End-Sept. BIR, BOC tax collections at P1.821T, 12% lower than 2019 figures —Dominguez

Tax collections from the Bureau of Internal Revenue (BIR) and the Bureau of Customs (BOC) from January to September 30 reached P1.82 trillion, Finance Secretary Carlos Dominguez III said Monday.

In a briefing in Malacanang late Monday, the Finance chief said the total collections exceeded the estimate of P1.68 trillion, but expectedly down 12 percent year-on-year

“Of course, the total collections compared to last year are lower... We are 12% below last year because of less (economic) activities," he added.

Dominguez earlier said the government was aiming to raise P1.7 trillion to combat COVID-19 and cushion its effects on the country. 

The finance chief also reported that 70% of the government’s borrowings came from the local markets while the other 30% came from abroad.

Philippine debt swelled to a record-high P9.05 trillion in June as borrowing increased due to the coronavirus pandemic. 

Dominguez added that the Philippines is in a “good financial position and we can finance the deficit that we have so we have not cut the budget.”

He said that the government has so far collected P130 billion in dividends from state-owned companies.

“We are in a good financial position. We are not under stress. We have a good economy. What is happening is that this very strict quarantine is holding it back. We have to really open the economy more,” Dominguez urged.

The government’s inter-agency COVID-19 task force earlier backed the further reopening of the economy amid the pandemic. —LDF, GMA News