Data from the Bureau of the Treasury (BTr) showed that the government reported a P42.7-billion budget surplus in April due to double-digit growth in tax and non-tax revenue collections from collection agencies.
However, as reported by BTr's latest cash operations report, the surplus in April was slightly lower than the P66.8 billion recorded in the same month last year, primarily due to increased government spending.
The BTr report attributed the positive financial outcome for the month to higher year-over-year (YoY) tax and non-tax revenue growth. The increase in tax revenues was driven by double-digit growth in the collections of revenue-collecting agencies. In contrast, the increase in non-tax revenues was a result of strong dividend remittance.
Total revenues during the month amounted to P537.2 billion, up 21.90% from the P440.7 billion collected in April last year.
The faster government spending influenced the lower budget surplus during the month, outpacing the expansion in revenue collections, the BTR added.
Meanwhile, the national government's expenditures amounted to P494.5 billion, up 32.25% from last year.
"The expansion was driven by higher releases of the National Tax Allotment and subsidies to [government-owned and controlled corporations], including releases to [Power Sector Assets and Liabilities Management] under the Murang Kuryente Act, as well as the release of the 4th tranche of capitalization of the Coconut Farmers Industry Trust Fund," the BTr added.
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