MANILA: The Department of Finance (DOF) in the Philippines has committed to enhancing its revenue collection efforts for the upcoming fiscal year, following the enactment of the 2025 General Appropriations Act by President Ferdinand R. Marcos Jr. This move aims to secure funding for the PHP6.326 trillion national budget, as announced by Finance Secretary Ralph Recto.

According to Philippines News Agency, Secretary Recto elaborated during a press briefing at Malaca±an Palace that 73 percent, or PHP4.62 trillion, of the 2025 budget will be sourced from national government revenues. The DOF plans to achieve this through a combination of tax collection and non-tax revenues, including income from the Bureau of the Treasury and remittances from government-owned corporations. This translates to an average daily expenditure of PHP17.33 billion, with PHP12.72 billion financed by these revenue streams.

The DOF is set to operate tirelessly to ensure the efficient allocation of funds to appropriate projects and programs. Secretary Recto emphasized the department's dedication to exceeding revenue targets to generate additional resources, with a focus on maximizing every centavo for national development.

For the current year, the national government's revenue is projected to reach PHP4.42 trillion, surpassing its PHP4.27 trillion target. Recto highlighted that the emerging revenues, as a percentage of GDP, are expected to rise to 16.7 percent, marking the highest level in 27 years.

The Bureau of the Treasury recently reported that national government revenues totaled PHP4.1 trillion from January to November 2024. Non-tax revenues also reached a record-high of PHP606.6 billion as of the end of November 2024.

Recto assured that the DOF remains committed to sustaining this revenue growth and adhering to the Medium-Term Fiscal Program. The program aims to gradually reduce the deficit and debt while fostering job creation, increasing incomes, and reducing poverty across the nation.