BIR has 'no room' for failure in PH's growth plan, says Diokno | Inquirer Business

BIR has ‘no room’ for failure in PH’s growth plan, says Diokno

The Bureau of Internal Revenue needs to fast track its modernization efforts to help boost tax collection and enforcement as the agency has “no room to fail” in the Marcos administration’s fiscal goals, according to Finance Secretary Benjamin Diokno.

The government’s economic team led by Diokno is aiming to reduce the budget deficit from the current 6.4 percent toward the prepandemic level of 3 percent by 2028.

ADVERTISEMENT

The team also wants to reduce the government’s outstanding debt from the current 63.5-percent of gross domestic product (GDP) to less than 60 percent—a level considered internationally as “prudent”—by 2025.

Diokno said expanding the country’s fiscal space would allow the government to maintain a high level of investment in infrastructure at 5 percent to 6 percent of GDP yearly.

FEATURED STORIES

The Finance chief said the Marcos administrations’ goals were “ambitious but definitely achievable with the right fiscal tools and the right people.

Diokno added the medium-term fiscal framework would support growth targets.

“This framework serves as the blueprint to reduce fiscal deficit, promote fiscal sustainability and enable robust economic growth,” he said. “In order for the Philippines to keep its fiscal vitals in fighting shape, there is no room for the BIR to fail.”

BIR Commissioner Lilia Guillermo said digitalization has allowed the agency to sustain operations throughout the pandemic as it was able to collect P2.1 trillion, surpassing the target by P5.1 billion.

Read Next
Don't miss out on the latest news and information.

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: BIR, BSP Governor Benjamin Diokno, modernization
For feedback, complaints, or inquiries, contact us.


© Copyright 1997-2022 INQUIRER.net | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.