March deficit hit P210b as tax collection fell READ MORE:
revenues fell by nearly 12 percent and expenditures went down by 2.62 percent, the Bureau of the Treasury said Tuesday.
“Nevertheless, revenues for the three-month period still surpassed the P784.4 billion collected last year for the same period by 4.38 percent or P34.3 billion. Tax collection accounted for 87.89 percent or P719.5 billion of the total with non-tax revenue contributing P99.2 billion or 12.11 percent,” the Treasury said.
Income from the Bureau of the Treasury in March eased by 55.47 percent to P14.9 billion year-on-year on the high base effect of dividend remittances in 2022. Data showed that as of end-March, BTr revenues reached P39.0 billion, down by 19.94 percent from last year’s P48.7 billion owing to the same reason.
Meanwhile, government expenditures in March declined by 2.62 percent or P12.6 billion year-on-year to P468.9 billion largely due to the lower national tax allotment shares of local government units and the timing of significant releases for some programs such as the Department of Transportation’s public utility vehicle service contracting program and fuel subsidy program.
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