MANILA: The Department of Finance (DOF) is seeking a PHP33.75 billion budget for 2025 which will be used for efficient tax administration and public service, Finance Secretary Ralph Recto said.
‘[O]ur proposed budget every year is always a faithful reflection of our strategic priorities under the Bagong Pilipinas brand of governance,’ Recto said in his presentation at the Senate budget hearing on Tuesday.
‘The items discussed today are part and parcel of a larger effort to improve tax administration efficiency, deliver more responsive public service delivery, and provide economic prosperity for the Filipino people,’ he said.
The DOF’s proposed budget for 2025 is 20.8 percent higher than the 2024 General Appropriations Act (GAA) level.
The agency’s New General Appropriations constitute the largest portion amounting to PHP29 billion to support the DOF’s core operations and priority programs.
Recto said this is in line with the DOF’s key priorities to ramp-up digitalization to enhance revenue administration
by the Bureau of Customs (BIR), customs enhancement by the Bureau of Customs (BOC), better financial asset and debt management by the Bureau of the Treasury (BTr), and improved local finance administration by the Bureau of Local Government Finance (BLGF).
The proposed budget also includes a PHP1 billion-allocation under the Special Purpose Funds for the replenishment of the People’s Survival Fund (PSF) which will support climate adaptation projects of local communities.
In terms of allocation, 41.4 percent of the proposed budget is allocated to Personnel Services, 37.9 percent to Maintenance and Other Operating Expenses, and 20.6 percent to Capital Outlays.
‘This is in line with our commitment to prioritize workforce development and infrastructure improvements like digitalization. In fact, we are making significant digital transformation investments across agencies,’ Recto said.
The BIR, the BOC, and the Insurance Commission (IC) lead the charge in digitalization with a combined amount of PHP4.20 billion,
while other agencies are allotted around PHP600 million.
‘These investments are aimed at significantly enhancing taxpayer experience, streamlining trade processes, and improving fiscal transparency,’ Recto said.
The BIR will receive the largest share of the budget, amounting to PHP17.68 billion or 54.4 percent of the total DOF proposed budget while the BOC’s proposed budget amounts to PHP5.66 billion.
The BTr, on the other hand, has a budget allocation of PHP6.46 billion.
The other DOF offices have the following proposed budgets: IC (PHP1 billion); DOF – Office of the Secretary (PHP491.25 million); Bureau of Local Government Finance (PHP433.66 million); National Tax Research Center (PHP144.11 million); Privatization and Management Office (PHP111.06 million); and Central Board of Assessment Appeals (PHP18.05 million).
‘We will ensure that every peso is being stretched to deliver the biggest bang per buck for the Filipino people. Much like our triumphant Olympians, we will always go for the gold,’ Recto sa
id.
Source: Philippines News Agency
