The national government (NG) remains confident of surpassing the revenue goal of PHP4.27 trillion this year despite the lower collection in November 2024 against the 2023 level, while keeping the fiscal deficit within target.
The Bureau of the Treasury (BTr) reported Thursday that the NG’s revenue collection last month slipped by 0.61 percent to PHP338.3 billion from PHP340.4 billion in November 2023, lower by PHP2.1 billion.
This was after non-tax revenues plunged by 70.7 percent year on year from PHP54.3 billion to PHP15.9 billion “as the previous year’s level included a PHP23.8 billion remittance of additional dividends from the Bangko Sentral ng Pilipinas (BSP),” the BTr explained.
On the other hand, tax revenues improved by 12.7 percent in November 2024 to PHP322.4 billion from PHP286.1 billion a year ago.
Collection by the Bureau of Internal Revenues (BIR) increased by 17.77 percent in the previous month to PHP247.6 billion from PHP210.2 billion in November 2023.
Revenues from the Bureau of Customs (BOC) slightly decreased by 1.69 percent to PHP72.4 billion last month, from PHP73.7 billion in the previous year.
From January to November, NG’s revenue collection increased to PHP4.1 trillion from PHP3.56 trillion in the same period last year, higher by PHP540.3 billion.
“The national government is on track to surpass its revenue goal in 2024 with collections growing by 15.2 percent to PHP4.1 trillion as of the end of November, representing 96.12 percent of the full-year program of PHP4.3 trillion,” the BTr said.
“The year-to-date budget deficit of PHP1.2 trillion also remains well within the target, representing 79.29 percent of the PHP 1.5 trillion full-year program for the year.”
In terms of expenditures, NG spent 27.13 percent higher in November 2024 to PHP551.3 billion from PHP433.6 billion, with interest payments climbing 37.29 percent to PHP66.7 billion last month from PHP48.5 billion last year.
“The increase was primarily due to coupon payments on new domestic debt issuances and Global Bonds, as well as the impact of foreign exchange fluctuations,” the national treasury said.
Year-to-date expenditures increased by 12.96 percent to PHP5.28 trillion in the first 11 months of 2024 from PHP4.68 trillion in the same period of 2023.
Meanwhile, the primary deficit declined by 13.24 percent to PHP471.5 billion in January to November this year from PHP543.5 billion in the previous year. (PNA)
