The government is on track with its revenue collections so far this year, as about half of the 2024 program was already generated in the first semester.
Finance Secretary Ralph Recto said at the EJAP-SMC economic forum held in Manila yesterday t based on preliminary data, the government has collected P2.13 trillion in total revenues as of end-June 2024, a 14.6 percent increase compared to the same period last year.
“With 50 percent of the revenue target already achieved in the first semester, we are on track to reach the P4.27 trillion revenue program for 2024,” Recto said.
Tax revenues improved by 8.8 percent, generating P1.81 trillion pesos as of end-June, with the Bureau of Internal Revenue and the Bureau of Customs (BOC) boosting their collection efforts by 10.2 percent and 4.8 percent, respectively.
Non-tax revenues have also expanded by 64.5 percent reaching P316.52 billion.
Recto said the government intends to stick to its borrowing plan for the year.
“I expect both dollar and samurai bonds this year. Both are being considered,” Recto said.
The government also raised P20 billion from its treasury bills auction yesterday.
Meanwhile, BOC said it has surpassed its revenue collection goal for the first half of the year by 3.03 percent.
In a statement, the BOC said it raked in P456.05 billion from January to June.
This surpasses the midyear target of P442.62 billion by P13.43 billion, based on preliminary reports.
Compared to the same period last year, the midyear collection marked a 5.22 percent increase, amounting to P22.62 billion.
For June alone, the BOC collected P75.16 billion, surpassing the monthly target by 0.92 percent.
According to the BOC, notable additional revenue collected include P1.75 billion from audit findings and voluntary disclosures, P88.12 million from public auction proceeds at various ports and a significant contribution of P5.71 billion from the Tax Expenditure Fund.
Customs commissioner Bienvenido Rubio attributed the unprecedented revenue performance for the first half of 2024 to the enhanced valuation methods and the ongoing digitization and modernization of BOC systems.
