The Daily Tribune
Senate panel calls for reforms in revenue collection strategy
The Senate Committee on Finance is pushing for reforms in the government's revenue collection strategy due to consistent 'missed targets'.
Senator Win Gatchalian questioned Finance Secretary Ralph Recto about the government's underperformance in revenue collection, highlighting systemic challenges.
Gatchalian acknowledged a positive trend in non-tax revenues over the past three years, including dividends and assets.
Secretary Recto cited global economic conditions and slower domestic growth as the primary reasons for the revenue shortfalls.
Recto explained that a global economic slowdown directly impacts local GDP growth and the revenue collections of the Bureau of Customs.
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