With the online gambling sector turning into a declining industry, Finance Secretary Ralph G. Recto assured that alternative revenue sources will be “very much welcome” to offset potential losses from stricter regulations or a possible gaming ban.

“Any additional revenue stream for the national government will be very much welcome,” Recto told Congress during a budget briefing on Monday, Aug. 18. This comes as a response to concerns surrounding the online gaming industry.

Also asked if the Marcos Jr. administration may consider a wealth tax, Recto replied: “We will not oppose your suggestions if you pass one in Congress.”

Recto reiterated the imminent passage of the mining fiscal regime law and the excise tax on single-use plastics, noting that the latter would require support from Congress. “We’d gladly work with you on that,” he said.

Based on the government’s list of priority measures for 2026, the enactment of the mining fiscal regime is expected to bring in ₱5.8 billion in next year’s tax revenues.

Revenues from this tax measure are projected to increase by five percent to ₱6.1 billion in 2027, and by another 4.9 percent to ₱6.4 billion by the end of 2028.

The implementation of this regime for the second half of the Marcos administration aims to ensure that “the state secures a fair share of economic rent from extractive industries while addressing their social and environmental impacts.”

Moreover, the excise tax on single-use plastic bags “aims to minimize plastic pollution by discouraging overconsumption.”

Overall, the government expects these measures to rake in “additional revenues to fund priority sectors.”

Meanwhile, forgone revenues under the Capital Markets Efficiency Promotion Act (CMEPA) would amount to ₱4.9 billion in 2026, more than double the projected losses this year at ₱2.3 billion, according to documents from the Department of Budget and Management (DBM).

Projected losses for 2027 will gradually decline by six percent to ₱4.6 billion, and by 2.2 percent to ₱4.5 billion by the end of 2028.

To help fund the ₱6.793-trillion 2026 national budget, government revenues are projected to reach nearly ₱5 trillion next year, boosted in part by a ₱101-billion target from privatization proceeds—massively higher than this year’s ₱5-billion goal.

According to the Marcos Jr. administration’s 2024-2028 fiscal program, this year’s revenue target of ₱4.52 trillion is expected to jump by 10.2 percent to ₱4.98 trillion in 2026. This would be equivalent to 16.2 percent of gross domestic product (GDP), up from 15.9 percent this year.

Target collections from taxes are set at ₱4.63 trillion for next year, higher by 10 percent from ₱4.21 trillion this year. This covers revenues to be raised by the Bureau of Internal Revenue (BIR) and the Bureau of Customs (BOC).