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The Philippine government posted a P88-billion budget surplus in January 2024, driven by strong tax collections, the Bureau of the Treasury said Friday.“Faster year-over-year growth in revenue collection outpaced the expansion in government spending ,” the Treasury said in a statement.
The Bureau of Internal Revenue raised P308.4 billion, a 31.35-percent increase from P234.8 billion collected in January 2023. The Bureau of Customs collections reached P73.4 billion, exceeding the previous year’s figure by P2.8 billion . The Bureau of the Treasury’s income declined from P17.8 billion to P16.7 billion in January 2024 due to lower interest earned on government deposits and investments. This was partially offset by a higher government share from Philippine Amusement and Gaming Corporation income.National government disbursements reached P333.9 billion in January, up from P302.4 billion a year ago. Primary expenditures, which accounted for 77.77 percent of total spending, rose slightly to P259.6 billion from P255.
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