The Department of Finance (DOF) aims to raise at least P145 billion in the next five years through the implementation of President Ferdinand R. Marcos Jr.'s initial four tax revenue proposals. Finance Secretary Benjamin E. Diokno said they expect four tax measures, to be implemented beginning 2024, under the medium-term fiscal framework would clear all hurdles in both chambers of Congress before the end of the year. These measures include the proposed passive income and financial intermediary taxation act (PIFITA), value-added tax (VAT) on digital service providers, and excise taxes on single-use plastics and pre-mixed alcohol. “[The four proposed bills] are currently being deliberated and discussed at the House of Representatives and Senate, and expected to be implemented starting 2024,” Diokno said. Based on the DOF estimates, these tax revenue measures would generate a total of P145.5 billion in additional tax collections from 2024 to 2028. Diokno said the government can raise around P28.5 billion to P29.5 billion in incremental revenues each year if the Marcos administration manages to implement the four reforms starting 2024 to 2028. DOF estimated additional tax collections would amount to P79.8 billion from 2024 to 2028 if the VAT would be slapped on digital service providers. As for the excise tax on single-use plastics, the DOF expects P38.1 billion in the first five years of implementation. Meanwhile, the government is projecting P25.3 billion from PIFITA and P2.4 billion from the excise tax on pre-mixed alcohol beginning next year until 2028. Diokno said these pending measures are necessary for President Marcos to institute structural reforms that will broaden opportunities and enhance the country's productivity. “These structural reforms will be complemented by the strategies outlined in the Philippine Development Plan 2023-2028, which will provide a conducive environment for sustainable and robust economic growth,” Diokno said. The finance chief also vowed to pursue additional tax measures to raise revenues, such as the imposition of higher excise taxes on sweetened beverages, rationalization of the Motor Vehicle Road User's Tax, and reforms to the mining fiscal regime. From 2025 to 2028, the DOF estimated that the excise tax on sweetened beverages would bring in P297.7 billion in fresh revenues, while the new Motor Vehicle Road User's Tax regime could raise up to P150.9 billion. Similarly, the DOF is expecting P52.5 billion in incremental revenues from the proposed mining fiscal regime during that four-year period.