Recto's first order as Finance chief: Collect trillions

Newly appointed Finance Secretary Ralph Recto said Friday that he would prioritize the collection of taxes for the country's coffers.

At a Palace press briefing, Recto was asked what will be his first order following his appointment as chief of the Department of Finance. '

'Number one is to collect for next year, I think P4.3 trillion in taxes, P3 trillion with the BIR, P1 trillion with the BOC and I think the Treasure has P300 million, it's all about fiscal sustainability,'' Recto said.

''So every night, when I wake up in the morning, dapat ang nakolekta natin more or less P20 billion to fund all the needs of our people, the requirements of the government and to make sure that the money is spent wisely,'' he added.

Recto also mentioned that the Philippine government would borrow P2.7 trillion by next year.

President Ferdinand ''Bongbong'' Marcos Jr., for his part, said Recto should be allowed to determine whether tax reforms are necessary.

''Well, I don't want to preempt the Secretary in making any of these announcements... Let him have a look," Marcos said.

"I know he's fully cognizant of different issues that are prevalent in the Department of Finance so let us allow him to make analysis and we leave it to him to make those announcements when the time comes,'' he added. —NB, GMA Integrated News