Economic team expects to beat revenue targets this year

The government’s economic team is looking to collect ₱3.84 trillion to ₱3.90 trillion in total revenues this year, above the target of ₱3.73 trillion. In a statement, the Development Budget Coordination Committee (DBCC) said that ₱2.84 trillion in revenues have been collected in the first nine months of this year, up by 6.8 percent year-on-year.

Based on the data, both tax and non-tax revenues registered positive growth at 6.4 percent and 10.5 percent, respectively.

Revenue collections are also up by three percent in the first nine months, which was attributed to the higher collections from the Bureau of Customs (BOC) and non-tax revenues of ₱152.57 billion.

Tax revenue, on the other hand, is expected to reach ₱3.50 trillion to ₱3.55 trillion.

The DBCC estimates the revenue program for this year at 15.7 percent, which is higher than the medium-term fiscal framework (MTFF) target and the level set by the 184th DBCC at 15.3 percent and 15.2 percent, respectively.

The DBCC is comprised of the Department of Finance (DOF), the Department of Budget and Management (DBM), and the National Economic and Development Authority (NEDA).

The DBCC also said that it will work closely with Congress for the passage of the previous administration’s remaining tax reforms and new tax measures.

The Bureau of Internal Revenue (BIR) and the BOC are also implementing reforms that will enhance tax collection and strengthen tax administration, including digital programs aiming to eliminate corruption.

The economic team also reported that the disbursement program increased to ₱38.2 trillion or 98.9 percent from 93.4 percent as of end-september.

It also said that it will closely coordinate with agencies with low budget utilization rates to improve their spending during the fourth quarter.

The DBCC also said it will conduct Early Procurement Activities by next year to align with the submission of the National Expenditure Program to Congress.

The Budget and Treasury Management System, which will address major procurement bottlenecks such as late submission of billing from suppliers and creditors, will also be implemented next year, the committee said.

The DBCC also called on government agencies to utilize safe and efficient digital payments for goods and services, including the distribution of financial assistance.