Metro Manila (CNN Philippines, December 25) — The administration of President Ferdinand Marcos Jr. exceeded its revenue target for 2022 by 2.2%, the Office of the Press Secretary announced Sunday, citing a report from the Department of Finance (DOF).
The Office of the Press Secretary (OPS) said the emerging revenue collections from the Bureau of Internal Revenue (BIR) and the Bureau of Customs (BOC) have reached P3.2 trillion based on the DOF’s year-end report.
The amount surpassed the full-year 2022 Development Budget Coordination Committee (DBCC) target by 2.2%, according to the DOF.
The DOF also facilitated the execution of grants and technical assistance amounting to an estimated $85.5 million.
“The Philippine Economic Briefings and Meetings with credit rating agencies such as Standard & Poor’s, and Fitch and Moody’s, where the economic team showcased the country’s bright economic prospects, were also a feat for the DOF,” said the OPS.
For 2023, the DOF’s plans include rightsizing the agency’s bureaucracy, and continue pushing for key measures such as the Excise Tax on Single-Use Plastics, Value Added Tax on Digital Service Providers, Ease of Paying Taxes, and Mining Fiscal Regime.
Around $19.1 billion in official development aid (ODA), $9.2 billion in loans from multilateral partners, and $9.8 billion in loans from bilateral lenders are estimated to be secured by the national government in the upcoming year.
