THE GOVERNMENT saw its budget return to the black last month as continued underspending, coupled with strong yet below-target revenue collections, allowed for a sizeable April surplus.
“With fiscal discipline and strong commitment to improving revenue collections, things are definitely improving,” Finance Secretary Cesar V. Purisima said in a statement issued yesterday.
The result for April was a P26.258-billion surplus, the biggest for the month in 25 years. It allowed the government to claw back the first quarter deficit of P26.197 billion with P61 million left over.
It was the second monthly surplus for 2011 since January’s P13.4 billion, and was also more than 10 times higher than the P2.599 billion posted in April 2010.
Revenue collections totaled P138.335 billion in April, up from P124.468 billion a year earlier. The four-month tally was P461.413 billion, higher than the P390.292 billion posted in the comparable 2010 period.
Read more at Business World