Gov't revenues hit P2.5-T, up 5 percent in first 10 months of 2021: DOF

ABS-CBN News

Posted at Jan 06 2022 02:29 PM | Updated as of Jan 06 2022 06:22 PM

MANILA - The national government's total revenue for the first 10 months of 2021 grew 5 percent to P2.49 trillion from P2.37 trillion in the same period in 2020, the Department of Finance said Thursday. 

Tax revenues were up by 9.1 percent, the DOF said in a statement.

The collections of the Bureau of Internal Revenues rose 6.8 percent while the collections of the Bureau of Customs rose by 17.1 percent as imports recovered, the agency said. 

BOC's total collections of P525.4 billion for the period was "lower by a hairline" compared to its pre-pandemic collection of P527.7 billion, the DOF said. 

Meanwhile, non-tax revenues fell by 22 percent due to nonrecurrent collections last year from government corporations and government offices as mandated under the Bayanihan 1, it added.

Expenditures, on the other hand, rose by 11.5 percent partly due to spending in the fight against the COVID-19 pandemic, the DOF said. 
 
"Despite higher fiscal deficit, a strong revenue performance enabled the country to maintain good macroeconomic fundamentals, attain manageable inflation, sustain low interest rates, and keep its investment grade credit rating," the agency said.

"These positive developments augur well for a strong economic recovery as the country gradually loosens its quarantine restrictions," it added. 

Some analysts and several economic managers have said the country's economy could revert to its pre-pandemic growth this year.

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