{"id":19076,"date":"2024-06-05T03:12:51","date_gmt":"2024-06-05T03:12:51","guid":{"rendered":"https:\/\/energybuzz.ph\/staging\/6915\/finance-secretary-wants-to-keep-original-revenue-goals\/"},"modified":"2024-06-05T03:12:51","modified_gmt":"2024-06-05T03:12:51","slug":"finance-secretary-wants-to-keep-original-revenue-goals","status":"publish","type":"post","link":"https:\/\/energybuzz.ph\/staging\/6915\/finance-secretary-wants-to-keep-original-revenue-goals\/","title":{"rendered":"Finance secretary wants to keep original revenue goals"},"content":{"rendered":"
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THE government is still looking at keeping its revenue goals for the year, Finance Secretary Ralph G. Recto said on Tuesday, after the Development Budget Coordination Committee (DBCC) cut the targets <\/span>for the Tax and Customs bureaus.<\/span><\/p>\n

\u201cThose are DBCC numbers,\u201d he told BusinessWorld<\/i> in a Viber message. \u201cWe haven\u2019t adjusted revenue targets for the year yet.\u201d<\/p>\n

In the DBCC\u2019s latest quarterly fiscal program, the Bureau of Internal Revenue\u2019s full-year revenue estimate was slashed to P2.85 trillion from P3.055 trillion, while its estimate for the Bureau of Customs was trimmed to P939.7 billion from P959 billion.<\/p>\n

Mr. Recto said the revisions in the DBCC program were a \u201cconsequence of adjusting growth numbers.\u201d \u201cAs I mentioned, [this is for the] DBCC. But [we] have not adjusted the Budget of Expenditures and Sources of Financing target.\u201d<\/span><\/p>\n

The cuts in the collection goals \u201creflect the current economic climate,\u201d Robert Dan J. Roces, chief economist at Security Bank Corp., said in a Viber message, citing weaker-than-expected growth and global uncertainties.<\/p>\n

The economy grew by 5.7% in the first quarter. At its April meeting, the DBCC narrowed this year\u2019s growth target to 6-7% from 6.5-7.5%.<\/p>\n

\u201cIt is hardly surprising that revenues are lower than expected,\u201d Leonardo A. Lanzona, an economics professor at the Ateneo de Manila University, said in an e-mailed reply to questions. \u201cEven if ef<\/span>forts are made to raise these funds more efficiently, the revenue receipts will not be able to meet the required amount needed for government purposes.\u201d<\/p>\n

Mr. Recto earlier said the government would not seek to impose new taxes and would instead boost tax administration and collection eff<\/span>iciency.<\/p>\n

The Finance department is also working on privatizing government assets to boost state co<\/span>f<\/span>fers. <\/span><\/p>\n

\u201cWhile this may necessitate adjustments to government spending and could lead to a wider fiscal deficit, the government\u2019s focus on nontax revenue measures like privatization is a welcome alternative to introducing new taxes,\u201d Mr. Roces said.<\/p>\n

Mr. Lanzona said the no-tax policy would make it diff<\/span>icult for the government to support priority programs.<\/p>\n

\u201cThis ties the hands of the government to meet the needs of the public,\u201d he said.\u00a0 <\/span>\u201cAdditional taxes should not be seen simply as the means of raising revenues, but as a mechanism to enforce a socially e<\/span>ff<\/span>icient economy.\u201d<\/span><\/p>\n

\u201cIt should allow the government to respond to unexpected events that can disrupt and reduce social welfare.\u201d<\/p>\n

The National Government\u2019s revenues jumped by 16.8% to P1.47 trillion at the end of April. Tax revenue went up by 13.21% to P1.28 trillion, while nontax revenue climbed by 48.8% to P188.8 billion.<\/span><\/p>\n

Meanwhile, the Customs bureau in a separate statement said it collected P81.75 billion in May, exceed<\/span>ing its target by 2.68%. It was also 4.9% higher than a year earlier.<\/span><\/p>\n

From January to May, it collected P381.35 billion, surpassing its target by 4.18% and up by 6.13% from a year earlier.<\/p>\n

The agency attributed this to \u201ccontinuous monitoring of the values and classif<\/span>ications of imported commodities to ensure accurate duty and tax collection.\u201d<\/p>\n

It also cited audits and public auctions, intensi<\/span>f<\/span>ied border control and improved trade facilitation. \u2014 Luisa Maria Jacinta C. Jocson<\/b><\/span><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

THE government is still looking at keeping its revenue goals for the year, Finance Secretary Ralph G. Recto said on Tuesday, after the Development Budget Coordination Committee (DBCC) cut the targets for the Tax and Customs bureaus. \u201cThose are DBCC numbers,\u201d he told BusinessWorld in a Viber message. \u201cWe haven\u2019t adjusted revenue targets for the [\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":[14644,11916,1575,3550,12644,15255,8515,317],"class_list":["post-19076","post","type-post","status-publish","format-standard","hentry","category-uncategorized","tag-bworldonline","tag-finance","tag-goals","tag-keep","tag-original","tag-revenue","tag-secretary","tag-wants"],"yoast_head":"\nFinance secretary wants to keep original revenue goals - 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\/finance-secretary-wants-to-keep-original-revenue-goals\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Finance secretary wants to keep original revenue goals - Energy Buzz\" \/>\n<meta property=\"og:description\" content=\"THE government is still looking at keeping its revenue goals for the year, Finance Secretary Ralph G. 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