The Philippine government has exceeded the target of tax collection this year

According to the Philippine Business World newspaper, the Philippine Ministry of Finance's year-end report shows that the Philippine Tax Bureau and Customs Bureau have achieved 3.2 trillion pesos of tax revenue in 2022, exceeding the 2022 target set by the Philippine Development Budget Coordination Committee.

In 2023, the tax target of the tax bureau and the customs bureau is 3.436 trillion pesos. Among them, the tax revenue target of the tax bureau is 2.67 trillion pesos, 11.6% higher than the target of 2.39 trillion pesos this year, including net income and profit tax (1.295 trillion pesos), domestic goods and services tax (1.073 trillion pesos) and property tax (15.218 billion pesos); The target of customs revenue of the Customs Bureau is 765.59 billion pesos, an increase of 6.11% over the target of 721.52 billion pesos this year, including import value-added tax (485.67 billion pesos), consumption tax (196.6 billion pesos), import tariff (63.67 billion pesos) and other expenses (19.64 billion pesos).

In 2022, the Philippine government received grants and technical assistance totalling about US $85.5 million throughout the year. In 2023, the Philippine government is expected to receive about US $19.1 billion in official development assistance, US $9.2 billion in multilateral development partner loans and US $9.8 billion in bilateral loans.