{"id":18642,"date":"2024-05-07T03:02:43","date_gmt":"2024-05-07T03:02:43","guid":{"rendered":"https:\/\/energybuzz.ph\/staging\/6915\/govt-collected-p1-4-trillion-of-revenue-as-of-april-recto\/"},"modified":"2024-05-07T03:02:43","modified_gmt":"2024-05-07T03:02:43","slug":"govt-collected-p1-4-trillion-of-revenue-as-of-april-recto","status":"publish","type":"post","link":"https:\/\/energybuzz.ph\/staging\/6915\/govt-collected-p1-4-trillion-of-revenue-as-of-april-recto\/","title":{"rendered":"Gov\u2019t collected P1.4 trillion of revenue as of April \u2014 Recto"},"content":{"rendered":"
\n

THE GOVERNMENT col<\/span>lected P1.4 trillion in revenue in the <\/span>f<\/span>irst four months of 2024, accounting for almost a third of its full-year target, preliminary data from the Finance department showed.<\/span><\/p>\n

\u201cMy calculation is we are at P1.4 trillion. That\u2019s for the first four months,\u201d Finance Secretary Ralph G. Recto told reporters in mixed English and Filipino on the sidelines of an event on Monday.<\/span><\/p>\n

Preliminary figures from the department showed that Bureau of Internal Revenue (BIR) collections reached P912.9 billion.<\/span><\/p>\n

The agency is expected to generate P3.055 trillion this year. It collects about 70% of the government\u2019s overall revenues.<\/span><\/p>\n

Meanwhile, data from the Bureau of Customs (BoC) showed that it had collected P299.674 billion as of end-April. It aims to collect P959 billion this year.<\/span><\/p>\n

The Finance department also recorded nontax revenues worth P206.4 billion in January-April, data showed.<\/p>\n

\u201cWe expect both our tax and nontax revenues to dramatically increase over the coming months as we intensify our revenue mobilization ef<\/span>forts,\u201d Mr. Recto said.<\/p>\n

If the pace of its revenue performance continues, the government can meet its f<\/span>iscal targets, Mr. Recto said. \u201cIt\u2019s the f<\/span>irst four months of the year. Let\u2019s see if it\u2019s sustainable for eight more months.\u201d<\/p>\n

This year, the government is expected to generate P4.3 trillion in revenue, equivalent to 16.1% of the gross domestic product (GDP).<\/span><\/p>\n

Mr. Recto said there are no plans to increase revenue targets.<\/p>\n

\u201cI doubt it very much. As far as (we\u2019re) able to collect what is targeted already, I\u2019m happy with that,\u201d he said.<\/p>\n

The budget balance is also expected to remain in a def<\/span>icit, he added.<\/p>\n

\u201cYou will always have a def<\/span>icit. Your debt will increase this year. There\u2019s no doubt about that.\u201d<\/p>\n

Latest data from the Bureau of the Treasury (BTr) showed the National Government\u2019s budget deficit widened by 0.65% to P272.6 billion in the f<\/span>irst quarter.<\/p>\n

The government set a budget deficit ceiling of P1.48 trillion this year, equivalent to 5.6% of GDP. It aims to reduce the def<\/span>icit-to-GDP ratio to 3.7% by 2028.<\/p>\n

GLOBAL BONDS
\n<\/b>Meanwhile, Mr. Recto said the BTr is f<\/span>inalizing its f<\/span>irst global bond of<\/span>fering for the year.<\/p>\n

\u201cThe Treasury is timing the market. I think it\u2019ll be within the f<\/span>irst half,\u201d he said, noting that most of the global bond of<\/span>ferings this year would be dollar-denominated.<\/p>\n

The government\u2019s last global bond issuance was its Sukuk bond offering in December, when it raised $1 billion from its first-ever sale of Islamic bonds.<\/p>\n

\u201cWe\u2019re open to (other) bonds, whatever is cheap and has less risk,\u201d Mr. Recto added.<\/p>\n

The government\u2019s borrowing mix favors domestic sources (75%) to mitigate foreign currency risks. Its borrowing program is set at P2.57 trillion this year. \u2014 Luisa Maria Jacinta C. Jocson<\/b><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

THE GOVERNMENT collected P1.4 trillion in revenue in the first four months of 2024, accounting for almost a third of its full-year target, preliminary data from the Finance department showed. \u201cMy calculation is we are at P1.4 trillion. That\u2019s for the first four months,\u201d Finance Secretary Ralph G. Recto told reporters in mixed English and [\u2026]<\/div>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","footnotes":""},"categories":[1],"tags":[88,14644,8661,177,17751,14983,15255,13049,11],"class_list":["post-18642","post","type-post","status-publish","format-standard","hentry","category-uncategorized","tag-april","tag-bworldonline","tag-collected","tag-govt","tag-p1-4","tag-recto","tag-revenue","tag-trillion","tag-years"],"yoast_head":"\nGov\u2019t collected P1.4 trillion of revenue as of April \u2014 Recto - Energy Buzz<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/energybuzz.ph\/govt-collected-p1-4-trillion-of-revenue-as-of-april-recto\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Gov\u2019t collected P1.4 trillion of revenue as of April \u2014 Recto - Energy Buzz\" \/>\n<meta property=\"og:description\" content=\"THE GOVERNMENT collected P1.4 trillion in revenue in the first four months of 2024, accounting for almost a third of its full-year target, preliminary data from the Finance department showed. \u201cMy calculation is we are at P1.4 trillion. 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