THE Bureau of the Treasury said the government’s budget balance became positive in April as revenues surpassed spending.

The surplus, at P4.9 billion, was a sharp contrast to the P44.4billion shortfall a year earlier. Year to date, the balance was P311.9 billion in deficit, down 14.75 percent from the P365.9 billion posted in the same period in 2021.

According to the Treasury, the April result was attributable to “faster year-over-year revenue collection growth of 19.19 percent against the marginal 1.98-percent increase in public expenditures.”

Revenues were P348 billion, up from P291.9 billion a year ago, and spending was P343 billion, rising from P336.3 billion.

In April, the Bureau of Internal Revenue collected P239.6 billion, soaring 9.39 percent from the previous month, while the Bureau of Customs earned P65.7 billion, surging 26.82 percent. Other offices’ tax receipts saw an uptick of 84.43 percent to P1.6 billion.

Following that, total tax receipts widened by 12.95 percent to P306.9 billion.

Treasury receipts accelerated by 184.14 percent year on year to P25.7 billion.

The bureau said that “the substantial increase was largely driven by higher dividend remittances as well as income from BSF (bond sinking fund) investment and (national government) share from Pagcor (Philippine Amusement and Gaming Corp.) income.”

In April, other offices’ revenues ballooned by 37.53 percent to P15.4 billion, resulting in a total non-tax receipts of P41.1 billion.

During the month, interest payments climbed by 56.61 percent to P37.3 billion, while primary spending expanded by P305.7 billion from P312.5 billion.

Interest payments grew by 56.61 percent to P37.3 billion during the month, while primary spending plunged by 2.18 percent to P305.7 billion from P312.5 billion.

The Treasury said that the April primary expenditure, which accounted for 89 percent or P305.7 billion of total expenditures, shrank in April “sans the P22.9billion one-time financial assistance provided to LGUs (local government units) placed under ECQ (enhance community quarantine) [in] [NCR Plus] last year, and timing of subsidy releases to GOCCs (government-owned and -controlled corporations).”

The primary fiscal balance was P42.2 billion in April, bringing the year-to-date deficit to P125.3 billion.

The national government aims to keep the fiscal deficit in 2022 at less than P1.66 trillion, or 7.5 percent of the country’s gross domestic product (GDP). Last year’s deficit was P1.67 trillion, resulting in an 8.61 percent deficit-to-GDP ratio.