The Philippines’ main revenue agency missed its 2008 target by a new record high, highlighting the government’s fiscal vulnerability amidst the global economic slowdown.
The Bureau of Internal Revenue (BIR) said it fell P67 billion short of its tax collection goals in 2008.
BIR commissioner Sixto Esquivias, in an interview with reporters Tuesday, said the agency managed to collect only P778 billion of the P845 billion programmed collection for last year.
In 2007, the BIR missed its collection goal by P52.2 billion. The BIR was tasked to collect P845 billion then, but the Finance Department lowered the assessment to P810 billion due to the global economic slowdown.