Philippines posts P122-B budget shortfall in 2015

THE national government's budget deficit rose to P121.7 billion in 2015, 0.3 percentage points higher than a year ago level, the Department of Finance (DOF) said Thursday.

The full year budget shortfall last year was about 0.9 percent of the Philippine gross domestic product (GDP), Finance Secretary Cesar Purisima said.

"For the past five years, consistently prudent and strategic fiscal management has afforded Filipinos a better future. Today, we have more fiscal firepower for multigenerational investments in our people, weaving stronger social safety nets and better connectivity links across the archipelago," he said.

The Finance chief said this was the direct result of "good governance."

Government revenue generating agencies collected P2.109 trillion during the 12-month period last year, while the Aquino administration spent P2.231 trillion.

The Bureau of Internal Revenue (BIR) collected P1.441 trillion in 2015, 7 percent or P98.5 billion higher than 2014 figures.

The Bureau of Customs (BOC) raised P367.5 billion, similar to year-ago figures.

The stagnant collections of BOC could be attributed to the drop of the price of oil in 2015 as collections on oil sagged by as much as 31 percent.

The Bureau of the Treasury generated an income of P110 billion for 2015, 81 percent or P49.4 billion above program and 18 percent or P16.6 billion year-on-year. (SDR/Sunnex)

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