Marcos admin surpasses 2022 revenue target at P3.2-trillion

Finance Secretary Benjamin Diokno (LEFT) and President Ferdinand “Bongbong” Marcos Jr. | FILE PHOTO

MANILA, Philippines — The administration of President Ferdinand “Bongbong” Marcos Jr. has surpassed revenue targets in 2022, Malacañang said on Sunday, citing data from the Department of Finance (DOF).

Citing DOF’s year-end report, the Office of the Press Secretary (OPS) said emerging revenue collections from the Bureau of Internal Revenue (BIR) and the Bureau of Customs (BOC) have reached P3.2 trillion.

This, OPS said, surpassed the full-year 2022 Development Budget Coordination (DBCC) target by 2.2%.

The DOF also facilitated the implementation of important grants and technical assistance amounting to an estimated $85.5 million.

The OPS said other DOF accomplishments for 2022 include:

• The resolution on tax incentives for business activities outside zone limits
• Commitment to Extractive Industries Transparency Initiatives (EITI)
• Revision of the implementing rules and regulations (IRR) for the Build-Operate-Transfer Law
• Economic briefings and meetings with credit rating agencies such as Standard & Poor’s, and Fitch and Moody’s
• Hosting of the 55th Annual Meeting of the Asian Development Bank (ADB)

For next year, the agency’s major activities, according to the OPS, include rightsizing the DOF bureaucracy.

The DOF also eyes to continue pushing key measures, including Package 3 and 4, Excise Tax on Single-Use Plastics, Value Added Tax on Digital Service Providers, Ease of Paying Taxes and Mining Fiscal Regime.

It will also target private sector fund mobilization through public-private partnership (PPP) projects and will launch pioneering projects with Project Management Office (PMO)-led assets such as Basay Mining Rights, Tala Estate Property and Food Terminal Inc. Property.

The OPS also said tax administration reforms will be implemented to enhance tax efforts, maximize the government’s revenue potential, simplify taxpayer compliance and automate the BIR and BOC processes.

The national government is expected to secure next year around $19.1 billion worth of official development assistance (ODA), $9.2 billion worth of loans from multilateral development partners and $9.8 billion in loans from bilateral lenders.

JMS