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Friday, June 14, 2024

2024 revenue collection on track

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The Department of Finance (DOF) said Monday the government is on track to meeting its 2024 revenue goal.

“With total revenues already reaching P1.5 trillion as of end-April , we are on track to meet our collection target of P4.3 trillion,” Finance Secretary Ralph Recto told the participants of the Philippine Economic Briefing in Pasay City.

“The BIR has already collected close to P1 trillion––or P970.3 billion –– representing a 15.4 percent increase from last year,” he said,

The Bureau of Customs recorded a 6.5-percent growth in its collection, reaching P299.3 billion.

Recto said the government is focusing on growing tax revenues by plugging tax leaks and improving tax administration, especially in the e-commerce market, through digitalization.

He said the agency also strategically tapped into non-tax revenue streams to generate additional funds without imposing new or increased taxes.

“This allowed us to collect P188.8 billion in non-tax revenues as of end- April, 48.8 percent higher from the same period last year,” Recto said.

“The surge is primarily driven by higher dividend remittances from GOCCs,” he added, noting that dividends remittances reached P88.6 billion.

Recto said the government’s privatization efforts are also expected to boost non-tax revenue.

Meanwhile, Recto said the government’s fiscal consolidation plan ensures that the economy will continue to outgrow debt in the medium term.

“Our debt-to-GDP ratio further dropped to 60.1 percent in 2023, and is on track to decline further to 55.9 percent by 2028,” he said.

“We have been very prudent with our borrowings. The majority of financing is sourced domestically to take advantage of high liquidity in the economy. This provides a venue for ordinary Filipinos to invest and help in nation-building,” Recto said.

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