NextGen Day

MANILA – Finance Secretary Carlos Dominguez III said Thursday that investing more in infrastructure, social services, and climate action to stimulate growth is “doable” with the support of the nation’s taxpayers and the Bureau of Internal Revenue’s continued strong performance as the government begins the urgent task of outgrowing its pandemic-induced debt (BIR).

During the launch of the BIR’s tax campaign, he emphasized the importance of taxpayers in ensuring the country’s quick and long-term economic recovery.

Meanwhile, the BIR should continue to make progress in its digital transformation efforts, according to Dominguez, who encouraged all taxpayers to file and pay their taxes electronically this year.

“Remember, the men and women of the Internal Revenue Service, as well as our most devoted taxpayers, that you are not only generating revenue. You are all the shock troops leading the charge in remaking our country into one that our children and their children deserve. He added at the ceremony hosted at the Philippine International Convention Center, “You are all creating a better future for the Filipino people” (PICC).

According to Dominguez, the new generation of entrepreneurs and rising enterprises in the new economy should be reminded of their responsibility “to ensure that our country progresses forward by paying taxes on time and correctly.”

He praised the BIR, which is led by Commissioner Caesar Dulay, for kicking off this year’s tax campaign.

“Your dedication, professionalism, and patriotism enabled the bureau to routinely meet its yearly collecting objective, allowing the Filipino people to create a prosperous future,” he continued.

According to Dominguez, the Duterte administration’s game-changing policies helped the Philippines become one of Asia’s fastest-growing economies, with historic low unemployment and underemployment rates and a country positioned to achieve upper-middle-income status by 2020 when the epidemic struck.

He said that the coronavirus disease 2019 (Covid-19) was only a temporary setback that the Philippines was able to overcome thanks to tax changes and improved tax administration, which enabled the country to obtain the financial fortitude to weather the crisis’ harshest effects.

The country’s budget deficit and debt-to-GDP (gross domestic product) ratio briefly increased as a result of the unanticipated costs of Covid-19 and decreased revenue collections during the pandemic-induced economic slowdowns, but these remain sustainable, he noted.

President Rodrigo Duterte’s economic team has already created a strategy to reduce the deficit and improve the debt-to-GDP ratio as part of the fiscal consolidation plan that would be handed over to the future administration, according to Dominguez.

The strengthening of tax collections to satisfy the government’s expenditure requirements is critical to this fiscal consolidation initiative, he said.

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