REVENUE collection targets up to the end of Marcos administration’s term have been lowered following downward revisions to economic growth assumptions.
Data obtained by reporters on Wednesday showed the government was now targeting revenues of P4.824 trillion this year, down from P4.983 trillion previously.
The target for next year was likewise reduced to P5.122 trillion from P5.366 trillion, and in 2028, collections are now projected to reach P5.568 trillion instead of P5.914 trillion.
Although specific targets for agencies were not disclosed, previous information showed that the Bureau of Internal Revenue (BIR) has been tasked to collect P3.431 trillion, lower than the P3.579 trillion under the 2026 Budget of Expenditures and Sources of Financing.
The Bureau of Customs’ (BOC) target was likewise reduced to P1.003 trillion from P1.013 trillion. Nontax revenues, on the other hand, were set at a higher P349.9 billion from P249.1 billion.
Both agencies missed their targets last year. The BIR collected P3.105 trillion, short of its P3.232-trillion goal, but this was still above the P2.83 trillion recorded in 2024.
The BOC, meanwhile, generated P934.4 billion, below the P958.7-billion target, although this was again higher than the P916.674 billion collected in 2024.
The Marcos administration is relying on improved efficiency at the BIR and BOC to push annual revenues beyond the P7-trillion mark by 2030.
Total revenues are projected to reach nearly P6 trillion by 2028 before exceeding P7 trillion two years later. From the P4.42 trillion in actual revenues posted in 2024, collections are targeted to rise to P6.47 trillion in 2029 and further to P7.13 trillion in 2030.
Tax revenues, which make up the bulk of total collections, were forecast to increase from P3.8 trillion in 2024 to P6.85 trillion by 2030.
The government posted a budget deficit of P157.6 billion in November, latest data showed, with revenues at P340.7 billion and spending having hit P498.3 billion. This was a reversal from October’s P11.2-billion surplus but was smaller than the year-earlier shortfall of P213 billion.
The budget deficit totaled P1.26 trillion year to date, higher than the P1.18 trillion recorded in January-November 2024.
The government is set to release the full-year 2025 budget revenue and expenditure figures on March 3.