Gov’t posts rare budget surplus in May

By By Paolo G. Montecillo Philippine Daily Inquirer

2:52 pm | Thursday, June 26th, 2014

MANILA, Philippines — The national government posted a rare budget surplus in May amid the significant increase in revenue collections and slow state spending.

Official data released on Thursday showed an P11.8-billion fiscal surplus in May, a reversal of the budget shortfall registered in the same period in 2013.

The May turnout resulted in a year-to-date surplus amounting to P8.5 billion, a turnaround from the aggregate deficit position that the government has usually run since April 2011.

Revenue collections for the month were up 12 percent due largely to the efforts of the Bureau of Internal Revenue and the Bureau of Customs. Expenditures in the same period were down 4 percent.

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