Finance Secretary Ralph Recto (PPA pool photo by JONATHAN CELLONA)
MANILA, Philippines — Finance Secretary Ralph Recto said on Monday the government was so far on track with its revenue goals, with receipts amounting to P1.4 trillion in the first four months of 2024 based on preliminary figures.
The amount raised in the January-April period was 7.7 percent larger than the P1.3 trillion revenues generated a year ago, data showed.
As it is, the four-month receipts of P1.4 trillion accounted for 33 percent of the Marcos administration’s target revenue of P4.27 trillion this year. Speaking to reporters, Recto said the government would unlikely revise its target collections this year as long as the goal is being met.
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“So we’re slightly hitting the target. [But] it’s just four months. Let’s see if it’s sustainable for eight more months,” he said.
“For as far as I’m able to collect what is targeted already, I’m happy with that,” he added.
Tax collections
Data from the Department of Finance showed the Bureau of Internal Revenue, which typically accounts for 80 percent of state revenues, collected P912.9 billion as of end-April, a 16.3-percent increase year-on-year.
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Meanwhile, the Bureau of Customs has so far raised P299.674 billion from import tariffs and other sources, up by 6.50 percent and surpassing its target collection of P288.526 billion by 3.86 percent.
Nontax revenues—which include income of the Bureau of the Treasury, proceeds from privatization, and other fees—reached P206.4 billion in the first four months, marking an 85-percent increase. Recto said dividend remittances from state-run companies are targeted to reach P100 billion this year.
Already, economic officials came up with a higher financing plan for 2024 of P2.57 trillion, from P2.46 trillion previously, as they also project a wider fiscal deficit of P1.5 trillion.