Newly-appointed Finance Secretary Ralph G. Recto has set his sights on a daily haul of around P20 billion to meet the spending needs of the Marcos administration for this year.

In a briefing at Malacanan with President Marcos after being sworn in, Recto said that his top priority is to raise P4.3 trillion in taxes this year, with the support of the government’s two main tax agencies and the Bureau of the Treasury.

“Every night, when I wake up in the morning, we must have collected more or less P20 billion to fund all the needs of our people and the requirements of the government,” Recto told reporters on Friday, Jan. 12.

Recto also underscored the crucial need for the government to ensure that the hard-earned taxes are spent wisely.

"The idea is to stretch every peso, including acting faster on the investment,” the finance chief said.

In 2024, the Bureau of Internal Revenue, the government's main tax agency, has been tasked with collecting P3.05 trillion, while the Bureau of Customs is expected to generate P1 trillion. 

Additionally, the Treasury bureau is projected to raise P300 billion in revenues this year.

The P4.3 trillion collection target will help lower the national government’s budget deficit, which is projected to reach P1.363 trillion by the end of December.

Recto said he plans to address the widening fiscal gap, amounting to 5.1 percent of the country's gross domestic product, by pushing President Marcos' revenue-generating proposals currently pending in Congress.

The Department of Finance (DOF) is pushing for the approval of several measures.

These include Package 4 of the Comprehensive Tax Reform Program (CTRP), the Value Added Tax on Digital Service Providers, Excise Tax on Single-Use Plastic Bags, and Excise Tax on Sweetened Beverages and Junk Food.

Moreover, the DOF is also seeking for the passage of CTRP Package 3, which focuses on Real Property Valuation and Assessment Reform (RPVAR), as well as the Value-added Tax (VAT) refund for non-resident tourists.

“There are already existing revenue measures that the House [of Representatives] have passed, and the President have certified these as urgent. We will make sure that the Senate will be able to pass the same,” he said.

Rector, who previously led the National Economic and Development Authority (NEDA) during the Arroyo administration, has also indicated that there may not be a significant reorganization within the DOF.

“You know, when I entered NEDA, I only brought one person with me. And that was during the height of the global financial crisis. I think we came out unscathed at that time,” he concluded.