President Benigno S. Aquino III presides over the Cabinet Budget Presentation meeting at the Aguinaldo State Dining Room of the Malacañan Palace Monday (July 6). (MNS photo)
MANILA (Mabuhay) – Government posted a budget surplus of P67.3 billion in May, the second straight month a surplus was recorded.
May’s budget surplus was P55.6 billion higher than the surplus registered last year. Year-to-date, the budget balance was at a surplus of P86.4 billion, up P77.9 billion than a year ago.
In April, government post a P52.6 billion surplus due to annual tax payments during the month.
Total revenues in May reached P242.5 billion, 41 percent or P70.3 billion higher from revenues in the May 2014.
Total revenues for the first five months of the year reached P922.2 billion, expanding 16 percent year-on-year.
The Bureau of Internal Revenue (BIR) collected P128.5 billion in May while the Bureau of Customs (BOC) collected P26.7 billion.
Meanwhile, income from the Bureau of the Treasury (BTr) amounted to P11 billion for May, up by P6.8 billion year-on-year.
Other offices contributed P76.4 billion in May, reflecting the P60.1 billion Coco Levy-related remittance to the special account in the general fund.
Government disbursements in May reached P175.2 billion, expanding by 9 percent compared to May 2014.
For the period of January to May, expenditures reached P835.7 billion, reflecting an increase of 6 percent from year-ago levels.
“Various volatile events in the global landscape serve as stark reminders of the importance of the hard work of reform carefully sustained by prudent fiscal management. We continue to build ample safeguards protecting the country from shocks that pose risks to our upward trajectory,” Finance Secretary Cesar Purisima said in a statement on Monday. (MNS)