509 articles - Government incurs P21.257-billion deficit in...

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Government incurs P21.257-billion deficit in October MANILA, Philippines - The government incurred a budget deficit of P21.257 billion in October, wider than the P10.514 billion recorded in the same period last year, Finance Secretary Cesar Purisima reported yesterday. In its fiscal report yesterday, the government back-pedaled and did not include the P4.966 billion worth of taxes it had withheld from the controversial PEACE Bonds. This was contrary to the figures earlier released by the Bureau of Internal Revenue (BIR) that it generated P75.47 billion for the month of October. Instead, in its report yesterday, the government noted that the BIR only collected P70.504 billion in October, as it excluded the PEACE Bonds tax, which had been the subject of a temporary restraining order issued by the Supreme Court following a petition from private banks. The High Court has yet to decide on the issue. The October budget gap brought the January to October fiscal deficit of the government to P74.251 billion, significantly lower than the P270.302-billion deficit incurred during the same period last year as government spending fell below the disbursement level a year ago. Purisima said the latest figure shows that the Aquino administration’s fiscal performance remained strong and that meeting the yearend budget ceiling of P300 billion is achievable. “The Aquino administration’s fiscal performance remained strong during the first 10 months of the year, posting a budget deficit of P74.251 billion, 72.53 percent or P196.051 billion lower than the deficit posted in the same period last year and way below the full-year ceiling of P300 billion,” Purisima said. Revenue collections in the first 10 months of the year rose to P1.121 trillion, up 12.87 percent from P993.219 billion a year ago. On the other hand, total disbursements amounted to P1.195 trillion in the 10 months to October, which is five percent lower than the comparable disbursements in 2010. Excluding interest payments, total disbursements decreased by four percent. During the 10-month period, the Bureau of Internal Revenue (BIR) and the Bureau of Customs (BOC) registered a growth of 13 percent and two percent, respectively compared to a year ago. The cash collections of the BOC grew by 13.06 percent during the period but the 81.54 percent decrease in non-cash collections offset the gains. Purisima attributed the decrease in non-cash collections to minimal rice
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509 articles - Government incurs P21.257-billion deficit in...

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