DOF says gov’t’s financing measures aimed at ensuring capacity to meet primary needs of Filipinos
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NewsTranscript
00:00Secretary Ralph Recto affirmed the Department of Finance, or DOF, aims to finance public programs without compromising essential services for Filipinos.
00:10Since January 2024, Secretary Recto has updated the medium-term fiscal program to address current challenges and support growth while gradually reducing the deficit and debt.
00:22To fund this year's 5.77 trillion peso budget, the DOF has increased dividend remittances from government-owned and controlled corporations, or GOCCs, and is privatizing EIDL assets.
00:36These actions have already generated 368.80 billion pesos in non-tax revenues, surpassing targets.
00:44The Bureau of Internal Revenue, or BIR, and Bureau of Customs, or BOC, have also improved collections through digitalization, with total revenue up by 14.8 percent in the first seven months of the year.
00:58The DOF emphasized its commitment to maximizing revenue and minimizing taxpayers' burdens.