The Bureau of the Treasury (BTr)’s November 2022 cash operations report showed positive results as the National Government (NG) budget deficit decreased to PHP123.9 billion, which is 3.7 percent or almost PHP5.0 billion lower from the same period in 2021.
“These developments are a good way to end the year. Our government agencies have been working hard to meet both our revenue and spending targets. We will welcome 2023 on a strong financial footing,” said Finance Secretary Benjamin Diokno.
This comes as revenue collections for November rose to PHP331.1 billion, posting a 16.6 percent year-on-year (YoY) growth equivalent to an increase of PHP47.0 billion, outperforming the 10.2 percent increase in government expenditure. This brings the year-to-date (YTD) collection to PHP3.3 trillion, which is 18.1 percent or PHP503.1 billion higher than the previous year.
The revenue performance shows that the government is already at 99 percent of the PHP3.3 trillion goal for the year. Among revenue collections, taxes contributed the most at 90 percent or PHP3.0 trillion, while non-tax sources contributed 10 percent or PHP317.7 billion.
The government’s cumulative budget deficit for November slowed to PHP1.2 trillion, which is 7.2 percent or PHP96.3 billion lower compared to the equivalent period last year.
Meanwhile, the 10.2 percent increase in government expenditures amounted to PHP455.0 billion. YTD disbursement of PHP4.5 trillion reached 91 percent of the PHP5.0 trillion full-year program, which outperformed the previous year’s 11-month total of PHP4.1 trillion by 9.9 percent.
Beginning next year, the government will implement the PHP5.3-trillion National Budget for Fiscal Year 2023 and the Philippine Development Plan (PDP) 2023-2028, which will guide the country’s socioeconomic development over the medium term, with particular focus on job creation and poverty alleviation.
