Budget surplus in May

income, as these were transferred to the BTr (Bureau of Treasury) in 2012 and held in escrow,” DOF said.

In May, government spending increased 9 percent to billion from billion in the same month in 2014. Of that amount, interest payments reached billion, down 13 percent year-on-year from billion.

Meanwhile, tax revenues during the month fell 1.2 percent to billion from billion in May last year. Both the Bureau of Internal Revenue (BIR) and the Bureau of Customs had weak collections in May.

DOF data showed BIR collection grew by only million in May to

billion, while Customs incurred a 7 percent decline in revenue to billion, which was due to lower prices of crude oil in the world market.

The BTR, on the other hand, posted a 167 percent increase in income to billion from month last year.

In January to May this year, the national government’s budget was still on a surplus of billion.

The end-May fiscal position of the national government is 915 percent higher compared with billion in the same period last year.

Meanwhile, government expenditures in the first five-months reached

billion, up 6 percent year-on-year from billion.

On the other hand, revenues stood at billion in January to May, higher by 16 percent compared with billion in the same period last year.

The Aquino administration is under pressure to accelerate expenditures in the remaining months of 2015 after weak government spending slowed quarter-on-quarter growth to its weakest in six years in the first three months of the year.

billion in the same