Filtered By: Money

Diokno confident gov’t will exceed 2022 collection target

Finance Secretary Benjamin Diokno on Wednesday expressed optimism that the government will surpass its collection goal this year, banking on the Bureau of Customs (BOC) revenue surplus.

“Our collection as of one month ago is P2.9 trillion, [over] 18% higher than last year and about 90% of our goal for the year,” Diokno said during the Kapihan sa Manila Bay forum.

“I’m very sure we will exceed our revenue target,” he added.

Data from the Bureau of the Treasury (BTr) showed that the national government’s revenues as of end-October stood at P2.9 trillion, up 18.31% from P2.5 billion raised in January to October 2021. 

The cumulative collections are 89% of the P3.3 trillion revenue target for the entire year.

Diokno said the BOC already met its annual target while the Bureau of Internal Revenue (BIR) was “slightly behind.”

From January to October, the Customs collected P713.5 billion, up 35.81% year-on-year and 99% of the P721.5 billion full-year goal.

On the other hand, the BIR collected P1.9 trillion, 12.56% over the same period last year and reaching 80% of the P2.4 trillion target.

Asked if the revenue surplus of the BOC will be enough to cover the shortfall of the BIR, Diokno said, “Definitely.”

The BOC earlier reported that it collected P745.50 billion as of November 11, surpassing its collection target of P721.52 billion for the entire year by P23.98 billion or 3.27%

The Customs attributed the positive revenue performance to stringent implementation of priority programs to curb smuggling and corruption, optimize revenue collection, and digitalize and enhance customs operations anchored on the eight-point Socioeconomic Agenda of President Ferdinand Marcos Jr.

Meanwhile, Diokno said the economic managers or the Development Budget Coordination Committee (DBBC) will meet on December 5 to review the government’s macroeconomic targets.

“We will review the numbers and maybe we can upgrade the forecast, but we will just affirm the 6.5 to 8% [for next year,” he said.

The economy as measured by GDP, or the total value of goods and services produced, grew by 7.6%during the July to September period, faster than the upwardly adjusted 7.5% GDP growth in the second quarter of the year.

The DBCC set a GDP growth target of 6.5% to 7.5% for 2022 and 6.5% to 8% for 2023. — RSJ, GMA Integrated News