Department of Finance (DOF) Secretary Ralph Recto on Monday vowed for a more robust revenue collections next year following President Ferdinand R. Marcos Jr.’s signing of the 2025 General Appropriations Act (GAA) Monday.
In a press conference at the Malacañan Palace, Recto said PHP4.62 trillion or 73 percent of the PHP6.326 trillion 2025 budget will be funded through national government revenues.
This means the government will be spending an average of PHP17.33 billion a day, and PHP12.72 billion of which will be financed by tax collection and non-tax revenues, such as income collected by the Bureau of the Treasury (BTr) and remittances from government-owned and controlled corporations (GOCCs).
“Kaya naman, sa laki po ng aming responsibilidad, bente kwatro oras din magtatrabaho ang DOF para matugunan ang ating pangangailangan. At titiyakin namin na ang bawat sentimo ay mapupunta sa tamang proyekto at programa para sa bayan (Given the magnitude of our responsibility, the DOF will work 24 hours a day to meet our needs. We will ensure that every centavo will go to the right projects and programs for the country),” Recto said.
The finance chief added that his agency will strive to surpass revenue targets to generate more resources.
This year, the national government’s revenue is expected to reach PHP4.42 trillion, exceeding its PHP4.27-trillion target.
“As a percentage of GDP [gross domestic product], the emerging revenues will climb to 16.7 percent, the highest in the last 27 years,” Recto said.
Last week, the BTr reported that the national government collected a total of PHP4.1 trillion in revenues from January to November 2024.
Likewise, the DOF noted that non-tax revenues as of end-November 2024 hit a record-high PHP606.6 billion.
“So rest assured, we will work doubly hard to sustain this momentum and adhere to our Medium-Term Fiscal Program that reduces our deficit and debt gradually in a realistic manner; while creating more jobs, increasing our people’s incomes, and decreasing poverty in the process,” Recto said. (PNA)
