GOVERNMENT TO BORROW P3 TRILLION IN 2020 AND 2021

The government will borrow PHP3 trillion in 2020 and 2021 to fund the economic revival of the country according to National Treasurer Rosalia de Leon.

The planned  borrowing program will continue even with the increased revenue take of the Bureau of Customs (BOC) and the Bureau of Internal Revenue (BIR).

Economic managers said the increased borrowing for this and next year will be used in response to the COVID-19 pandemic that has bedevilled businesses.

Earlier the Bureau of Customs said it exceeded its PHP48.4-billion collection goal for October 2020 after revenues reached PHP50.9 billion.

It said last October is the fifth consecutive month that the agency met its downwardly-revised revenue goals.

Collection goals of both the BOC and the BIR for this year have been slashed after economic managers noted the impact of the pandemic on domestic output.

The BIR has yet to report its October 2020 performance.

It collected PHP118.63 billion last September, higher than its PHP117.59-billion goal. 

This collection, however, has declined compared to the PHP150.48 billion it collected in September last year.