THE Bureau of Internal Revenue (BIR) and the Bureau of Customs (BoC) are on track to meet their revenue targets this year, the Department of Finance said.
Finance Undersecretary Rolando T. Ligon, Jr. said the agencies remained on track on their revenue goals as of the end of August.
“The BoC has an excess of P2 billion so far, as of August, and the BIR is also on track with its target,” he told reporters on Wednesday.
The P2 billion refers to the excess collections of the BoC against its target for the eight months to August.
“So far, the revenue-generating agencies will be able to hit their targets, especially as we are in ‘ber’ months,” he added.
Asked about possible risks to the revenue outlook, he cited oil price pressures stemming from the fighting in the Middle East.
He added that the BIR’s continued digitalization efforts would be vital in achieving its targets.
The Development Budget Coordination Committee projected P4.442 trillion in tax revenue this year, with P3.393 trillion expected to be collected by the BIR and P1.011 trillion by the BoC.
Meanwhile, Mr. Ligon said the preparation of a joint administrative order (JAO) aimed at easing port congestion and regulating cargo handling charges is now in its final stage.
“We are just doing finishing touches and then after that it will be circulated to other agencies,” he said.
“Hopefully, it can be implemented in September. After the circulation, the agencies will sign it,” he added.
The JAO, once signed by the departments of Finance, Trade and Industry, and Transportation, sets a framework for government agencies to coordinate efforts to address port congestion. — Justine Irish D. Tabile