Diokno: Marcos economic team to hike 2023 revenue target

The Marcos administration’s economic managers will raise the revenue target for 2023 following the strong performance in the first five months of the year, Finance Secretary Benjamin Diokno said Wednesday. 

"We're revising because we have actually exceeded collections. So we are revising it upwards," Diokno said at the Kapihan sa Manila Bay forum. 

Data from the Department of Finance (DOF) showed that revenues from January to May 2023 stood at P1.592 trillion, 10.83% higher than the P1.437 trillion collected in the same period last year.

The Development Budget Coordination Committee (DBCC) expects government revenues to reach P3.73 trillion in 2023.

The DBCC reviews its medium-term fiscal and macroeconomic targets every quarter.

"I cannot commit at this time, but definitely we will have to revise," Diokno said when asked about the possible new revenue projection.

"As new data comes in, you revise,'' he said, adding the government is also coming up with new tax measures.

The government is eyeing imposing an excise tax on junk food and broadening the tax base for sweetened beverages. —VBL, GMA Integrated News