MANILA -- Malacanang on Monday lauded the high revenue collection spurred by the new tax reform law, pledging to put a significant part of it to "good use".
“We are pleased to announce that government revenue grew a faster pace during the first month this year, owing to the full implementation of the TRAIN,” Presidential Spokesperson Harry Roque Jr. said in a press statement.
Due to strong revenue growth last January, Roque said the national government has achieved a PHP10.2-billion budget surplus.
He said the amount was almost five times higher than the recorded surplus in the same month last year.
“All major collecting agencies of the government posted positive year-on-year growth, leading to higher total revenues which grew to PHP238.9 billion, 19 percent higher than last year's PHP200.3-billion figure,” he said.
Roque said bulk of the revenue hike came from the Bureau of Internal Revenue (BIR) which grew by 19 percent year-on-year to PHP175.6 billion.
“We assure our people that a significant part of the revenues we raise will be put to good use to support the much needed infrastructure to spur development in the whole country and fund various social protection programs on health, education, housing, among others,” Roque said.
The TRAIN, which is the first package of the comprehensive tax reform program, seeks to correct deficiencies in the tax system to make it “simpler, fairer, and more efficient”.
Big chunk of the TRAIN collection will go to the infrastructure projects particularly the massive “Build, Build, Build” program and to social services “to eradicate extreme poverty and reduce inequality towards prosperity for all”. (PNA)
