MANILA, (PIA) — The Philippine government’s revenue reached P4.1 trillion in November, according to a report from the Bureau of the Treasury (BTr).
This increase boosts the government’s confidence in surpassing its target of P4.3 trillion for the year.
For the first 11 months of 2024, government revenue rose by 15.16%, equivalent to P540.3 billion compared to the same period last year.
Tax collections increased by 11.51%, totaling P3.5 trillion, while non-tax revenues surged by 45.6% to P555.3 billion.
The Bureau of Internal Revenue (BIR) contributed P2.7 trillion, slightly below its annual target of P2.8 trillion, but still reflecting a 13.88% increase from the previous year.
The BTr attributed the rise in collections to higher income tax, value-added tax (VAT), excise taxes, and documentary stamp tax.
Meanwhile, the Bureau of Customs (BOC) recorded collections of P850 billion, a 4.68% increase from last year, driven by higher import duties, VAT, and excise taxes.
Non-tax revenues reached P249.1 billion, surpassing the annual target of P187 billion, thanks to increased income from government-owned corporations, guarantee fees, and shares from the Philippine Amusement and Gaming Corporation.
Despite rising government expenditures, which increased by 27.13% to P551.3 billion in November, the budget deficit remained “manageable” at P1.2 trillion, below the target of P1.5 trillion for the year.
The International Monetary Fund (IMF) anticipates a decline in the Philippines’ fiscal deficit ratio from 6.1% last year to 5.6% this year, attributed to government reforms in investment and taxation.
The positive trends in revenue and expenditure reflect the government’s commitment to maintaining economic stability and enhancing funding for social services and essential needs for citizens. (JCO/PIA-NCR)
