Total revenues for 2020 has so far reached P2.84 trillion, just slightly below the P2.85 trillion revised target, government data showed.
The Department of Finance (DoF) said in a statement on Monday that according to National Treasurer Rosalia De Leon, a preliminary report based on cash inflows to the Bureau of the
Treasury (BTr) show that total revenues for 2020 have already reached P2.84 trillion.
According to DoF, this already includes non-tax revenues, such as collections from dividends, fees, privatization efforts and BTr income.
In 2019, total revenues amounted to P3.1 trillion.
The Development Budget Coordination Committee (DBCC) earlier adjusted the revenue projections for 2020 2021, and 2022 following the above-target performance of the Bureau of Internal Revenue (BIR) and the Bureau of Customs (BoC).
Revenue collection target for 2020 was increased from P2.52 trillion to P2.85 trillion, equivalent to 15.7 percent of the country’s gross domestic product (GDP).
The revenue projections for 2021 and 2022 have also inched up to P2.88 trillion and P3.31 trillion, respectively.
The DoF said that based on the Revenue Operations Group’s (ROG) report to Finance Secretary Carlos Dominguez 3rd, both the BIR and BoC collected a combined P2.43 trillion, surpassing their revenue collection goals for 2020.
It said the collection of the two agencies is P246.39 billion or 11.27- percent over the P2.187 trillion revised target set by the DBCC on July 23 last year.
For 2020, the BIR collected P1.899 trillion, while the BoC reported collections of P533.88 billion, said Finance Assistant Secretary Dakila Elteen Napao of the ROG in his report during a recent DoF Executive Committee (Execom) meeting.
Napao said the BIR’s 2020 collection was P213.84 billion or 12.68 percent in excess of the revised DBCC target of P1.685 trillion for the year
The BoC’s collection, meanwhile, was over P32.55 billion or 6.49 percent more than the revised DBCC goal of P501.33 billion, he added.
The original combined collection target for the two agencies was P3.255 trillion for 2020 that was set by the DBCC in December 2019. It was revised in May 2020 and again in July 2020 to reflect the economic realities resulting from the pandemic-driven global growth slump.
“The preliminary figures on revenues collected by the BIR and BoC are still subject to reconciliation with BTr data,” said the DoF.