By Gabriela Baron
The administration of President Ferdinand R. Marcos Jr. surpassed revenue targets at P3.2 trillion, exceeding the full-year 2022 Development Budget Coordination Committee target by 2.2%, according to the year-end report of the Department of Finance (DOF).
The DOF also facilitated the implementation of grants and technical assistance amounting to an estimated $85.5 million.
Other accomplishments of the Finance department for 2022 include the resolution on tax incentives for business activities outside zone limits, commitment to Extractive Industries Transparency Initiatives, and the revision of the implementing rules and regulations for the Build-Operate-Transfer Law.
For 2023, DOF also eyes to include rightsizing as it works toward streamlining its organization and processes to maximize efficiency and use of public funds.
It also eyes to continue pushing key measures, including Package 3 and 4, Excise Tax on Single-Use Plastics, Value Added Tax on Digital Service Providers, Ease of Paying Taxes, and Mining Fiscal Regime.
The Finance department will also target private sector fund mobilization through public-private partnerships projects and will launch pioneering projects with Project Management Office-led assets.
