The Department of Finance (DOF) is ramping up efforts to strengthen revenue collection in 2025 to support Monday’s recently signed P6.326 trillion General Appropriations Act.
Speaking at a press briefing in Malacañang, Recto emphasized that P4.62 trillion—or 73%—of the national budget will be financed through government revenues. This equates to an average daily spending of P17.33 billion, with P12.72 billion coming from tax and non-tax revenues, including income from the Bureau of the Treasury (BTr) and remittances from government-owned and controlled corporations (GOCCs).
“Given the magnitude of our responsibility, the DOF will work tirelessly, 24 hours a day, to meet our revenue goals,” Recto said. “We will ensure that every centavo collected is allocated to the right projects and programs for the benefit of the Filipino people.”
Exceeding revenue targets
Recto underscored the DOF’s commitment to surpassing revenue targets, pointing to the government’s strong fiscal performance in 2024. The national government is projected to generate P4.42 trillion in revenues this year, surpassing the target of P4.27 trillion.
“As a percentage of GDP, emerging revenues for 2024 will climb to 16.7%—the highest in the past 27 years,” Recto noted.
As of November 2024, BTr reported total government revenues at P4.1 trillion, with non-tax revenues reaching a record-high of PHP606.6 billion.
The DOF’s focus for 2025 includes adhering to its Medium-Term Fiscal Program, which aims to gradually reduce the national deficit and debt while fostering economic growth.
“Our goal is to sustain this momentum,” Recto said. “We aim to create more jobs, increase incomes, and reduce poverty while maintaining fiscal discipline.”
Strategic allocations for development
Recto assured that the government’s revenue collection efforts will directly support critical projects and programs under the national budget. The 2025 GAA prioritizes education, infrastructure, and healthcare, among other sectors.
“The DOF is committed to ensuring that the funds collected are effectively utilized to address the nation’s needs and promote long-term development,” he said.
With record-breaking non-tax revenues and a track record of exceeding targets, the DOF remains optimistic about its ability to fund the government’s ambitious spending plans.
“This is not just about meeting numbers; it’s about fulfilling our responsibility to the Filipino people and building a stronger, more resilient economy,” Recto concluded.
The DOF’s intensified revenue efforts are expected to provide a solid foundation for the government’s development agenda, ensuring that public funds are channeled into impactful and transformative initiatives.