The government is set to revise its full-year revenue target upwards, propelled by a robust collection performance in the first five months of 2023, according to Finance Secretary Benjamin Diokno.
Speaking at the Kapihan sa Manila Bay forum, Diokno announced that the government had surpassed collection expectations, prompting the need for an upward revision of the revenue goal
The Development Budget Coordination Committee (DBCC) had projected a revenue of P3.73 trillion for 2023 during its recent meeting. However, Diokno did not disclose the exact magnitude of the revision but assured that an adjustment is in order.
As of the end of May, the government’s total revenue reached P1.59 trillion, reflecting a 10.83 percent increase from the previous year’s collection of P1.44 trillion.
The strong collection performance underscores the government’s fiscal strength and its ability to generate higher revenue.