Govt budget deficit hits P209.1B in June

BY NIÑA MYKA PAULINE ARCEO

THE government's budget balance remained in deficit last month at P209.1 billion, the Bureau of the Treasury (BTr) reported on Wednesday, widening from May's P174.9 billion but still lower compared to the year-earlier P225.4 billion.

The year-to-date tally rose to P613.9 billion, lower than the P551.7 billion posted in January-June 2023 and also below the programmed P661.8 billion for the first half of 2024.

June's revenues of P296.5 billion were 10.93 percent higher than the year-earlier P267.3 billion due to increased tax collections. These brought January-June receipts to P2.15 trillion, 15.56 percent up from the year-earlier P1.86 trillion.

The Bureau of Internal Revenue accounted for P1.36 trillion, P172.5 billion of which was collected in June. Both were 11.72 percent and 4.71 percent higher year on year, respectively.

The Bureau of Customs, meanwhile, saw June collections rise by 0.67 percent to P74.6 billion. Its year-to-date tally was 5.10 percent up at P455.5 billion.

Other offices earned P2.2 billion for the month, 5.54 percent lower than the P2.3 billion seen last year. For the first six months of 2024, this rose to P17.8 billion from P15.1 billion.

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As for nontax revenues, Treasury collections declined to P7.4 billion from P10.8 billion, which was attributed to lower dividend remittance and income from BTr-managed funds.

This brought the bureau's six-month income to P163.9 billion, higher than the year-earlier P93.0 billion.

Other offices generated nontax revenues of P39.8 billion last month, more than double the P15.4 billion posted a year ago. Year-to-date earnings surged to P150.3 billion from the P99.4 billion recorded in the same period last year.

Spending, meanwhile, totaled P505.6 billion in June, a 22.24-percent increase from P492.7 billion a year ago. January-June expenditures subsequently grew by 14.58 percent to P2.76 trillion.

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Last month's rise was said to be due to capital outlay projects by the Public Works Department, Defense Department spending for the Armed Forces of the Philippines modernization program, preparations for the 2025 elections and higher national tax allotments for