REPUBLIC OF THE PHILIPPINES

BUREAU OF THE TREASURY

INTRAMUROS, MANILA 2801

Funding the Republic

National Government Achieves P21.9 Billion Budget Surplus in August

19 September 2013 Manila, Philippines The National Government achieved a fiscal surplus of P21.9 billion, eight fold the P2.5 billion surplus in August 2012. Year-to-date, overall fiscal deficit stands at P82.6billion, in line with Government projections. Revenue Performance Revenue collections in August reached P155.1billion, 20% or P25.7 billion higher compared to the same period last year. Collections by the Bureau of Internal Revenue (BIR) and Bureau of Customs (BoC) were recorded at P118.1 billion and P26.1 billion, reflecting 22% and 15% year-on-year revenue growth, respectively. Revenue from other offices grew 7% from a year ago to P7.5 billion while Bureau of the Treasury (BTr) income rose 15% year-on-year to P3.4 billion. Revenue collections reached P1,139.2 billion for the first eight months of the year. Actual collections for January to August were recorded at P811.9 billion for BIR and P198.9 billion for BOC, growing 16% and 4%, respectively, on a year-on-year basis. BTr income totaled P60.9 billion and other offices contributed P67.5 billion. Total tax revenues amounted to P145.7 billion, representing 94% of total revenues while the remainingP9.4 billion came from non-tax sources. Expenditures Actual disbursements for August amounted to P133.2 billion, reflecting a 5% or P6.4 billion increase, year-on-year. Interest payments amounting to P18.2 billion accounted for14% of total expenditures for the month. Total disbursements for January to August reached P1,221.8 billion, 13% higher than comparable disbursements in 2012.

Primary Surplus/ (Deficit) Netting out interest payments as a part of expenditures, the National Government recorded a primary surplus of P40.1 billion in August and P146.3 billion within the first eight months of the year. Fiscal Performance January to August 2013 (In Billion Pesos)
August Actual 2012 2013 2.5 21.9 129.4 155.1 128.8 154.5 0.6 0.7 126.9 133.2 126.3 132.6 0.6 0.7 Jan-August Actual 2012 2013 (71.1) (82.6) 1,013.6 1,139.2 993.0 1,123.7 20.7 15.5 1,084.7 1,221.8 1,064.1 1,206.3 20.7 15.5 Percent Growth 2013/2012 768 20 20 17 5 5 17 Percent Growth 2013/2012 (144.5) 16 1,295.3 12 1,279.2 13 16.1 (25) 1,439.7 13 1,423.6 13 16.1 (25)

Surplus/(Deficit) Revenues Cash Non-Cash Expenditures Cash Non-Cash

Q1-Q3 Program

Surplus/(Deficit) Revenues Cash Non-Cash Expenditures Cash Non-Cash

National Government Revenues January to August 2013 (In Billion Pesos)

August Actual 2012 2013 129.4 155.1 96.8 118.1 96.7 117.9 0.0 0.2 22.6 26.1 22.1 25.6 0.6 0.5 3.0 3.4 7.1 7.5 Percent Growth 2013/2012 20 22 22 723 15 16 (16) 15 7 Percent Growth 2013/2012 12 16 17 (24) 4 5 (41) 0 11

Revenues BIR Cash Non-Cash BOC Cash Non-Cash BTr Other Offices

Revenues BIR Cash Non-Cash BOC Cash Non-Cash BTr Other Offices

Jan-August Q1-Q3 Actual Program 2012 2013 1,013.6 1,139.2 1,295.3 701.4 811.9 931.0 682.5 797.5 920.4 19.0 14.5 10.6 190.4 198.9 250.4 188.7 197.9 245.0 1.7 1.0 5.5 60.9 60.9 45.3 60.9 67.5 68.5

National Government Expenditures January to August 2013 (In Billion Pesos)

August Actual 2012 2013 126.9 133.2 19.8 18.2 107.1 115.0 106.5 114.3 0.6 0.7 Percent Growth 2013/2012 5 (8) 7 7 17

Expenditures Interest Payments Others Cash Non-Cash

Expenditures Interest Payments Others Cash Non-Cash

Jan-August Q1-Q3 Actual Program 2012 2013 1,084.7 1,221.8 1,439.7 221.1 228.9 266.9 863.6 993.0 1,172.8 842.9 977.5 1,156.7 20.7 15.5 16.1

Percent Growth 2013/2012 13 4 15 16 (25)

Primary Surplus/(Deficit) January-August 2013 (In Billion Pesos)

August Actual 2012 2013 Primary Surplus/Deficit Revenues Expenditures (Net of IP) 22.3 129.4 107.1 40.1 155.1 115.0 Percent Growth 2013/2012 80 20 7

Jan-August Actual 2012 2013 Primary Surplus/Deficit Revenues Expenditures (Net of IP) 150.0 1,013.6 863.6 146.3 1,139.2 993.0

Q1-Q3 Program 122.5 1,295.3 1,172.8

Percent Growth 2013/2012 (2) 12 15

Chart 1. National Government Budget Balance

40 20 0
2013

-20 -40 -60 Jan Feb Mar Apr May June July August

2012

Chart 2. National Government Revenues

200 150 100 50 0 Jan Feb Mar Apr May June July August
2013 2012

Chart 3. National Government Expenditures

200 150 100 50 0 Jan Feb Mar Apr May June July August
2013 2012