Bureau of Treasury— January to September 2010 deficit better than expected

An October 21, 2010 report prepared by the Bureau of Treasury, Department of Finance

via gov.ph

January to September Fiscal Deficit at P 259.8 Billion

Better Than Program by P13.9 Billion


21 October 2010, Manila, Philippines: The January to September fiscal deficit of the National Government reached P259.8 billion, P13.9 billion lower than the programmed ceiling of P273.7 billion. The over performance can be attributed to the P54.2 billion lower spending partly on account of the savings in interest payments due to lower borrowing cost.

Revenue Performance

Revenue collections reached P894.7 billion for the first three quarters. It grew by 7% compared to the same period of last year’s P839.8 billion. The Bureau of Internal Revenue (BIR) and the Bureau of Customs (BOC) registered a growth of 9% and 15%, respectively, for the first three quarters compared to same period last year. Actual collections for the period January to September were recorded at P607.3 billion for BIR and P191.0 billion for BOC. Actual cash collections for BIR and BOC for the period January to September were significantly higher than its levels in 2009. From January to September, cash collections for BIR was at P598.9 billion or 12.0% higher than last year, while cash collections for BOC was at P170.2 billion or 18.0% higher than 2009. Likewise, the Bureau of the Treasury income was recorded at P45.5 billion while other offices, registered an income of P50.9 billion.

Revenue collections reached P91.9 billion for the month of September. Actual collections for the month were recorded at P61.0 billion and P20.2 billion for BIR and BOC, respectively. Bureau of the Treasury income and collections from other offices for the month was recorded at P5.3 billion and P5.4 billion, respectively.

Expenditures

Actual disbursements for the first three quarters amounted to P1,154.5 billion, 7% higher than the comparable disbursements in 2009. Excluding interest payments, total disbursements increased by 8%.  Actual disbursements in September amounted to P123.6 billion.

Primary Surplus/(Deficit)

Netting out the interest payments in the expenditures, the National Government recorded a primary surplus for the month of September amounting to P0.1 billion. Cumulatively, the primary deficit reached to P15.2 billion for January to September.

Fiscal Performance

January to September 2010

(In Billion Pesos)

September

Actual

Percent

Growth

2010/2009

2009 2010
Surplus/(Deficit) (27.5) (31.7) (15.2)
Revenues 100.7 91.9 (8.7)
Cash 97.6 90.0 (7.8)
Non-Cash 3.1 1.9 (37.6)
Expenditures 128.2 123.6 (3.6)
Cash 125.2 121.7 (2.8)
Non-Cash 3.1 1.9 (37.6)
Jan-SeptActual 2010Q1-Q3

Program

Program vs Actual PercentGrowth

2010/2009

2009 2010
Surplus/(Deficit) (237.5) (259.8) (273.7) 13.9 9.4
Revenues 839.8 894.7 935.1 (40.3) 6.5
Cash 796.1 865.5 898.8 (33.3) 8.7
Non-Cash 43.7 29.2 36.2 (7.1) (33.2)
Expenditures 1,077.3 1,154.5 1,208.7 (54.2) 7.2
Cash 1,033.7 1,125.3 1,172.5 (47.2) 8.9
Non-Cash 43.7 29.2 36.2 (7.1) (33.2)

National Government Revenues

January to September 2010

(In Billion Pesos)

Sept

Actual

Percent

Growth

2010/2009

2009 2010
Revenues 100.7 91.9 (8.7)
BIR 56.2 61.0 8.4
Cash 53.8 59.8 11.3
Non-Cash 2.5 1.2 (53.7)
BOC 18.3 20.2 10.8
Cash 17.7 19.5 10.1
Non-Cash 0.6 0.8 32.9
BTr 6.0 5.3 (12.6)
Other Offices 20.2 5.4 (73.1)
Jan-Sept

Actual

2010

Q1-Q3

Program

Program vs Percent

Growth

2010/2009

2009 2010 Actual
Revenues 839.8 894.7 935.1 (40.4) 6.5
BIR 557.0 607.3 620.5 (13.2) 9.0
Cash 534.5 598.9 615.1 (16.2) 12.0
Non-Cash 22.5 8.4 5.5 2.9 (62.5)
BOC 165.4 191.0 210.2 (19.2) 15.5
Cash 144.2 170.2 179.4 (9.2) 18.0
Non-Cash 21.2 20.7 30.8 (10.0) (2.1)
BTr 52.2 45.5 45.2 0.4 (12.8)
Other Offices 65.1 50.9 59.2 (8.3) (21.9)

National Government Expenditures

January-September 2010

(In Billion Pesos)

SeptemberActual PercentGrowth

2010/2009

2009 2010
Expenditures 128.2 123.6 (3.6)
Int. Payments 31.8 31.8 (0.1)
Others 96.4 91.8 (4.8)
Jan-Sept

Actual

2010

Q1-Q3

Program

Program vs Percent

Growth

2010/2009

2009 2010 Actual
Expenditures 1,077.3 1,154.5 1,208.7 (54.2) 7.2
Int. Payments 235.3 244.5 256.0 (11.4) 3.9
Others 842.1 910.0 952.8 (42.8) 8.1

NG Primary Surplus/(Deficit)

January-September 2010

(In Billion Pesos)

SeptemberActual PercentGrowth

2010/2009

2009 2010
Primary Surplus/ (Deficit) 4.3 0.1 (96.8)
Revenues 100.7 91.9 (8.7)
Expenditures (Net of IP) 96.4 91.8 (4.8)
Jan-SeptActual 2010Q1-Q3

Program

Program vs PercentGrowth

2010/2009

2009 2010 Actual
Primary Surplus/ (Deficit) (2.3) (15.2) (17.7) 2.4 576.4
Revenues 839.8 894.7 935.1 (40.4) 6.5
Expenditures (Net of IP) 842.1 910.0 952.8 (42.8) 8.1

Cocoy Dayao

Cocoy is the Chief Technology Officer of Lab Rats Technica, a Digital Consulting company that specialises in DevOps, iOS, and Web Apps, E-Commerce sites, Cybersecurity and Social Media consulting. He is a technology enthusiast, political junkie and social observer who enjoys a good cup of coffee, comic books, and tweets as @cocoy on twitter.

Cocoy is also the Managing Director and Editor-in-Chief of the ProPinoy Project.

Cocoy considers himself to be Liberal.