The Bureau of the Treasury reports that the Government’s budget deficit in October 2022 surged to P99.1 billion, nearly P100 billion, equivalent to 54.08% or P34.8 billion higher than P64.3 billion last year.

This means a 22.23% year-over-year growth in government spending, which outperformed the revenue growth of 14.14%.

However, the BTr explains, “the P1.1 trillion year-to-date (YTD) budget deficit lagged behind the P1.2 trillion shortfall posted in the 10 months a year ago by 7.61% (P91.6 billion) and is just 67% of the P1.7 trillion full-year program.”

Revenue collection in October reached P288.9 billion, 14.14% or almost P36.0 billion more than the previous year’s collection of P253.1 billion. This resulted in an overall collection of P2.9 trillion from January to October, reflecting an 18.31% growth. 

“The Bureau of Internal Revenue (BIR) brought in P186.8 billion (net of P20.0 million tax refund) for October, realizing YoY growth of 15.20% or P24.6 billion. The Bureau of Customs (BOC) collected P75.1 billion for October, exceeding the previous year’s outturn of P55.5 billion by 35.16% or almost P20.0 billion,” BTr said.

Other agencies, such as the BTr itself The Bureau of Customs (BOC) collected P75.1 billion for October, exceeding the previous year’s outturn of P55.5 billion by 35.16% or almost P20.0 billion. Other offices (other non-tax including privatization proceeds and fees and charges) meanwhile slowed to P13.7 billion, 44.42% or P11.0 billion lower from the P24.7 billion booked for the same month last year.

On the expenditure side, disbursement accelerated to P387.9 billion in October from P317.4 billion a year ago. BTr explains this is “driven partly by higher National Tax Allotment of LGUs and subsidy releases for programs implemented by government corporations, namely National Health Insurance Program under the PhilHealth (PHIC), Irrigation Systems Restoration Program and Irrigation Systems Development Program of the National Irrigation Administration (NIA), Comprehensive and Integrated Housing Program of the National Housing Authority (NHA), and Missionary Electrification Program under the National Power Corporation (NPC).”

“Disbursements for the social protection programs of the Department of Social Welfare and Development (DSWD) and road infrastructure projects of the Department of Public Works and Highways (DPWH) also contributed to the higher October 2022 spending.”