The national government posted a budget surplus of P66.8 billion in April, over 1,250 percent higher from last year, as revenue collections outmatched spending during the period. Know more:
THE national government posted a budget surplus of P66.8 billion in April, over 1,250 percent higher from last year, as revenue collections outmatched spending during the period.
Ricafort added that the reopening of the economy as well as the better-than-anticipated economic performance in the first quarter contributed to the government’s improved tax revenue collections. Ricafort stressed the “urgency” of pushing for more tax reforms and fiscal reform measures to boost the national government’s tax revenue collections.
The Treasury explained that the Bureau of Internal Revenue’s April collections expanded by 40.24 percent to P336 billion from P96.4 billion because of the TRAIN law provision mandating the filing of quarterly VAT returns. The Treasury noted that the national government’s expenditure last month grew because of subsidy release to Philippine Health Insurance Corp., “larger” capital expenditures of the Department of Public Works and Highways and the Department of Transportation, as well as higher interest payments.