MANILA, Oct. 21 - The Duterte administration’s revenue collection has outstripped expenditures last August owing to prudent spending and strong tax payments, the Department of Finance (DOF) announced.
Based on the Bureau of the Treasury report submitted to Finance Secretary Carlos Dominguez III, the national government doubled its budget surplus in August this year to P32.6 billion from P15 billon in the same month last year.
The surplus in August, the first under the Duterte administration, dragged down the eight-month fiscal gap to P138.4 billion, leaving the government ample fiscal room to support growth for the remainder of the year.
The end-August budget deficit is also well within the P388.87 billion ceiling for the year, but significantly higher compared to P3.4 billion gap incurred in the same period in 2015.
During the month, government revenues reached P209.6 billion, up by 19 percent from P176.7 billion in the previous year. Of that amount, the Bureau of Internal Revenue (BIR) contributed P157.5 billion to the state coffers, while the Bureau of Customs (BOC) generated P33.1 billion in revenues.
Both the BIR and BOC, accounting for a combined 90 percent