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Philippines Reports Budget Surplus in Early 2024, Aiming for Fiscal Health

MANILA, Philippines - The Department of Finance (DOF) has revealed that the Philippine government achieved a notable budget surplus in the initial months of 2024, signaling a positive trend in the nation's fiscal management.

According to Philippines News Agency, the surplus is attributed to significant year-on-year revenue growth coupled with measured increases in government spending.

During a briefing related to the Philippines' hosting of the World Economic Forum (WEF) Roundtable, Secretary Recto announced that for January and February 2024, government revenues were up by 20 percent compared to the same period in the previous year, while expenditures increased by only 10 percent. This fiscal performance resulted in a substantial budget surplus, highlighting effective revenue collection and expenditure management.

Data from the Bureau of the Treasury underscored this achievement, showing an impressive PHP88 billion surplus in January alone, nearly doubling the surplus recorded in January 2023. The increase in total revenues, which reached PHP421.8 billion for the month, surpassed the PHP348.2 billion recorded the previous year, while government spending was contained at PHP333.99 billion.

Secretary Recto emphasized the DOF's ongoing efforts to bolster the Bureau of Internal Revenue (BIR) and the Bureau of Customs (BOC), focusing on enhancing tax collection efficiency. By providing these agencies with detailed data analyses, the government aims to identify key areas and entities for targeted tax collection efforts.

Looking ahead, the Development Budget Coordination Committee has set an ambitious revenue target of PHP4.3 trillion for the year. Achieving this goal would represent a significant step toward sustaining the Philippines' fiscal health and supporting its broader economic objectives.