New DOF chief targets P20-B daily tax collection

Manila Bulletin

Newly-appointed Finance Secretary Ralph G. Recto has set his sights on a daily haul of around P20 billion to meet the spending needs of the Marcos administration for this year.  In a briefing at Malacanan with President Marcos after being sworn in, Recto said that his top priority is to raise P4.3 trillion in taxes this year, with the support of the government’s two main tax agencies and the Bureau of the Treasury.  READ MORE: https://mb.com.ph/2024/1/12/new-dof-chief-targets-p20-b-daily-tax-collection

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00:00 For us to collect for next year, I think 4.3 trillion in taxes.

00:05 3 trillion with the BIR, 1 trillion with the BOC, and I think the Treasury is about 300 billion.

00:11 So it's all about fiscal sustainability.

00:15 And like I said, you have a national development plan to fund.

00:18 Incidentally, we will be borrowing 2.7 trillion next year.

00:22 So every night when I wake up in the morning,

00:25 we should have collected more or less 20 billion

00:29 to fund all the needs of our people and the requirements of government.

00:35 And to make sure that that money is spent wisely.

00:39 The idea is to stretch every peso,

00:42 including acting faster on investment.

00:47 Particularly, the President has just signed the new PPP law.

00:51 That will free up government resources for social services,

00:56 investments also in creating more jobs for our country.

01:00 Sir, do you plan to impose new taxes under your watch?

01:04 There are already existing revenue measures that the House has passed.

01:09 And the President has certified as urgent.

01:11 We will make sure that the Senate will be able to pass the same.

01:15 Sir, lastly, will you be implementing changes such as a reshuffle among the DOF officials?

01:22 I don't expect to.

01:24 You know, when I entered DEDA, I only brought one person with me.

01:28 And that was during the height of the global financial crisis.

01:31 I think we came out unscathed at that time.

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