FINANCE Secretary Benjamin Diokno yesterday said revenue collections would surpass pre-pandemic levels this year due to more robust economic activities and effective tax administration.
From January to October 2022, the total revenue collections reached P2.9 trillion, up 18.3 percent from the same period in 2021, the Department of Finance said, citing data from the Bureau of Treasury.
“We are now at 89 percent of our full-year target. Given this, we expect revenue collections to surpass pre-pandemic levels this year,” said Diokno said in a forum.
Out of the said total, P2.6 trillion or 90 percent was from taxes, while P299.5 billion was from non-tax revenue sources, data showed.
The government’s medium-term fiscal framework will help sustain the gains and the country’s fiscal stability, the agency said.
The framework is also meant to bring down the country’s debt-to-GDP ratio to less than 60 percent by 2025 and further down to 51 percent by 2028.
The Philippines’ debt-to-GDP ratio ballooned to 63.5 percent earlier this year due to pandemic borrowings. (ABS-CBN News)
