Strong revenue collections and a zero-based budgeting scheme under the Aquino administration helped trim the country’s budget deficit by 81 percent and beat the programmed shortfall of P112 billion in the first quarter of the year, Finance Secretary Cesar Purisima announced yesterday.
Purisima said in a statement that the country’s budget deficit amounted to P26.2 billion from January to March this year or P108 billion lower than the P134.2 billion shortfall incurred in the same period last year.
Purisima pointed out that the shortfall was also P85.8 billion lower than the programmed budget deficit of P112 billion for the first quarter of the year.
According to DOF data, revenues jumped 21.5 percent to P323.1 billion in the first quarter of the year from P265.8 billion in the same quarter last year due to the intensified campaign of the Bureau of Internal Revenue (BIR) and the Bureau of Customs (BOC) against tax evaders and smugglers.
The government’s revenue collection was P3.8 billion higher than the programmed collection of P319.3 billion for January to March this year.
Read more at The Philippine Star