THE Bureau of Internal Revenue (BIR) and the Bureau of Customs (BOC) reported higher revenue collection in the first quarter by 16 percent and 24 percent, respectively.
“[The] first-quarter collection of the BIR and BOC increased by 16 percent and 24 percent, respectively, over the same period last year. Disbursements grew by 31 percent for the same period,” National Treasurer Rosalia V. de Leon said.
During the period, the BIR collected P429.66 billion, up 16 percent, from P370.404 billion in the same period in 2017. Its full-year collection target this year amounts to P2.039 trillion.
Revenues collected by the BOC hit P129.08 billion in the first quarter, up 24 percent, from P104.13 billion reported in the same period in 2017. Its target this year was set at
P598 billion.
Finance Secretary Carlos G. Dominguez III attributed the increase to the rollout of the government’s “Build, Build, Build” (BBB) program and the implementation of the Tax Reform for Acceleration and Inclusion (TRAIN) signed into just last year.
“Our BBB and TRAIN programs are working as planned,” Dominguez said.
Disbursement during the period reached P806.4 billion, up 31 percent, from P615.362 billion in the same period last year.
Earlier, Budget Secretary Benjamin E. Diokno expressed optimism in achieving the 2018 expenditure program of P3.364 trillion.