The government is keeping the P4.3-trillion revenue target this year, according to Department of Finance Secretary Ralph Recto.
“Our revenue collection today seems to be on target,” Recto said.
Revenue collection in the first quarter reached P933.7 billion, 14.05 percent, or P115.1 billion higher than in the first three months of 2023.
Tax revenues and non-tax revenues amounted to P820.3 billion and P113.4 billion, respectively.
Recto acknowledged the role of his predecessors in keeping the economy strong and stable throughout periods of crisis during a dinner reception in celebration of the DOF’s 127th anniversary on April 24, 2024.
He described the gathering as “a reunion of survivors of economic crises, of veterans of wars against deficits, because of the 43 finance secretaries the country had, none had the luxury of being spared of confronting one.”
Recto recounted how his predecessors successfully steered the Philippines in turbulent times in history and how their actions have accumulated into the fortitude, tenacity, and professionalism that define DOF today.
“These can be words in the coat-of-arms of this fighting unit, if ever there was one,” he said.
He recognized Carlos Dominguez for successfully keeping the Philippine economy afloat during the COVID-19 pandemic in 2020, which brought the global economy to a standstill.
He also acknowledged the efforts of Cesar Purisima and Cesar Virata who both raised much-needed funds to rebuild the economy and support the victims of two of the country’s most devastating typhoons.
Virata was at the helm of DOF when both super typhoon Yoling and the Great Central Luzon Flood devastated the country in 1970. Meanwhile, Purisima was the DOF secretary when super typhoon Yolanda–one of the most powerful tropical cyclones ever recorded—struck the Philippines in 2013.
Recto also lauded Bobby de Ocampo who manned the fort to fend off the contagion of the 1997 Asian financial crisis, and a decade later, Gary Teves who shielded the country from the fallout of the recession of 2008.
Recto also recognized Jose Pardo for managing the economy well despite the political turbulence in the 2000s.
“Indeed, we stand on the shoulders of these giants. So tonight, as we mark the 127th anniversary of the DOF, please allow us to pay tribute to your hard work that has allowed this crucial institution to thrive through tests and time,” Recto said.
Recto assured his predecessors of his commitment to uphold the tradition of sound fiscal policy-making and to build on the heritage of excellence that they have left behind.