Jan P2.2B surplus reverses yr-earlier, Dec deficitsTHE Philippine national government wiped out its previous budget deficits and posted a P2.22-billion budget surplus in January, a turnaround traced by the Bureau of Treasury to improved revenue collection efforts amid prudent spending. The January surplus reversed a deficit of P118.22 billion in December and P3.47 billion in January 2016, data from the Treasury bureau showed on Thursday. Revenue for the month rose 10 percent year-on-year to P200.31 billion, while spending increased only 7 percent to P198.09 billion. “Strong growth from the two major revenue generating agencies of the NG ensured that the contraction was counterbalanced, leading to total revenue growth of 10 percent year-on-year,” it added. Net of interest payments, the budget yielded a P44.57 billion primary surplus in January, 6 percent wider than a surplus of P42.12 billion posted a year earlier, it added.

Source: Manila Times March 23, 2017 17:48 UTC