Sunday, October 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
    • Young Life
  • Special Pages
    • Pets
    • Tech
      • Gadgets
      • Computers
      • Business
      • Tech Plus
    • On the Road
      • Sedan
      • SUV
      • Truck
      • Bike
      • Accessories
      • Motoring Plus
      • Commuter’s Corner
    • Home & Design
      • Residential
      • Commercial
      • Construction
      • Interior
    • Spotlight
    • Cravings
    • Environment & Sustainability
    • Agriculture
    • Pop.Life
      • Newsmakers
      • Hangouts
      • A-Pop
      • Post Its
      • Performances
      • Malls & Bazaars
      • Hobbies & Collections
    • Events
      • Seminars
      • Exhibits
      • Community
    • Biyahero
      • Travel Features
      • Travel Reels
      • Travel Logs
    • Gallery
      • Photos
      • Videos
  • 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
    • Young Life
  • Special Pages
    • Pets
    • Tech
      • Gadgets
      • Computers
      • Business
      • Tech Plus
    • On the Road
      • Sedan
      • SUV
      • Truck
      • Bike
      • Accessories
      • Motoring Plus
      • Commuter’s Corner
    • Home & Design
      • Residential
      • Commercial
      • Construction
      • Interior
    • Spotlight
    • Cravings
    • Environment & Sustainability
    • Agriculture
    • Pop.Life
      • Newsmakers
      • Hangouts
      • A-Pop
      • Post Its
      • Performances
      • Malls & Bazaars
      • Hobbies & Collections
    • Events
      • Seminars
      • Exhibits
      • Community
    • Biyahero
      • Travel Features
      • Travel Reels
      • Travel Logs
    • Gallery
      • Photos
      • Videos
  • Advertise with Us
No Result
View All Result
manilastandard.net
No Result
View All Result
Home Business Economy & Trade

2020 budget deficit ballooned to P1.37T as tax collection fell

Julito G. RadabyJulito G. Rada
February 26, 2021, 9:55 pm
in Economy & Trade
Reading Time: 3 mins read
A A
Share on FacebookShare on TwitterShare on Email

The government’s budget deficit widened to P1.371 trillion in 2020, or more than double the previous year’s P660.2-billion shortfall, reflecting the 11.31-percent growth in public spending combined with the 8.97-percent reduction in revenue collection amid the pandemic, the Bureau of the Treasury said Friday.

The deficit, however, was 24.45 percent lower than the revised full-year program of P1.815 trillion. It was equivalent to 7.63 percent of the gross domestic product, lower than the 9.63-percent revised program, but much higher than 3.38 percent registered in 2019.

“Nonetheless, this is broadly in line with the 7.6 percent of GDP deficit outlook reported during the 178th Development Budget Coordination Committee Meeting in December 2020,” the Treasury said in a statement.

Data showed that the budget shortfall in December reached P302.6 billion, up by 20.50 percent from P251.1 billion incurred in the same month in 2019.

Revenue collection declined P281.5 billion or 8.97 percent in 2020 to P2.856 trillion from P3.137 trillion raised in 2019. This, however, was 13.34 percent better than the P2.519-trillion revised program for the year.

The Treasury said that of the total, 87.69 percent or P2.504 trillion was generated through tax collection, outperforming the revised program by 13.57 percent but lower by 11.44 percent year-on-year.

The balance of 12.31 percent or P351.5 billion from non-tax revenue grew by 13.52 percent over the 2019 level and exceeded the revised estimate by 11.74 percent. The December collection of P238.5 billion represents a 1.95-percent or P4.7-billion drop from a year ago.

Collection by the Bureau of Internal Revenue hit P1.951 trillion in 2020, surpassing the revised goal of P1.685 trillion by 15.74 percent or P265.3 billion, but still 10.32 percent lower than the 2019 outturn. BIR’s December tax take inched up to P163.4 billion from P162.6 billion achieved in 2019.

The Bureau of Customs booked P537.7 billion in revenue in 2020, higher than the revised full-year target of P506.1 billion by 6.23 percent or P31.5 billion backed by the improved valuation and gradual improvement of importation volume and intensified collection efforts by the agency.

The Customs’ collection for 2020, however, lagged behind 2019’s P630.3 billion by 14.69 percent or P92.6 billion. Collection in December went down by 13.1 percent to P45.3 billion from a year ago.

Income collected and generated by the Bureau of the Treasury reached P219.7 billion as of end-December, growing by 49.93 percent or P73.2 billion from a year ago and 3 percent higher than the P213.3-billion revised program.

Meanwhile, total disbursement grew by 11.31 percent or P429.7 billion in 2020 to P4.227 trillion on the implementation of various COVID-19 mitigation and recovery measures. This, however, was still lower by 2.49 percent or P107.8 billion against the P4.335 trillion revised full-year program as some of the economic relief measures under Republic Act No. 11494 or the “Bayanihan to Recover as One Act” (Bayanihan II) is still ongoing.

“Nonetheless, full-year spending improved from the performance during the first nine months of 2020, where disbursements fell below the program for the period by 7.5 percent or P246.2 billion,” the Treasury said.

Disbursements for December reached P541.1 billion, up by 9.46 percent or P46.7 billion from the equivalent period in 2019.

Primary expenditure hit P3.847 trillion in 2020, 11.93 percent or P410.1 billion higher than 2019’s comparable outturn and just 1.71 percent behind the revised program.

Interest payments of P380.4 billion in 2020 increased 5.41 percent or P19.5 billion from the 2019 level on higher domestic borrowing in the first three quarters which included retail Treasury bonds and reissuances of fixed-rate treasury bonds.

Net of interest payments, the government’s primary deficit in 2020 was recorded at P991.0 billion, exceeding 2019’s primary balance of P299.4 billion.

“Revenue effort slowed to 15.89 percent in 2020 from 16.08 percent in 2019, but higher than the revised program of 13.36 percent. Tax effort also decreased to 13.93 percent in 2020 from 2019’s 14.49 percent but above the 11.69 percent revised target,” the Treasury said.

Tags: Bayanihan to Recover as One ActBureau of CustomsBureau of the TreasuryDevelopment Budget Coordination Committee
ADVERTISEMENT
Julito G. Rada

Julito G. Rada

Related Posts

World Bank approves $600-million loan to finance Philippines’ digital transformation

byManila Standard Business
September 30, 2023, 10:18 pm
0
8
World Bank OKs $600 million ‘reform’ loan

World Bank approves $600-million loan to finance Philippines' digital transformation The World Bank said Saturday its board of executive directors...

Read more

Vietnam’s GDP grew 5.3% in third quarter

byAFP
September 29, 2023, 8:45 pm
0
8
Radisson sparkles in Vietnam

HANOI—Vietnam’s economy grew 5.3 percent on-year in the third quarter, official data showed Friday, though experts warned it was on...

Read more

ADB approves capital management reforms to unlock $100 billion in new funding

byManila Standard Business
September 29, 2023, 9:51 am
0
8
ADB approves capital management reforms to unlock $100 billion in new funding

The Asian Development Bank (ADB) said Friday it approved capital management reforms that unlock $100 billion in new funding capacity...

Read more

PSA deploys ‘PhilSys on Wheels’ to remote areas

byManila Standard Business
September 28, 2023, 11:37 am
0
8
PSA deploys ‘PhilSys on Wheels’ to remote areas

The Philippine Statistics Authority (PSA) said Thursday it is amplifying efforts to register Filipinos residing in far-flung areas to the...

Read more

PPP Code nears enactment

byManila Standard Business
September 28, 2023, 11:31 am
0
8
PPP Center pushing metro subway mode

The Public-Private Partnership (PPP) Center said Thursday it welcomes the ratification of the Bicameral Conference Committee Report on the disagreeing...

Read more

DBM welcomes speedy House approval of 2024 budget

byJulito G. Rada
September 28, 2023, 11:21 am
0
8
DBM: ’22 budget can be modified for Omicron aid

The government is on track to achieving its development goals following the speedy approval of the 2024 General Appropriations Bill...

Read more

Print Edition

View More

Recent Posts

  • Experience Super-Sized Fun at SM’s 65th Anniversary this October
  • Dingdong Dantes finds his groove hosting ‘Family Feud’
  • How funds raised in annual ball helped ABS-CBN Foundation continue its mission
  • A charming star’s path beyond boy band
  • Short video content creation made easy
  • Hong Kong’s iconic hotel reopens
  • A Palawan resort worth logging off for
  • Singapore puts fresh spin on tourism brand

Advertisement

Latest News

Hong Kong’s iconic hotel reopens

byBob Zozobrado
October 1, 2023, 6:30 pm
0
8
Hospitality alliance backs Central Luzon sustainable tourism summit

After an extensive three-year renovation to its lobby, 394 guest rooms and suites, Continental Club, and dining venues, Hong Kong’s...

Read more

A Palawan resort worth logging off for

byManila Standard
October 1, 2023, 6:20 pm
0
8
Hospitality alliance backs Central Luzon sustainable tourism summit

Marriott International has raised its profile in the Philippine tourism market anew with the opening of its first Four Points...

Read more

Singapore puts fresh spin on tourism brand

byManila Standard
October 1, 2023, 6:10 pm
0
8
Singapore puts fresh spin on tourism brand

The Singapore Tourism Board (STB) has unveiled “Made in Singapore,” its latest global campaign to inspire travelers to choose Singapore...

Read more

Hospitality alliance backs Central Luzon sustainable tourism summit

byManila Standard
October 1, 2023, 6:00 pm
0
8
Hospitality alliance backs Central Luzon sustainable tourism summit

The Hospitality Alliance of Freeport Zone shows support for the recently concluded and successful first Central Luzon Sustainable Tourism Summit...

Read more

Balanced offense steers Archers past Tamaraws

byManila Standard Sports
October 1, 2023, 5:15 pm
0
8
Balanced offense steers Archers past Tamaraws

La Salle's Evan Nelle directing plays By Peter Atencio Evan Nelle led five teammates in coming up with double-digit outputs...

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
    • Young Life
  • Pets
  • Tech
    • Gadgets
    • Computers
    • Business
    • Tech Plus
  • ON THE ROAD
    • Sedan
    • SUV
    • Truck
    • Bike
    • Accessories
    • Motoring Plus
    • Commuter’s Corner
  • Home & Design
    • Residential
    • Commercial
    • Construction
    • Interior
  • Spotlight
  • Cravings
  • Environment & Sustainability
  • Agriculture
  • Pop.Life
    • Newsmakers
    • Hangouts
    • A-Pop
    • Post Its
    • Performances
    • Malls & Bazaars
    • Hobbies & Collections
  • Events
    • Seminars
    • Exhibits
    • Community
  • Biyahero
    • Travel Features
    • Travel Reels
    • Travel Logs
  • Gallery
    • Photos
    • Videos
  • 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