MANILA – The Department of Finance is seeking a 30 percent increase in its budget next year, with the Bureau of Internal Revenue again getting the lion’s share of the appropriations.
Finance Secretary Carlos Dominguez III told the Senate Finance Committee that the budget increase will be used to fund the Department’s modernization and digitalization programs.
“These programs will allow us to effectively raise more funds to finance our pandemic response and economic recovery programs.
The DOF is proposing a P23.18 billion budget for 2022 which includes automatic appropriations of P1.63 billion, unprogrammed appropriations of P210 million, and budgetary support to Government-Owned and Controlled Corporations of P95 million.
The BIR will get P10.85 billion or almost half of the DOF’s budget, primarily to boost the bureau's revenue collection capacity, Dominguez said.
"We've been happy with the Bureau of Internal Revenues because they have been pretty close to hitting their targets in the collections," Dominguez said.
"I think a lot of that is because they have already digitalized most of their filing."
Dominguez said more than 99 percent of taxpayers now file their taxes online from just 10 percent in 2015.
Meanwhile, the Bureau of Customs is getting P4.34 billion.
Dominguez explained, the capital outlays of the BOC are seen going up by 21 times in 2022 to P1.66 billion mainly due to the rollout of the Philippine Customs Modernization Project.
Meanwhile, the Bureau of Treasury is proposed to get P4.22 billion of the budget, which is nearly double than its appropriations this year.
Dominguez said this is because of the national government's payment for the international commitments fund worth P1.35 billion which are equity contributions to multilateral institutions like the World Bank and Asian Development Bank.