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Dominguez: Tax collections up 9.3% 

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The state’s tax collections for the first nine months of the year has surpassed its year-ago income by 9.3 percent, Finance Secretary Carlos Dominguez III said.

According to him, tax revenues from both the Bureaus of Internal Revenue (BIR) and of Customs (BoC) reached P2.03 trillion, higher than the recorded P1.85 trillion in the January to September 2020 period.

“BIR’s January to September collection reached P1.54 trillion, breaching the prior year’s achievement for the same period by 6.9 percent,” Dominguez said.

“BoC’s collection for January to September 2021 amounted to P469.8 billion, 18 percent higher than the same period last year,” he added.

Further, the Finance chief reiterated the country’s strong fiscal position prior to the pandemic, coupled with its prudent debt management allowed it to keep its investment grade credit score.

“The Philippines was financially ready when the pandemic hit us. We entered 2020 with a historic low debt-to-GDP (gross domestic product) ratio of 39.6 percent. At the same time, we had raised our revenue effort to a two decade-high of 16.1 percent of GDP,” he stressed.

“This, in turn, earned us the highest credit ratings we have ever achieved,” he added.

Nevertheless, the Cabinet official said that the expansion in deficit-to-GDP ratio will be temporary and a “clear strategy” has been set out to finance such.

The state’s top economic managers earlier said the country’s programs and measures against COVID-19 will be adequately funded and will help steer the economy for a faster recovery.

 

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