NextGen Day

In addition to exceeding revenue goals, the presidency of Ferdinand R. Marcos Jr. spearheaded the deployment of significant grants and technical assistance in 2022.

The Development Budget Coordination Committee (DBCC) target for the entire year 2022 was PHP3.2 trillion; however, the Department of Finance (DOF) reported in its year-end report that emerging collections from the Bureau of Internal Revenue (BIR) and the Bureau of Customs (BOC) had reached PHP3.2 trillion, exceeding it by 2.2 percent.

The DOF also made grants and technical assistance worth an estimated $85.5 million USD easier to administer.

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

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

In keeping with Moody’s growth projection for 2023, the DBCC provided a favorable view of the Philippine economy, predicting an increase in GDP of between 6 and 7 percent.

According to the DOF, it is in line with Moody’s 6.4 percent growth forecast, the highest forecast for the Asia-Pacific area.

The DOF’s main initiatives for the upcoming year include downsizing its bureaucracy to improve efficiency and usage of tax dollars.

The DOF intends to keep promoting important tax policies like the excise tax on single-use plastics, the value-added tax on digital service providers, the ease of tax payment, and the mining fiscal regime.

It will develop ground-breaking projects with Project Management Office-led assets including the Basay Mining Rights, Tala Estate Property, and Food Terminal Inc. Property while focusing on private-sector capital mobilization through public-private partnerships.

To improve tax compliance, increase government revenue potential, streamline taxpayer compliance, and automate BIR and BOC procedures, tax administration reforms will be put into place.

The national government anticipates receiving around USD 19.1 billion in ODA, USD 9.2 billion in loans from multilateral development partners, and USD 9.8 billion in loans from bilateral lenders for 2023.

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