President Marcos’ chief economic manager stated that the government’s current revenues are more than sufficient to cover its expenses even without imposing new taxes, as total tax collections grew by double digits to over ₱930 billion in the first quarter of the year.

Tax collections climbed by nearly 14 percent in the first three months of 2025, totaling ₱931.5 billion. By value, the government had increased its tax revenues by ₱111.1 billion from ₱820.4 billion a year ago.

As the Philippines’ largest tax collection agency, the Bureau of Internal Revenue (BIR) had the largest share at ₱690.4 billion, over 74 percent of the total tax collection. BIR’s collections increased by nearly 17 percent from last year’s ₱591.8 billion.

Meanwhile, the Bureau of Customs (BOC), the second-largest tax collection agency, raised ₱231.4 billion, an almost six-percent growth from last year’s ₱218.9 billion.

“This was primarily due to both revenue agencies’ continued success in strengthening tax administration, digitalization, and enforcement efforts,” the DOF said in a statement released April 29.

“At this point, current revenues are more than sufficient to support our expenditure requirements. We are meeting our obligations, funding key programs, and growing the economy without having to impose new taxes on our kababayan,” Department of Finance (DOF) Secretary Ralph G. Recto said in an April 29 statement.

“We are also decisively managing our deficit level, while maintaining a sustainable debt trajectory aligned with our Medium-Term Fiscal Framework (MTFF),” Recto added.

He assured the public that the government is committed to supporting growth and maintaining stability without introducing new taxes.

‘No new taxes’

The DOF denied reports about new taxes, saying “there is no need for additional revenue measures at this time, given the government’s robust fiscal position.”

Recto said the government is “properly managing its finances, ensuring that public needs are met without burdening the citizenry with new taxes.”

He explained that the DOF is the main agency in charge of fiscal discipline and is responsible for ensuring enough resources are available to protect the economy, particularly during crises.

“Strategic measures were prepared to ensure fiscal sustainability and provide necessary buffers amid rising global economic uncertainty due to political tensions, prolonged higher interest rates, and unpredictable trade policies. But given our current strong fiscal performance, these are not needed at this time,” the finance chief said.

Moving forward, the DOF aims to maintain revenue growth by pushing major reforms such as the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) and Ease of Paying Taxes (EOPT) Acts, easing investment rules through amended economic laws and the Public-Private Partnership PPP Code, and boosting non-tax revenue sources to meet targets under the national budget.

Recto also cautioned the public to be wary of disinformation, especially with the national elections just under three weeks away.

“Disinformation tends to proliferate during the elections, especially online. With regard to fiscal policy such as taxes, we encourage the public to be more discerning, to verify information on social media, and to rely on statements from official government channels,” he said.