Recto: Total revenue collections to exceed full year target

Finance Secretary Ralph Recto said Monday that the total revenue collection for 2024 would surpass the full-year target of P4.27 trillion.

“I am happy to announce that total revenue collection for 2024 is expected to reach 4.423 trillion, surpassing the full year target of 4.27 trillion,” Recto said at a Palace press briefing.

“As a percentage of GDP, the emerging revenues will climb to 16.7% -- the highest in the last 27 years – and our emerging non-tax revenues for 2024 are expected to reach 606.6 billion – the highest ever recorded,” he added.

Recto attributed this to the hard work and contribution of the Bureau of Internal Revenue, the Bureau of Customs, the Bureau of the Treasury, the privatization team and the GOCCs.

“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.

The Finance chief was present during the signing of the P6.326 trillion budget for fiscal year 2025.

The education sector still obtained the lion’s share in this year’s budget with P1.055 trillion.

President Ferdinand “Bongbong” Marcos Jr. also vetoed over P194 billion worth of line items that are not in line with the administration’s priority programs. —RF, GMA Integrated News