Palace assures fund from TRAIN to be put to good use after Jan. budget surplus

March 26, 2018

Malacanang assured on Monday the budget surplus recorded in January due to the implementation of the tax reform measure would be put to good use.

The government recorded a budget surplus of P10.2 billion in January due to the Tax Reform for Acceleration and Inclusion (TRAIN) Act.

During the period, the national government was able to collect P238.9 billion, 19 percent or P38.8 billion higher than the same period last year, the Bureau of Treasury said.

Total expenditure amounted to P228.7 billion, 15 percent or P30.6 billion higher than a year ago level.

"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," Presidential Spokesperson Harry Roque said in a statement.

The Bureau of Internal Revenue collected bulk of the revenue in January, amounting to P175.6 billion, while the Bureau of Customs registered P40.8 billion revenue. The Bureau of Treasury contributed P8.1 billion.

The tax measure, which was signed into law by President Rodrigo Duterte in December last year and became effective January 1, was just the first of the four to five packages of the Comprehensive Tax Reform Program of the government which it hopes to be passed by Congress into law within the year. Celerina Monte/DMS