The administration of President Ferdinand R. Marcos Jr. surpassed revenue targets and led the implementation of important grants and technical assistance in 2022.

In its yearend report, the Department of Finance (DOF) said emerging collections from the Bureau of Internal Revenue (BIR) and the Bureau of Customs (BOC) have reached PHP3.2 trillion, surpassing the full-year 2022 Development Budget Coordination Committee (DBCC) target by 2.2 percent.

The DOF also facilitated the implementation of grants and technical assistance amounting to an estimated USD85.5 million.

Other DOF accomplishments for 2022, enumerated in a news release by the Office of the Press Secretary on Sunday, are the resolution on tax incentives for business activities outside zone limits, commitment to Extractive Industries Transparency Initiatives and the revision of the implementing rules and regulations for the Build-Operate-Transfer Law.

The economic team showcased its prospects during Philippine Economic Briefings and Meetings, with credit rating agencies such as Standard & Poor’s, Fitch and Moody’s, and hosted the hybrid format 55th annual meeting of the Asian Development Bank in September.

The DBCC gave a positive outlook on the Philippine economy, in line with Moody’s growth forecast for 2023, with an expected gross domestic product growth between 6 percent and 7 percent.

It is aligned with Moody’s growth projection of 6.4 percent, the highest growth projection in the Asia-Pacific region, according to the DOF.

For next year, the DOF’s major activities include rightsizing its bureaucracy to maximize efficiency and use of public funds.

The DOF also eyes to continue pushing key tax measures, like Excise Tax on Single-Use Plastics, Value Added Tax on Digital Service Providers, Ease of Paying Taxes and Mining Fiscal Regime.

It will target private sector fund mobilization through public-private partnerships and launch pioneering projects with Project Management Office-led assets such as Basay Mining Rights, Tala Estate Property and Food Terminal Inc. Property.

Tax administration reforms will be implemented to enhance tax efforts, maximize the government’s revenue potential, simplify taxpayer compliance and automate the BIR and BOC processes.

For 2023, the national government is expected to secure around USD19.1 billion worth of official development assistance, USD9.2 billion worth of loans from multilateral development partners and USD9.8 billion in loans from bilateral lenders. (PNA)

Photo credit: Facebook/DOFPH