home & Design
      • Residential
      • Commercial
      • Construction
      • Interior
    • Spotlight
    • Gallery
      • Photos
      • Videos
    • Events
      • Seminars
      • Exhibits
      • Community
    • Biyahero
      • Travel Features
      • Travel Reels
      • Travel Logs
  • Advertise with Us
No Result
View All Result
manilastandard.net
No Result
View All Result
Home Business Economy & Trade

Budget deficit topped P1t in 11 months as tax collections fell

Julito G. RadabyJulito G. Rada
December 23, 2020, 7:45 pm
in Economy & Trade
Reading Time: 2 mins read
A A
Share on FacebookShare on TwitterShare on Email

The government’s budget deficit more than doubled to P128.3 billion in November from the P60.9-billion shortfall registered a year ago, as public spending rose 2.30 percent and revenue collection dropped 19.35 percent, the Bureau of the Treasury said Wednesday.

This resulted in a cumulative budget deficit of P1.069 trillion in the 11-month period, compared to the P409.1-billion gap a year earlier. The year-to-date deficit, however, only made up 59 percent of the revised P1.815-trillion full-year program.

Revenue collection fell 19.35 percent or P59.0 billion in November to P245.8 billion. Of the total, 96 percent or P235.9 billion was raised through taxes, while the remaining 4 percent or P9.9 billion was generated from non-tax collections.

Revenue collection reached P2.617 trillion in the first 11 months, down from P2.894 trillion generated in the same period last year. However, it breached the revised P2.520-trillion full-year target by 4 percent.

The Bureau of Internal Revenue’s net collection reached P191.7 billion in November, down by 17.40 percent or P40.4 billion from a year earlier. Total BIR collection hit P1.788 trillion as of end-November and exceeded the revised full-year program of P1.686 trillion by 6 percent, but still 11.19 percent or P225.3 billion below last year’s 11-month tally of P2.013 trillion.

ADVERTISEMENT

Customs collection went down by 13.29 percent in November to P43.7 billion after deducting the P204 million tax refund paid to claimants. 

The agency’s cumulative uptake of P492.3 billion from January to November also decreased by 14.84 percent or P85.8 billion from the P578.1 billion raised in the same months last year.

The BOC said it already reached 97 percent of its revised full-year target amounting to P506.2 billion.

Meanwhile, the Bureau of the Treasury’s income amounted to P2.8 billion in November, down by 48.61 percent from the previous year owing to lower government share in PAGCOR income and Bond Sinking Fund investment earnings.

Eleven-month Treasury income improved by 56.85 percent or P76.6 billion year-on-year to P211.3 billion and represented 99 percent of the revised full-year program of P213.3 billion.

Meanwhile, the government’s disbursements went up by 2.30 percent in November to P374.1 billion on account of the subsidy releases to the state-run Land Bank of the Philippines for the implementation of the Unconditional Cash Transfer Program, to the PhilHealth for the National Health Insurance Program, and as equity to government financial institutions for their COVID-19 assistance or lending programs in line with the implementation of RA 11494 or the Bayanihan to Recover as One Act.

This pushed total spending to P3.686 trillion in 11 months, up by 11.59 percent or P382.9 billion a year ago, on the back of various COVID-19 financial assistance and recovery measures. 

Tags: budget deficitBureau of Internal RevenueBureau of the Treasuryrevenue collection
ADVERTISEMENT
Julito G. Rada

Julito G. Rada

Related Posts

IMF sees PH growth easing to 5% in 2023

byJulito G. Rada
January 31, 2023, 8:35 pm
0
8
IMF raises 2021 growth estimate for PH to 4.6%

Economic growth in the Philippines is expected to soften to 5 percent in 2023 from the actual expansion of 7.6...

Read more

IMF lifts 2023 growth forecast after China’s reopening

byAFP
January 31, 2023, 7:30 pm
0
8
High energy bills—a blow to Belgian glassware business

WASHINGT0N—Global growth is set to be higher than expected this year, the IMF said Monday, raising its forecast on surprisingly...

Read more

IMF grants $4.7-b loan package to help Bangladesh

byAFP
January 31, 2023, 7:20 pm
0
8
Banaag assumes post as Bright Kindle director

DHAKA—The International Monetary Fund has signed off on a $4.7 billion support loan package for Bangladesh to help it cope...

Read more

China factory output recovers following zero-COVID relaxation

byAFP
January 31, 2023, 7:15 pm
0
8
Banaag assumes post as Bright Kindle director

BEIJING—China’s factory activity expanded in January after months of contraction, official data showed Tuesday, as the world’s second-largest economy stirs...

Read more

IMF lifts 2023 growth forecast with boost from China reopening

byAFP
January 31, 2023, 12:30 pm
0
8
IMF extends crunch funds by 18 months due to COVID

Global growth is set to be higher than expected this year, the IMF said Monday, raising its forecast on surprisingly...

Read more

Economic outlook remains promising under 6-year plan

byJulito G. Rada
January 30, 2023, 7:10 pm
0
8
Anti-trust body warns of penalties

National Economic and Development Authority Secretary Arsenio Balisacan said Monday the economic outlook remains “promising”, but the country should take...

Read more

Print Edition

View More

Recent Posts

  • Belatrix tops regatta in Batangas
  • Sneakers for Makati : AB4.0
  • PBBM vows affordable housing
  • LPG price up by P11.18/k
  • Envoys asked to back PH bid in UNSC
  • President names Gatchalian as new DSWD head
  • Vergeire ‘ready’ to take DOH top job if offered
  • Diokno assures no recession if MIF fails

Advertisement

Latest News

President names Gatchalian as new DSWD head

byVince Lopez
February 1, 2023, 1:20 am
0
8
Vergeire ‘ready’ to take DOH top job if offered

President Ferdinand Marcos Jr. has appointed Valenzuela Rep. Rex Gatchalian as the new head of the Department of Social Welfare...

Read more

Vergeire ‘ready’ to take DOH top job if offered

byWillie Casasand1 others
February 1, 2023, 1:10 am
0
8
Vergeire ‘ready’ to take DOH top job if offered

Department of Health (DOH) officer-in-charge Maria Rosario Vergeire said Tuesday that she is now ready to be the next secretary...

Read more

Diokno assures no recession if MIF fails

byMacon Ramos-Araneta
February 1, 2023, 1:00 am
0
8
Bonoan gets past CA, Tulfo grilled on citizenship

The country’s economic managers assured senators that the proposed Maharlika Investment Fund (MIF) will not be big enough to bring...

Read more

‘P5M for removal from BI blacklist’

byManila Standard
February 1, 2023, 12:40 am
0
8
Koreans top list of fugitive aliens captured by BI

An anti-crime watchdog on Tuesday bared reports of a new modus involving online offers for the removal from the Bureau...

Read more

Dela Rosa alarmed over high-caliber guns of Chinese syndicates

byMacon Ramos-Araneta
February 1, 2023, 12:30 am
0
8
Bato, Rody not preparing to defend selves with ICC probe looming

Sen. Ronald dela Rosa raised alarm over the use of high-caliber guns and grenades by Chinese syndicates involved in POGO-related...

Read more

Advertisement

ADVERTISEMENT
Facebook Twitter Instagram Youtube

ABOUT US

Manila Standard

Manila Standard website (manilastandard.net), launched in August 2002, extends the newspaper’s reach beyond its traditional readers and makes its brand of Philippine news and opinion available to a much wider and geographically diverse readership here and overseas.

Digital Edition

In tone and content, the online edition mirrors the editorial thrust of the newspaper. While hewing to the traditional precepts of fairness and objectivity, MS believes the news of the day need not be staid, overly long or dry. Stories are succinct, readable and written in a lively style that has become a hallmark of the newspaper.

Download – Today’s Paper

Search

No Result
View All Result

6th Floor Universal Re Bldg., 106 Paseo De Roxas cor. Perea Street, Legaspi Village, 1226 Makati City Philippines

Trunklines: 832-5554, 832-5556, 832-5558

© 2021 Manila Standard - Designed and Developed by Neitiviti Studios.

No Result
View All Result
  • About
  • News
    • Top Stories
    • National
    • World News
    • Pinoy Abroad
    • Features
  • Opinion
    • Editorial
    • Columns
    • Soundbytes
  • LGUs
    • NCR
    • Luzon
    • Visayas
    • Mindanao
  • Business
    • Corporate
    • Economy & Trade
    • Stocks
    • Money
    • Agri & Mining
    • Power & Tech
    • IT & Telecom
  • Sports
    • Basketball
    • Volleyball
    • Fightsports
    • Active
    • Sports Plus
    • One Championship
    • Columns
  • Entertainment
    • TV & Movies
    • Celebrity Profiles
    • Music & Concerts
    • Digital Media
    • Columns
  • Lifestyle
    • Food
    • Culture & Media
    • Fashion
    • Health and Home
    • Leisure
    • Shopping
    • Columns
  • Pop.Life
    • Newsmakers
    • Hangouts
    • A-Pop
    • Post Its
    • Performances
    • Malls & Bazaars
    • Hobbies & Collections
  • Technology
    • Gadgets
    • Computers
    • Business
    • Tech Plus
  • MS ON THE ROAD
    • Sedan
    • SUV
    • Truck
    • Bike
    • Accessories
    • Motoring Plus
    • Commuter’s Corner
  • Home & Design
    • Residential
    • Commercial
    • Construction
    • Interior
  • Spotlight
  • Gallery
    • Photos
    • Videos
  • Events
    • Seminars
    • Exhibits
    • Community
  • Biyahero
    • Travel Features
    • Travel Reels
    • Travel Logs
  • Pets
  • Advertise with Us

© 2021 Manila Standard - Designed and Developed by Neitiviti Studios.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Install Manila Standard Web App

Install App