PH Finance Department Speaks on 2021 Revenues of Government
PH FINANCE DEPARTMENT – The Department of Finance (DOF) revealed the revenues of the government in the first 10 months of 2021.
The economy and the funds of the Philippines were greatly challenged by the COVID-19 pandemic. The country is under certain restrictions for more than a year now and the measures have affected not only the lifestyle of the people but as well as several business operations.
In fact, a lot of businesses were left with no choice but to close as they can no longer withstand the demands of the pandemic. Some temporarily closed while other businessmen really shut down their businesses after incurring only losses and expenses with no profits for several months.
With regards to the government funds, the country has been borrowing money from the World Bank in fighting against the pandemic. A huge amount was needed for the procurement of the vaccines.
Meanwhile, based on a report on ABS-CBN News, the government revenues have seemingly recovered in 2021. The PH Finance Department gave an update on the collections for the first 10 months of the previous year.
According to the Department of Finance, the government’s total revenues grew by 5% in the first months of the year 2021. The PH Finance Department revealed that the growth reached P2.49 trillion from P2.37 trillion in the same period of 2020.
Based on the report, with regards to the tax revenues, DOF reported that the total is up by 9.1%. The Bureau of Internal Revenues (BIR) collections grew by 6.8% while the Bureau of Customs (BoC) collections rose by 17.1%.
The collections of the Customs are slightly lower compared to its pre-pandemic collections. In 2020, the government agency collected P527.7 trillion while in 2021, it got a total of P525.4 trillion.
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