Diokno will turn over DOF to incoming finance chief on solid footing

Outgoing Finance Secretary Benjamin E. Diokno will turnover the Department of Finance (DOF) on solid footing to the incoming finance chief.

Since taking the helm at the DOF on July 1, 2022, Secretary Diokno has committed to pursuing the Marcos, Jr. administration’s overarching goals of reducing the deficit-to-GDP ratio to 3.0 percent, achieving upper middle-income status by 2025, and bringing down poverty incidence to single-digit by the end of the President’s term.

Secretary Diokno led the economic team in crafting the Philippines’ first-ever Medium-Term Fiscal Framework (MTFF) during the Marcos, Jr. administration’s first month in office.

The MTFF embodies the government’s commitment to pursuing fiscal consolidation, ensuring that sustainability is given priority in the management of finances without sacrificing economic growth.

Improving revenue generation and boosting government spending are at the core of the MTFF.

For the first 10 months of 2023, the National Government (NG)’s actual revenue collection rose to PHP 3.2 trillion, higher by 9.4 percent compared to the same period last year.

Revenue collections also exceeded the target for the period by 5.2 percent due to better collection performance by the Bureau of Customs (BOC) and income from the Bureau of the Treasury (BTr).

Digitalization, which Secretary Diokno strongly advocated for, played a significant role in the improved revenue collection performance.

For instance, the Bureau of Internal Revenue (BIR) bolstered its Digital Transformation (DX) Program which provided taxpayers with modern, convenient, and accessible tools to elevate taxpayer experience, thereby increasing taxpayer compliance as well as transparency.

Similarly, the BOC has so far digitalized 161 out of 166 customs processes, resulting in a 97-percent digitalization rate. These efforts allowed the Bureau to enhance its trade facilitation.

The Development Budget Coordination Committee (DBCC) projects revenue collections to reach PHP 3.8 trillion by the end of 2023 and further rise to PHP 6.6 trillion in 2028 due to the anticipated implementation of priority tax measures over the medium term.

In the past year, Secretary Diokno has advocated for