Finance Secretary Ralph G. Recto said the government’s non-tax revenues are projected to increase by twofold this year due to remittances from government-owned and controlled corporations (GOCCs).
Speaking at the post-SONA discussion, Recto remained firm that the government is on track to hit P4.269 trillion in revenues by year-end, noting that they are eyeing doubling the P200 billion collected from non-tax revenues in 2023.
“We are on track to hit our fiscal targets for the entire and that’s roughly about four trillion two hundred fifty billion. In the first six months of the year, we’ve collected more or less half of that,” he said.
“A large portion is also from non-tax revenue essentially this is from GOCC dividends, privatization, income from the Treasury, so on and so forth and we tend to double our collections from non-tax revenue this year — last year, it was roughly about 200 billion; this year, roughly we will get about 400 billion,” he said.
Recto also said that the government is targeting to collect around P100 billion from GOCCs this year. So far, dividends from state-run firms have been recorded at P95 billion.
Last year, state coffers from GOCCs reached P99.98 billion, exceeding its collections of P68.34 billion in 2022 by 46 percent.
The finance chief earlier said that a total of P2.13 trillion in revenues was collected from January to June, a 15 percent increase over the P1.86 trillion collected in the same period last year.
Of this total, non-tax revenues contributed P316.52 billion, up by 65 percent last year.
Meanwhile, the bulk of revenues came from tax revenues which contributed P1.81 trillion, wherein the Bureau of Internal Revenue (BIR) and Bureau of Customs collected P1.34 trillion and P454.1 billion, respectively.