DOF proposes P33.8-B budget for 2025

Department of Finance | FILE PHOTO

The Department of Finance (DOF) is proposing a P33.75-billion budget for 2025, a 20.8 percent increase from this year’s P27.94-billion budget.

This represents 0.5 percent of the national government’s proposed P6.35-trillion budget.

“These include enhanced revenue administration by the Bureau of Internal Revenue (BIR), better financial asset and debt management by the Bureau of the Treasury (BTr), customs enhancement by the Bureau of Customs (BOC), and improved local finance administration by the Bureau of Local Government Finance (BLGF),” Finance Secretary Ralph Recto said on Tuesday during a budget hearing at the Senate.

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The BIR will receive the largest share of the budget, totaling P17.68 billion, which represents 54.4 percent of the overall amount.

In second place is the treasury department, with a proposed budget of P6.46 billion, or one-fifth of the total.

In the proposal, the BOC has been allocated P5.66 billion, making up 17.43 percent of the budget for the DOF and attached agencies.

This is followed by the Insurance Commission (IC) with P1 billion, the Office of the Secretary with P966.9 million, BLGF with P433.6 million, the National Tax Research Center with P144.1 million, the Privatization and Management Office with P111 million, and the Central Board of Assessment Appeals with P18 million.

The finance department’s budget prioritizes its digitalization initiatives to enhance tax administration efficiency.

For next year, the BIR will receive a P2.76 billion budget to boost digitalization, while BOC and IC will have P997.41 million and P492.18 million, respectively.

“These investments are aimed at significantly enhancing taxpayer experience, streamlining trade processes, and improving fiscal transparency,” Recto said.