The government has made a promise to “put to good use” the surplus revenues from the national budget to subsidize infrastructure projects and bolster social services.
The commitment was made through a statement released by Presidential Spokesman Harry Roque following the government’s announcement of the budget surplus while the Tax Reform for Acceleration and Inclusion (TRAIN) law is in full implementation.
The country’s budget recently recorded a PhP 10.2-billion surplus at the start of the year, higher than the PhP 2.2 billion posted in January 2017, as revenue collection exceeded public spending.
“We are pleased to announce that government revenues grew at a faster pace during the first month of this year, owing to the full implementation of the Tax Reform for Acceleration and Inclusion (TRAIN) Act,” Roque said in a statement.
“We assure our people that a significant part of the revenues we raise will be put to good use to support the much-needed infrastructure to spur development in the whole country and fund various social protection programs on health, education, housing, among others,” he added.
Roque also pointed out that the country’s strong revenue growth in January 2018 paved way for the government to reach a PhP 10.2-billion budget surplus “which is almost five times higher than the recorded surplus a year ago.”
He added that all major collecting agencies of the government acquired positive year-on-year growth, the reason behind the higher total revenues that ballooned to PhP 238.9 billion.