Philippines registers ₱21.9-Billion budget surplus in August 2013 from ₱1.221 trillion expenditures

The Philippines registered a wider budget surplus in August, which helped trim the gap in the first eight months, prompting a Cabinet official to say that government efforts in keeping healthy finances are bearing fruit.

The Department of Finance noted the government recorded a ₱21.9-billion surplus after income and expenses in August were tallied, reflecting over 800 percent more than the ₱2.5 billion it registered a year earlier.

The surplus was beyond the ₱20.3 billion on program, and was able to trim the deficit in the first eight months to ₱82.6 billion.

In a statement, Finance Secretary Cesar Purisima noted the August surplus came at a time when government was nearly on-target in spending, saying it was a sign of success in sustaining fiscal strength.

"The above-target surplus is highly encouraging given that the government came very close to hitting its spending target in August," said Purisima.

Revenue collections totaled ₱155.1 billion in August, against expenditures of ₱133.2 billion. Spending nearly hit the ₱138.4 billion on program.

Tax revenues amounted to ₱145.7 billion, representing 94 percent of the total, while non-tax sources contributed ₱9.4 billion.

The Bureau of Internal Revenue was able to collect ₱118.1 billion for the month, while the Bureau of Customs was able to bring in ₱26.1 billion.

The Bureau of Treasury recorded a ₱3.4-billion income in August other offices amounted to ₱7.5 billion.

In the first eight months, revenues reached ₱1.139 trillion, versus expenditures of ₱1.221 trillion.

"As other economies in Asia are resorting to aggressive revenue measures, we have proven that good governance has had a dramatic effect in restoring stability to the coffers of the government," Purisima said. – Siegfrid Alegado/VS, GMA News