DOF EXPECTS P2.5T GOV’T REVENUES THIS YEAR AMID COVID-19 PANDEMIC
Finance Secretary Carlos Dominguez III, on Wednesday, said the government projects a total of P2.5 trillion revenue collection this year, amid the COVID-19 pandemic.
During a Senate budget hearing, Dominguez said the revenue collection from January to July 2020 amounted to 1.69 trillion.
The total government tax and non-tax revenue projection of P2.5 trillion for 2020, equivalent to 13.4% of the country’s gross domestic product, is lower than the P3.1 trillion collected in 2019.
Dominguez said this is expected to slightly pick up to P2.7 trillion in 2021 as the economy starts to recover.