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Recto: PHL records budget surplus in Jan-Feb 2024

MANILA – Department of Finance (DOF) Secretary Ralph Recto said preliminary data showed that the national government has posted a budget surplus in the first two months of the year.

“As of today, for the last two months and a half, our revenues are 20 percent up year-on-year (YOY) while spending is 10 percent up YOY, so we do have a surplus,” Recto said on the sidelines of the briefing for the country’s hosting of the two-day World Economic Forum (WEF) Roundtable.

“In fact, last January, first time we had a surplus of roughly P88 billion, almost double that of January 2023. So far, we’re hitting the numbers, surpassing the targets, and we hope that continues.”

Data released by the Bureau of the Treasury earlier showed that the national government posted a budget surplus of P88 billion in January, up by more than 90 percent from the previous year’s P45.7 billion.

Total revenues during the month amounted to P421.8 billion, higher than last year’s P348.2 billion while government spending amounted to P333.99 billion.

Recto said the DOF continues to assist the Bureau of Internal Revenue (BIR) and the Bureau of Customs (BOC) to improve tax collection.

“We’re assisting the BIR and BOC by analyzing all the data and provide them with that data as well, where to concentrate to collect the taxes and to whom they should be collecting the taxes from,” Recto said.

For this year, the Development Budget Coordination Committee expects revenues to reach P4.3 trillion.

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