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Bacolod City, PhilippinesWednesday, July 11, 2012
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BIR revenue goal to spike
by 16.23%; BoC by 14.39%

MANILA – Collection goal of the Bureau of Internal Revenue will increase by 16.23 percent in 2013 and the Bureau of Customs by 14.39 percent based on the proposed national budget for next year.

Under the proposed 2013 national budget, which Malacañang will submit to Congress on July 24, BIR will have a P1.239 trillion revenue target, higher than its P1.066 trillion goal this year.

The BOC, on the other hand, will have a P397 billion collection target, up from the P347.07 billion for 2012.

Budget and Management Secretary Florencio Abad said the higher revenues is needed to finance the programs set by the Aquino administration, leaning mostly on putting in more infrastructures and providing more social services.

The government will be proposing a P2.006 trillion budget for next year, which Abad said will be dubbed “empowerment budget”.

The budget proposal for next year is 10.5 percent higher than this year’s P1.816 trillion. It is equivalent to 16.8 percent of gross domestic product, slightly lower than the 6.9 percent share this year.

Abad said budget proposals of the various government departments and agencies reached P2.2 trillion but it was trimmed to P2.006 trillion as the government bids to improve budgetary settings and usage.

“Our proposed budget ceiling is consistent with our macro eco assumptions and targets for the medium term,” he said.

The inter-agency Development Budget Coordination Committee has approved a six to seven percent growth for 2013, higher than this year’s target of five to six percent.

The 2014 to 2016 targets are 6.5-7.5 percent, seven to eight percent, and 7.5-8.5 percent, respectively.

Exports are seen to rise by 10 percent this year from a decline of 6.9 percent in 2011. Government assumption for 2013 and 2014 is both at 12 percent and it is 14 percent expansion for 2015-16, with the rise based on projections on the improvement in global economy.

Imports assumption for this year is at 12 percent, form a 1.6 percent growth in 2011, while it is targeted to rise by 14 percent in 2013, 15 percent in 2014 and 16 percent for both 2015-16.

Inflation rate is expected to decelerate to within two to four percent in 2015-16 from a three to five percent target from 2011-14.

Interest rate assumption for this year is at 2.5-4.5 percent while it is between three to five percent for 2012-16.

Foreign exchange assumption is for the peso to trade between P42-45 against a dollar.*PNA

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