FINANCE Secretary Benjamin Diokno tasked the Bureau of Internal Revenue (BIR) to strengthen tax collection through digitalization to enable the government to exceed its revenue targets, as he underscored the role of the agency in achieving the fiscal goals of the Marcos administration.
“The Bureau must quicken the digitalization of our revenue systems to boost our tax effort, enhance tax administration, and eliminate discretion,” said Secretary Diokno at the 118th anniversary of the BIR.
“I urge the BIR to fast-track its modernization projects as well as strengthen the tax collection and enforcement programs it has set in place to enable us to meet and even exceed our revenue targets,” Secretary Diokno added.
Secretary Diokno said that the Marcos administration will implement a comprehensive 8-point socioeconomic agenda to decisively steer the economy back to its high-growth trajectory.
Among the initiatives under this agenda are measures that will enhance the fairness and efficiency of the country’s tax system, while putting sharper focus on efficient tax administration through digitalization.
In the near term, the plan seeks to address the most urgent issues confronting the Filipino people, such as rising prices of essential commodities, and the lingering economic scars from the pandemic.
In the medium term, the plan aims to drive the creation of more jobs, quality jobs, and green jobs. The Marcos administration aims to achieve this through massive investments in infrastructure, human capital development, and digitalization.
Secretary Diokno said that the goals of the government are ambitious but achievable with the right fiscal tools and right people.
He said that the government’s economic team is committed to implement a Medium-Term Fiscal Framework (MTFF) that will support the country’s growth targets with fiscal prudence.
The MTFF serves as the government’s blueprint to reduce fiscal deficit, promote fiscal sustainability, and enable robust economic growth.
“Our strategy aims to bring down our debt-to-GDP ratio from the current 63.5 percent to less than 60 percent by 2025, and cut the deficit-to-GDP ratio from the current 6.4 percent of GDP to 3.0 percent by 2028. Expanding our fiscal space will allow us to maintain our high investment in infrastructure at 5 to 6 percent of the country’s economy annually,” Secretary Diokno explained.
