DoF: Robust fiscal position negates need for new taxes

The Department of Finance (DoF) has stated that the government's fiscal position remains robust, negating the need for new tax impositions at this time.

Finance Secretary Ralph Recto assured that the government is managing its finances effectively to meet public needs without additional tax burdens.

Recto emphasized the DoF's commitment to fiscal discipline to ensure adequate resources for the economy, especially amidst global economic uncertainties.

He cited significant double-digit growth in tax collections during the first quarter of 2025 as a testament to the country's fiscal stability.

Total tax collections for the first quarter reached P931.5 billion, a 13.55 percent increase year-on-year.

The Bureau of Internal Revenue (BIR) collected P690.4 billion, an increase of 16.67 percent.

The Bureau of Customs (BoC) also reported a 5.72 percent growth in collections, amounting to P231.4 billion.