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From January to July 2021, national government revenues increased by 3.6 percent to PHP1.75 trillion, up from PHP1.69 trillion in the same period in 2020.

Despite the rise, government revenues have failed to approach pre-pandemic levels, with PHP1.82 trillion in income.

Strong tax collections, according to the Department of Finance (DOF), drove greater government revenues in the first seven months of the year.

The Bureau of Internal Revenue (BIR) collected PHP1.2 trillion in taxes this year, up 7.8% from PHP1.11 trillion the previous year.

From January through July, the Bureau of Customs (BOC) reported total tax receipts of PHP358.9 billion, up 18.5 percent from PHP302.9 billion in the same time the previous year.

“BOC’s collections this time have already exceeded its pre-pandemic revenues by more than PHP1.2 billion, although slightly. The revenue increase of both collection agencies surpassed the 6.2 percent nominal GDP (gross domestic product) growth in the first semester, according to the Department of Finance’s Economic Bulletin.

Non-tax revenues, on the other hand, fell to PHP173.2 billion this year from PHP259.7 billion in 2020.

“Non-tax revenues fell by 33.3 percent owing to large non-recurrent dividend payments by government companies last year,” according to the DOF.

Government spending during the first seven months of the year increased by 8.2 percent to PHP2.58 trillion, compared to PHP2.39 trillion from January to July 2020.

The government now has a deficit of PHP835.2 billion, up 19.2% from the previous year’s deficit of PHP700.6 billion.

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