Fiscal Report November 2012 - Revised1

7/30/2019 Fiscal Report November 2012 - Revised1

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REPUBLIC OF THE PHILIPPINES

BUREAU OF THE TREASURY

INTRAMUROS, MANILA 2801

Funding the Republic

January to November National Government Deficit at P 127.3 BillionPrimary Surplus Amounted to P155.037 Billion

28 December 2012, Manila, Philippines The National Governmentfiscal deficit reached P127.300 billion as of end-November 2012, up byP31.046 billion or 32.3% higher than deficit level of the same period ayear ago. This cumulative deficit represented 45.6% of the full year

program of P279.106 billion for FY2012.For the month of November, the National Government posted a deficit ofP11.564 billion, 47.4% lower than the deficit for the same month lastyear.

Revenue Performance

Last months revenue collections reached P155.308 billion, 20.6% highercompared to the collections level of the same month last year.

Total tax revenues for the month amounted to P135.486 billion. TheBureau of Internal Revenue (BIR) collections amounted to P110.767billion while that of the Bureau of Customs (BOC) reached P23.749billion, which altogether represented 87% of total revenues. Theremaining non-tax revenues include collections from other offices andincome by the Bureau of Treasury amounting to P12.185 billion andP8.607 billion, respectively.

Revenue performance for November brought the National Governmentrevenue collections to P1,408.505 billion for the first eleven months ofthe year. It posted growth rate of 13% compared to the same period lastyear and represented 90% of the total revenue program of P1,560.622billion for FY2012.

Of the total revenues for the period, P1,247.001 billion or 89% were taxcollections while non-tax sources contributed the balance of P161.574billion. Cumulative collections consisted of P969.340 billion for BIR and

P264.339 billion for BOC, registering a growth of 14% and 9%,respectively.


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Expenditures

For the month of November, total expenditures grew by 10.7% over lastyear. Interest payments amounted to P15.648 billion, 4.6% lowercompared with interest outflows in 2011.

From January to November 2012, total disbursements reachedP1,535.875 billion, posting a 14% rise against spending in 2011.Agency spending and general government operations registeredP1,253.538 billion or 82% of the total expenditures for the period, whilethe remaining P282.337 billion were releases for interest payments.

Primary Surplus/ (Deficit)

Netting out the interest payments in the expenditures, the NationalGovernment recorded a primary surplus for the period January toNovember amounting to P155.037 billion.

Fiscal PerformanceJanuary to November 2012(In Billion Pesos)

Percent

Growth

2011 2012 2012/2011

Surplus/(Deficit) (22.003) (11.564) (47.4)

Revenues 128.745 155.308 20.6

Cash 124.566 152.656 22.6

Non-Cash 4.179 2.652 (36.5)

Expenditures 150.748 166.872 10.7Cash 146.569 164.220 12.0

Non-Cash 4.179 2.652 (36.5)

November

Actual


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Percent

Q1-Q4 Growth

2011 2012 Program 2012/2011

Surplus/(Deficit) (96.254) (127.300) (279.106) 32.3Revenues 1,249.772 1,408.575 1,560.622 12.7

Cash 1,222.376 1,381.433 1,526.400 13.0

Non-Cash 27.396 27.142 34.222 (0.9)

Expenditures 1,346.026 1,535.875 1,839.728 14.1

Cash 1,318.630 1,508.733 1,805.506 14.4

Non-Cash 27.396 27.142 34.222 (0.9)

Jan-Nov

Actual

National Government RevenuesJanuary to November 2012(In Billion Pesos)

PercentGrowth

2011 2012 2012/2011

Revenues 128.745 155.308 20.6BIR 92.751 110.767 19.4

Cash 90.445 108.153 19.6Non-Cash 2.306 2.614 13.4

BOC 25.510 23.749 (6.9)Cash 23.637 23.711 0.3Non-Cash 1.873 0.038 (98.0)

BTr 2.725 8.607 215.9

Other Offices 7.759 12.185 57.0

NovemberActual


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Percent

Q1-Q4 Growth

2011 2012 Program 2012/2011

Revenues 1,249.772 1,408.575 1,560.622 12.7

BIR 849.515 969.340 1,066.118 14.1

Cash 828.667 944.099 1,039.628 13.9

Non-Cash 20.848 25.241 26.490 21.1

BOC 242.960 264.339 347.073 8.8

Cash 236.412 262.438 339.341 11.0

Non-Cash 6.548 1.901 7.732 (71.0)

BTr 72.219 79.960 61.750 10.7

Other Offices 85.078 94.936 85.681 11.6

Jan-Nov

Actual

National Government ExpendituresJanuary-November 2012(In Billion Pesos)

PercentGrowth

2011 2012 2012/2011

Expenditures 150.748 166.872 10.7Interest Payments 16.408 15.648 (4.6)Others 134.340 151.224 12.6

NovemberActual

Percent

Q1-Q4 Growth

2011 2012 Program 2012/2011

Expenditures 1,346.026 1,535.875 1,839.728 14.1

Interest Paymt 251.507 282.337 317.653 12.3

Others 1,094.519 1,253.538 1,522.075 14.5

Jan-Nov

Actual


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Primary Surplus/(Deficit)January to November 2012(In Million Pesos)

Percent

Growth

2011 2012 2012/2011

Primary Surplus/ (5.595) 4.084 (173.0)

(Deficit)

Revenues 128.745 155.308 20.6

Expenditures 134.340 151.224 12.6(Net of IP)

November

Actual

Percent

Q1-Q4 Growth

2011 2012 Program 2012/2011

Primary Surplus/ 155.253 155.037 38.547 (0.1)

(Deficit)

Revenues 1,249.772 1,408.575 1,560.622 12.7

Expenditures 1,094.519 1,253.538 1,522.075 14.5

(Net of IP)

Jan-Nov

Actual


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Chart 1. National Government Budget Balance

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Chart 2. National Government Revenues

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Chart 3. National Government Expenditures

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Documents

Fiscal Report November 2012 - Revised1