Phil tax collection up 9.3% to P2.03T

Philippine tax collection rose 9.3 percent in the first nine months of this year to reach P2.03 trillion.

Finance Secretary Carlos Dominguez III attributed the increase to economic recovery and higher government spending during the pandemic.

BIR collections increased by 6.9% to P1.54 trillion, while BOC collections climbed 18% to P469.8 billion.

Dominguez expressed confidence that the elevated debt and deficit levels are temporary and can be quickly addressed through fiscal consolidation.