April sees year’s first fiscal surfeit

STRONG revenue collection in the April tax-filing month caused the state’s budget balance to swing to surplus from the previous four months of deficit to mark 2016’s first monthly surfeit, according to data released yesterday by the Treasury bureau.

The fiscal balance, however, swung to a deficit in the first four months from the past year’s surplus.

April saw a P55-billion budget surplus that was 5% more than the P52.6 billion recorded in 2015’s comparable month.

It was also the first monthly surplus since November 2015’s P6.029-billion surfeit.

REVENUES, SPENDING STRONG

In a statement, the Treasury attributed that fiscal performance to “strong revenue collection” that increased by 18% to P246.6 billion in April from P209.1 billion a year ago.

It was the first double- digit rise for the year, matched by June 2015’s 18% hike and the strongest in nearly a year or since the 41% surge seen in May last year.

In contrast, April last year recorded a seven percent annual drop in revenue collection.

The Bureau of Internal Revenue ( BIR) contributed bulk of the month’s revenue, collecting P177.7 billion that was 10% more than the past year’s P160.8 billion.

The Bureau of Customs (Boc), on the other hand, reported a P32.7- billion haul, reflecting a 16% year-on-year increase from P28.1 billion.

The Treasury added P28 billion, more than double its P 11.6billion take in April 2015.

Public spending, meanwhile, picked up 22% to P191.6 billion from April 2015’s P156.5 billion, sustaining a double- digit hike since February despite the March 25- May 8 ban on public works ahead of the May 9 elections.

April brought the fiscal balance to a P57.5-billion deficit in the first four months that was a

reversal from the P19.1- billion surplus recorded in 2015’s comparable period.

Revenue collections in the first four months totaled P725.6 billion, seven percent more than the P679.6 billion recorded a year ago. The BIR contributed P507.8 billion, nine percent more than the past year; BoC accounted for P123.2 billion, two percent up; while the Treasury collected P52.9 billion, reflecting a seven percent increment.

Against that revenue haul, state expenditures increased by 19% to P783.1 billion as of April from the P660.6 billion spent in 2015’s comparable four months. —