Govt records P11.2 billion budget surplus in October

The national government recorded an P11.2 billion budget surplus in October, a 76 percent increase from the previous year, attributed to subdued spending and slow revenue growth.

This October surplus contributed to a P1.11 trillion fiscal deficit for the first ten months of the year, falling short of the full-year target.

Total government revenues for the January-October period saw a modest increase, reaching P3.81 trillion, largely due to a slowdown in revenue collection.

Tax revenues experienced a growth, primarily propelled by the Bureau of Internal Revenue's collection of P2.65 trillion, though the agency experienced a slowdown.

The Bureau of Customs showed a minimal increase in its collections, amounting to P784.6 billion.

Non-tax revenues significantly dropped by almost 37 percent, indicating a greater dependence on tax collections.

The government's spending remained restrained, influenced by factors such as the flood control corruption scandal and lingering issues surrounding the Department of Public Works and Highways.