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    Fiscal Report November 2012 - Revised1

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    pmella
    The National Government of the Philippines posted a fiscal deficit of P127.3 billion from January to November 2012, up 32.3% from the same period in 2011. Revenues increased 13% to P1.408 trillion while expenditures rose 14% to P1.535 trillion. Despite the higher deficit, the government recorded a primary surplus of P155 billion by excluding interest payments from expenditures.

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    Fiscal Report November 2012 - Revised1

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    pmella
    13 views6 pages
    The National Government of the Philippines posted a fiscal deficit of P127.3 billion from January to November 2012, up 32.3% from the same period in 2011. Revenues increased 13% to P1.408 trillion while expenditures rose 14% to P1.535 trillion. Despite the higher deficit, the government recorded a primary surplus of P155 billion by excluding interest payments from expenditures.

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    The National Government of the Philippines posted a fiscal deficit of P127.3 billion from January to November 2012, up 32.3% from the same period in 2011. Revenues increased 13% to P1.408 trillion while expenditures rose 14% to P1.535 trillion. Despite the higher deficit, the government recorded a primary surplus of P155 billion by excluding interest payments from expenditures.

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    Download as PDF, TXT or read online from Scribd
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    13 views6 pages

    Fiscal Report November 2012 - Revised1

    Uploaded by

    pmella
    The National Government of the Philippines posted a fiscal deficit of P127.3 billion from January to November 2012, up 32.3% from the same period in 2011. Revenues increased 13% to P1.408 trillion while expenditures rose 14% to P1.535 trillion. Despite the higher deficit, the government recorded a primary surplus of P155 billion by excluding interest payments from expenditures.

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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 Billion Primary Surplus Amounted to P155.037 Billion 28 December 2012, Manila, Philippines The National Government fiscal deficit reached P127.300 billion as of end-November 2012, up by P31.046 billion or 32.3% higher than deficit level of the same period a year 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 of P11.564 billion, 47.4% lower than the deficit for the same month last year. Revenue Performance Last months revenue collections reached P155.308 billion, 20.6% higher compared to the collections level of the same month last year. Total tax revenues for the month amounted to P135.486 billion. The Bureau of Internal Revenue (BIR) collections amounted to P110.767 billion while that of the Bureau of Customs (BOC) reached P23.749 billion, which altogether represented 87% of total revenues. The remaining non-tax revenues include collections from other offices and income by the Bureau of Treasury amounting to P12.185 billion and P8.607 billion, respectively. Revenue performance for November brought the National Government revenue collections to P1,408.505 billion for the first eleven months of the year. It posted growth rate of 13% compared to the same period last year and represented 90% of the total revenue program of P1,560.622 billion for FY2012. Of the total revenues for the period, P1,247.001 billion or 89% were tax collections while non-tax sources contributed the balance of P161.574 billion. Cumulative collections consisted of P969.340 billion for BIR and P264.339 billion for BOC, registering a growth of 14% and 9%, respectively.

    Expenditures For the month of November, total expenditures grew by 10.7% over last year. Interest payments amounted to P15.648 billion, 4.6% lower compared with interest outflows in 2011. From January to November 2012, total disbursements reached P1,535.875 billion, posting a 14% rise against spending in 2011. Agency spending and general government operations registered P1,253.538 billion or 82% of the total expenditures for the period, while the remaining P282.337 billion were releases for interest payments.

    Primary Surplus/ (Deficit) Netting out the interest payments in the expenditures, the National Government recorded a primary surplus for the period January to November amounting to P155.037 billion. Fiscal Performance January to November 2012 (In Billion Pesos)
    November Actual 2011 2012 Surplus/(Deficit) Revenues Cash Non-Cash Expenditures Cash Non-Cash (22.003) 128.745 124.566 4.179 150.748 146.569 4.179 (11.564) 155.308 152.656 2.652 166.872 164.220 2.652 Percent Growth 2012/2011 (47.4) 20.6 22.6 (36.5) 10.7 12.0 (36.5)

    Jan-Nov Actual 2011 2012 Surplus/(Deficit) Revenues Cash Non-Cash Expenditures Cash Non-Cash (96.254) 1,249.772 1,222.376 27.396 1,346.026 1,318.630 27.396 (127.300) 1,408.575 1,381.433 27.142 1,535.875 1,508.733 27.142

    Q1-Q4 Program (279.106) 1,560.622 1,526.400 34.222 1,839.728 1,805.506 34.222

    Percent Growth 2012/2011 32.3 12.7 13.0 (0.9) 14.1 14.4 (0.9)

    National Government Revenues January to November 2012 (In Billion Pesos)

    November Actual 2011 2012 Revenues BIR Cash Non-Cash BOC Cash Non-Cash BTr Other Offices 128.745 92.751 90.445 2.306 25.510 23.637 1.873 2.725 7.759 155.308 110.767 108.153 2.614 23.749 23.711 0.038 8.607 12.185

    Percent Growth 2012/2011 20.6 19.4 19.6 13.4 (6.9) 0.3 (98.0) 215.9 57.0

    Jan-Nov Actual 2011 Revenues BIR Cash Non-Cash BOC Cash Non-Cash BTr Other Offices 1,249.772 849.515 828.667 20.848 242.960 236.412 6.548 72.219 85.078 2012 1,408.575 969.340 944.099 25.241 264.339 262.438 1.901 79.960 94.936

    Q1-Q4 Program 1,560.622 1,066.118 1,039.628 26.490 347.073 339.341 7.732 61.750 85.681

    Percent Growth 2012/2011 12.7 14.1 13.9 21.1 8.8 11.0 (71.0) 10.7 11.6

    National Government Expenditures January-November 2012 (In Billion Pesos)


    November Actual 2011 2012 Expenditures Interest Payments Others 150.748 16.408 134.340 166.872 15.648 151.224 Percent Growth 2012/2011 10.7 (4.6) 12.6

    Jan-Nov Actual 2011 2012 Expenditures Interest Paymt Others 1,346.026 251.507 1,094.519 1,535.875 282.337 1,253.538

    Q1-Q4 Program 1,839.728 317.653 1,522.075

    Percent Growth 2012/2011 14.1 12.3 14.5

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

    November Actual 2011 2012 Primary Surplus/ (Deficit) Revenues Expenditures (Net of IP) (5.595) 128.745 134.340 4.084 155.308 151.224

    Percent Growth 2012/2011 (173.0) 20.6 12.6

    Jan-Nov Actual 2011 Primary Surplus/ (Deficit) Revenues Expenditures (Net of IP) 155.253 1,249.772 1,094.519 2012 155.037 1,408.575 1,253.538

    Q1-Q4 Program 38.547 1,560.622 1,522.075

    Percent Growth 2012/2011 (0.1) 12.7 14.5

    Chart 1. National Government Budget Balance


    40 30 20 10 0 10 20 30 40 Jan Feb Mar Apr May June July Aug Sept Oct Nov 2012 2011

    Chart 2. National Government Revenues


    160 140 120 100 80 60 40 20 0 Jan Feb Mar Apr May June July Aug Sept Oct Nov 2012 2011

    Chart 3. National Government Expenditures


    180 160 140 120 100 80 60 40 20 0 Jan Feb Mar Apr May June July Aug Sept Oct Nov

    2012 2011

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