May deficit down to P122 billion on higher revenues

By Julito G. Rada

THE government’s budget deficit fell 16.7 percent in May to P122.2 billion from P146.8 billion a year ago as the 9.35-percent growth in revenues outpaced the 0.88-percent increase in expenditures, the Bureau of the Treasury said Tuesday.

This brings the cumulative budget gap for the first five months of the year to P326.3 billion, lower by 28.86 percent or P132.4 billion than a year ago.

Revenue collection for May 2023 reached P333.4 billion, surpassing the P304.9 billion recorded in the same month last year by 9.35 percent or P28.5 billion.

Moreover, total revenue as of the endMay stood at P1.6 trillion, 10.83 percent higher than a year ago.

“This growth was attributed to im- provements in both tax and non-tax collections, which grew by 9.71 percent and 20.56 percent year on year, respectively,” the agency said.

The Bureau of Internal Revenue’s net collections reached P213.3 billion, down slightly by 1.54 percent or P3.3 billion for the month. Meanwhile, its overall collection for the five-month period increased by 9.95 percent or P95.5 billion to P1.1 trillion from last year’s P959.0 billion.

The Bureau of Customs raised P77.9 billion for the month, topping the previous year’s outturn for the same period by 17.56 percent or P11.6 billion. This improved the agency’s cumulative performance by 12.10 percent or P38.8 billion over last year to reach P359.3 billion.

TheTreasury’s income for the month swelled to P24.9 billion, more than

SMIC unit investing P3b annually to boost geothermal steam output

SM Investments Corp., through its wholly owned Philippine Geothermal Production Company Inc. on Tuesday said it is investing P3 billion annually to increase its geothermal steam production capacity by 300 megawatts. This will come from the exploration of new steam production projects in Northern Luzon, namely Kalinga, Daklan, and Cagayan; and in Southern Luzon, specifically Mount Labo and Malinao, which will increase its geothermal capacity to an estimated total of 600 MW. PGPC is boosting its investments in renewable energy in support of the country’s growing advocacy for green energy and sustainable development.

“SM is committed towards harnessing clean energy by increasing its capacity to provide steam. The Philippines’ location within the ‘Ring of Fire’ provides a huge opportunity for a low-carbon source of power. This is proven by PGPC’s half a century of reliable and consistent production of steam converted into renewable baseload electricity for its communities,” said SM Investments president and chief executive Frederic DyBuncio. SM Investments also has investments in retail, banking, and property.

Meanwhile, PGPC has already been integrating a safe, clean, and renewable process for harnessing power long before the commitments for sustainable twice the level posted in 2022.

“The sharp increase was attributable to higher dividend and PAGCOR remittances, investment income, and interest on national government deposits,” it said.

Meanwhile, the Treasury’s cumulative collection from January to May declined to P82.2 billion from the previous year’s P83.4 billion mainly due to lower dividend remittances which decreased by 44.79 percent year on year.

On the other hand, government spending of P455.7 billion for May 2023 marginally increased by 0.88 percent or P4.0 billion from last year’s P451.7 billion, as the lower National Tax Allotment shares of local government units and net lending assistance to government corporations weighed down the growth of disbursements.

Pse Index Closing

structure investments are a step towards economic recovery and growth, and nation-building,” he said.

BankCom said it welcomed the opportunity to participate in the SMC project, which it said would “hugely uplift our society and contribute to the group’s vision of a resilient and globally competitive Philippines.”

“Massive infrastructure projects such as the San Miguel Group’s investment in the MRT-7 play a crucial role in building the nation. As SMC Infrastructure continues to strengthen its portfolio and operate the largest infrastructure network in the country, the lives of thousands of Filipinos are made better through safe, sustainable, and accessible transport systems,” said BankCom president and chief executive Michelangelo Aguilar.

By Alena Mae S. FLores

POWER retailer Manila Electric Co.

on Tuesday announced management changes effective July 1 to streamline operations and improve services to consumers.

Meralco said in a statement its board approved on June 26 the appointment of businessman Manuel Pangilinan as chairman and chief executive, from chairman, president and chief executive.

The board also appointed Ronnie Aperocho as executive vice president and chief operating officer from senior vice president and networks head.

“This is part of the changes in designation aligned with Meralco’s goal to streamline its operations. Mr. Pangilinan continues to lead Meralco as its chairman and CEO while Mr. Aperocho will oversee the day-to-day operations of the distribution utility following his promotion to executive vice president and chief operating officer,” Meralco spokesman Joe Zaldarriaga said.

Ferdinand Geluz was promoted to SVP and chief revenue officer and officer-in-charge of the subsidiary businesses from being first vice president and chief commercial officer of customer retail services

Froilan Savet was named FVP and head of networks from vice president and network planning and design head.

Other new appointees include Charina Padua as FVP and customer retail services head from VP and head and commercial operations head and Maria Luisa Alvendia as FVP and chief supply chain officer from FVP, chief of staff of the president and chief executive and supply chain advisor.

Jose Ronald Valles was also named FVP and regulatory affairs and DU regulatory management head from FVP and regulatory management office head.

Edgardo Carasig is now FVP and human resources head from FVP and chief human resource officer and corporate services head.

Meanwhile, Redel Domingo was appointed as FVP and MPower Inc. head and Arnel Paciano Casanova as SVP and chief external and government affairs officer.

Andrew Jason Tan was appointed VP and DU business development office head, while Anthony Matthew Co will become VP and business development officer effective July 16, 2023. Meralco is the country’s biggest power retailer with over 7.6 million customers in its franchise area.

Pag-IBIG home loan payments climbed 15% to record P31.97b in first 5 months power were made as part of the United Nations Sustainable Development Goals.

The steam fields in Mak-Ban and Tiwi capitalize on the earth’s natural heat to produce steam that is captured by production wells.

The steam is delivered to third party power plants to generate electricity which then goes to power transmission lines for distribution to homes and offices.

As of March 2023, the Mak-Ban and Tiwi steam fields have contributed to at least 57.5 billion kilograms in reducing carbon dioxide emissions equivalent to 188,802 hectares of trees, since the start of its commercial operation.

Alena Mae S. Flores

Pag-IBIG Fund’s performing loans ratio surged to 92.53 percent as top executives reported double-digit growth in housing loan payment collections in the first five months of the year. The agency said that from January to May, it collected P31.97 billion in home loan payments, up by 15 percent or P4.22 billion from the amount collected in the same period last year. It was also a record-high in terms of home loan payments collected by the agency for any January to May period.

“We are happy to report that our total collections for the first five months of the year already stand as the highest in our history. Strong collections not only reinforce Pag-IBIG Fund’s financial sustainability, but also benefits our members because the amount we collect are then ploughed back to our housing portfolio so that more members can avail of our home loans,” said Secretary Jose Rizalino L. Acuzar, who heads both the Department of Human Settlements and Urban Development and the 11-member Pag-IBIG Fund board of trustees.

“This is one of our ways of heeding President Ferdinand Marcos, Jr.’s call in solving the country’s housing backlog under the Pambansang Pabahay para sa Pilipino or 4PH Program,” said Acuzar.