Philippines posts 676 mln USD budget surplus in August

The Philippine government has posted 32.6 billion pesos (676.59 million U.S. dollars) budget surplus in August, dragging down the eight-month fiscal gap to 138.4 billion pesos (2.87 billion U.S. dollars), the Department of Finance said Thursday.

The surplus in August was the first under the administration of President Rodrigo Duterte, the department said.

During the month, government revenues reached 209.6 billion pesos (4.35 billion U.S. dollars), up by 19 percent from the same month last year, while expenditures rose by 9 percent in the same month last year.

Finance Secretary Carlos Dominguez III earlier said the Duterte administration would be responsible with its finances as it reverses the underspending in the previous administration.

The new government has committed to raising public investments in infrastructure, human capital and social protection for vulnerable sectors, as part of President Duterte's 10-point socioeconomic agenda to sustain high growth and make its benefits trickle down to all Filipinos.

But to help raise needed funds for public investments, the government is pursuing a comprehensive tax reform program to discourage evasion and avoidance, broaden the tax system's narrow base and make the current system simpler and more equitable.

The department of Finance last month submitted to the House of Representatives the first package of its proposed Tax Reform Roadmap for Acceleration and Inclusion Act in keeping with the Duterte administration's 10-point socioeconomic agenda. Endit