DOF sec urges Congress to follow MTFP for 2026 budget

Department of Finance Secretary Ralph Recto urged Congress to adhere to the Medium-Term Fiscal Program (MTFP) during deliberations for the 2026 budget to ensure efficient use of taxpayer money.

Recto emphasized that the MTFP aims to gradually reduce the national deficit and debt while fostering job creation, income growth, and poverty reduction.

The fiscal framework, refined in 2023, balances post-pandemic recovery needs with the necessity of shielding the economy from global uncertainties like geopolitical conflicts and trade tensions.

He highlighted that government revenues have steadily expanded, with collections rising an average of 13.8 percent annually over the past three years.

Tax collections have grown at 11.5 percent yearly, increasing the revenue effort to 16.7 percent in 2024.