money – Page 28 – Author Carlo Carrasco

High-priority infrastructure projects to be financed by Maharlika Investment Fund

July 27, 2023July 25, 2023carlocarrasco

Just days after signing into law the Maharlika Investment Fund (MIF), President Ferdinand “Bongbong” Marcos, Jr., stressed during his 2^nd State of the Nation Address (SONA) that the new law will finance the high-priority infrastructure projects of the Philippines, according to a Philippine News Agency (PNA) news article.

To put things in perspective, posted below is an excerpt from the PNA news article. Some parts in boldface…

President Ferdinand R. Marcos Jr. on Monday said the newly established Maharlika Investment Fund (MIF) would be used to fund high-priority projects.

“For strategic financing, some of the nation’s high-priority projects can now look to the newly established Maharlika Investment Fund, without the added debt burden,” Marcos said in his second State of the Nation Address (SONA).

The MIF is the Philippines’ first-ever sovereign wealth fund designed to catalyze economic development by mobilizing government financial assets.

“In pooling a small fraction of the considerable but underutilized government funds, the Maharlika Fund shall be used to make high-impact and profitable investments, such as the ‘Build Better More’ program,” Marcos said.

He said the gains from the Fund shall be reinvested into the country’s economic well-being.

To ensure sound financial management, Marcos assured that a group of internationally recognized economic managers shall oversee the operations of the Fund, guided by principles of transparency and accountability.

“This guarantees that investment decisions will be based on financial considerations alone, absent any political influence,” Marcos said.

“The funds for the social security and public health insurance of our people shall remain intact and separate.”

The Department of Finance (DOF) earlier said the Fund can look into big-ticket infrastructure such as in green and blue projects, countryside development, and other employment-generating projects.

For the newcomers reading this, if you want to understand what a sovereign wealth fund is and how it would work with the Philippines in mind, watch the video below…

Let me end this piece by asking you readers: What is your reaction to this recent development? Were you able to watch President Marcos’ 2^nd SONA?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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Thank you for reading. If you find this article engaging, please click the like button below, share this article to others and also please consider making a donation to support my publishing. If you are looking for a copywriter to create content for your special project or business, check out my services and my portfolio. Feel free to contact me with a private message. Also please feel free to visit my Facebook page Author Carlo Carrasco and follow me on Twitter at @HavenorFantasy as well as on Tumblr at https://carlocarrasco.tumblr.com/ and on Instagram athttps://www.instagram.com/authorcarlocarrasco

President Marcos signs Maharlika Investment Fund bill into law

July 20, 2023July 18, 2023carlocarrasco

A new economic age for the Philippines has started as President Ferdinand “Bongbong” Marcos, Jr., signed into law the Maharlika Investment Fund (MIF) bill which formally establishes the nation’s sovereign wealth fund, according to a Philippine News Agency (PNA) report.

To put things in perspective, posted below is an excerpt from the PNA news article. Some parts in boldface…

President Ferdinand R. Marcos Jr. on Tuesday signed into law a bill establishing the Maharlika Investment Fund (MIF), the Philippines’ first-ever sovereign wealth fund.

Marcos signed Republic Act (RA) 11954 in a ceremony at the Kalayaan Hall of Malacañan Palace in Manila.

In a keynote speech, Marcos said the MIF is designed to drive economic development in the country.

“The MIF is a bold step towards our country’s meaningful economic transformation. Just as we are recovering from the adverse effects of the pandemic, we are now ready to enter a new age of sustainable progress, robust stability and broad-based empowerment,” Marcos said.

“We now have an available fund that will provide us the seed money for investments and to attract other foreign investments and for us to be able to participate in those operations, in those investments without additional borrowings,” he added.

Following the signing of RA 11954, Marcos said his administration would “go out to the world and do the changes that are necessary for the Philippines to become an investment-friendly nation.”

“The fund will fail if we do not make money on the fund. It’s that simple… That is why we put up a Maharlika Fund so as to be able to give us the capacity and the ability to join in those investments, be part of that,” he said.

He reiterated that he would make sure that the MIF would be “well-run” by professionals.

He added that the country has the “best” economic managers both in government and the private sector to ensure the proper management of the MIF.

“Let us make sure that the decisions that are being made for the fund are not political decisions, that they are financial decisions because that is what the fund is,” Marcos said.

The MIF is established to optimize national funds by generating returns to support the Marcos administration’s economic goals laid out in the Medium-Term Fiscal Framework, the 8-point Socioeconomic Agenda, and the Philippine Development Plan 2023-2028.

In a separate statement, Budget Secretary Amenah Pangandaman said the Department of Budget and Management (DBM) will continue to provide support and technical assistance in the formulation of the implementing rules and regulations of RA 11954.

“The creation of this development fund is very good news because this means we now have an opportunity to expand our fiscal space for the government’s priority programs,” Pangandaman said. “Of course, we fully support this as it will help expand our fiscal space. So we at the DBM remain committed to helping ensure that this development fund will be a success and implemented with utmost integrity.”

Under RA 11954 , the MIF will be used to invest in a wide range of assets, including foreign currencies, fixed-income instruments, domestic and foreign corporate bonds, joint ventures, mergers and acquisitions, real estate and high-impact infrastructure projects that contribute to the attainment of sustainable development.

The establishment of the MIF will provide the government with a long-term source of income, as well as ease the burden on the national budget by providing additional funding for other priority projects of the government.

Unlike other government-owned or -controlled corporations (GOCCs), the MIF will be able to maximize government assets through its investments in projects that generate bigger returns.

The proposed measure seeks the establishment of the Maharlika Investment Corp. (MIC), which will act as the “sole vehicle for the purpose of mobilizing and utilizing the MIF for investments in transactions in order to generate optimal returns on investments (ROIs).”

The MIC is expected to have at least PHP75 billion in paid-up capital this year, with PHP50 billion sourced from the Land Bank of the Philippines and PHP25 billion from the Development Bank of the Philippines.

The law prohibits government agencies and GOCCs that provide for social security and public health insurance to contribute to and invest in the Fund.

These include the Social Security System, Government Service Insurance System, Philippine Health Insurance Corporation, Home Development Mutual Fund, Overseas Workers Welfare Administration, and Philippine Veterans Affairs Office pension fund.

For the newcomers reading this, if you want to understand what a sovereign wealth fund is and how it would work with the Philippines in mind, watch the video below…

Let me end this piece by asking you readers: What is your reaction to this recent development? What do you think about the Maharlika Investment Fund that is now officially a law? Do you expect financial or economic breakthroughs to happen for the Philippines soon?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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Two women apprehended in Muntinlupa City for swindling a businesswoman

July 10, 2023July 7, 2023carlocarrasco

Recently in the progressive City of Muntinlupa, two women got arrested by police officers at the lobby of a certain hotel in Filinvest City in Alabang for allegedly swindling a local businesswoman, according to a Manila Bulletin news report. As of this writing, the money has yet to be recovered while the third suspect remains at large.

To put things in perspective, posted below is the excerpt from the Manila Bulletin news report. Some parts in boldface…

Two women were arrested by the police for allegedly swindling a businesswoman of P2.52 million in house rental fees in Muntinlupa.

The suspects, Christine Rose Almoete, 35, and Maria Teresa Loria, 40, were arrested by the Muntinlupa police on July 6 at a hotel lobby in Filinvest City, Barangay Alabang. Another suspect, Ricky Morales, remains at large and is being pursued by authorities.

The two were arrested based on a complaint by businesswoman Diane Grace Sy-Alvarado, 40 years, of Ayala Alabang Village.

According to the police, Sy-Alvarado had been in contact with Loria, who acted as her broker to the house she is presently renting on Batulao Street in Ayala Alabang Village.

Sy-Alvarado decided to transfer to another house also in the same village and asked for Loria’s help. Loria introduced Almoete to the complainant who offered a property allegedly owned by a certain Manuel Palaganas.

They agreed on a monthly rent of ₱180,000. To secure the contract, the complainant was instructed to provide a one-year security deposit amounting to P1,360,000 and a one-year advance payment of P1,160,000.

Sy-Alvarado gave cash amounting to P1.36 million and a bank check worth P1.16 million to the suspects’ colleague, Morales, for a total of P2.52 million.

But when she visited the property on Sarangani Street in Ayala Alabang Village, it turned out that the house was not available for rent.

She asked for help from the village security, which swiftly conducted a follow-up operation leading to the arrest of the suspects.

The transaction between the complainant and the suspects was witnessed by the complainant’s personal assistant, Rannie Pagdanganan.

The arresting officers, Emerson Acusar and Ernesto Obusan, from Bulldog Security Agency, carried out the operation with personnel from the Muntinlupa Police Sub-Station 5 (Ayala Alabang).

The P1.36 million cash and the bank check amounting to P1.16 million were not recovered.

Let me end this piece by asking you readers: If you are a Muntinlupa City resident, what is your reaction to this development? Are you concerned that there could still be a lot of swindlers out there? Has anyone in your local community been swindled over the past twelve months within the city?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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For more South Metro Manila community news and developments, come back here soon. Also say NO to fake news, NO to irresponsible journalism, NO to misinformation, NO to plagiarists, NO to reckless publishers and NO to sinister propaganda when it comes to news and developments. For South Metro Manila community developments, member engagements, commerce and other relevant updates, join the growing South Metro Manila Facebook group at https://www.facebook.com/groups/342183059992673

Muntinlupa City raises cash incentives for local athletes who are able to win in local and international sports events

July 5, 2023July 2, 2023carlocarrasco

Recently in the progressive City of Muntinlupa, the City Government officially raised the cash incentives for its local athletes who are able to win medals in varied local and international competitions, according to a Manila Bulletin news report.

To put things in perspective, posted below is the excerpt from the Manila Bulletin news report. Some parts in boldface…

The Muntinlupa City government increased the cash incentives to athletes winning in international and local competitions including the Olympics, and Asian and SEA Games.

Mayor Ruffy Biazon signed Ordinance 2023-091, passed by the Muntinlupa City Council, giving incentives and rewards to athletes bagging gold, silver and bronze medals in international, national, regional and local competitions.

The ordinance covers athletes and coaches representing Muntinlupa who win in contests sanctioned by the Philippine Sports Commission (PSC), Philippine Olympic Committee (POC), International Olympic Committee (IOC), National Association (NSA) and the city government.

It also applies to athletes and coaches who are residents of Muntinlupa and are part of the sports development program of the city, and winning athletes who represent the country who have lived in Muntinlupa for at least a year.

“Our city is definitely proud of Muntinlupeños excelling in sports. It is but fitting that we reward their hard work and support their continuous pursuit of excellence,” said Biazon.

The new local law amended Ordinance 18-299 approved in 2018, which gave cash incentives to winning athletes and their coaches.

Under the new ordinance, Olympians winning gold, silver and bronze medals will get P750,000, P500,000 and P250,000, respectively.

For the full listing of cash incentives under the new ordinance, click https://mb.com.ph/2023/7/1/muntinlupa-lgu-increases-cash-incentives-to-winning-athletes-in-international-local-games

Let me end this piece by asking you readers: If you are a Muntinlupa City resident, what is your reaction to this development? Do you think that the higher cash incentives would inspire more locals to engage in sports events and win?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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World Bank raises forecast on Philippine economy growth for 2023

June 12, 2023June 8, 2023carlocarrasco

With the year 2023 nearing the half-way point, the World Bank revised its forecast on the Philippine economy seeing a 6% growth (versus the previous 5.4% growth forecast), according to a BusinessWorld news report.

To put things in perspective, posted below is an excerpt from the Manila Bulletin news article. Some parts in boldface…

THE PHILIPPINE ECONOMY is likely to grow by 6% this year amid strong domestic demand and despite elevated inflation, the World Bank said, raising its forecast from 5.4% in January.

A recovery in jobs, improved consumer sentiment and strong remittances from Filipinos overseas would drive local consumption, the multilateral lender said in its Global Economic Prospects report on Wednesday.

“Despite external challenges, high domestic inflation and tight monetary conditions, domestic demand has once again remained resilient, fueling growth,” World Bank Country Director for the Philippines Ndiame Diop separately told a virtual news briefing.

The latest growth forecast is the lower end of the government’s 6-7% growth target this year. The Philippine economy grew by 6.4% in the first quarter, slower than 8% a year ago and 7.1% a quarter earlier.

“Despite weak global conditions, our upward revision reflects this continued strength in domestic demand,” World Bank Philippines Senior Economist Ralph van Doorn said.

But the potential global slowdown could still affect growth. “Although the global economy displayed remarkable resilience in early 2023, economic conditions will remain subdued for the rest of 2023,” Mr. Diop said.

He said global growth is expected to wane due to “persistent inflation, slowdown of global trade and the effect of recent monetary tightening.”

The World Bank expects global growth to slow to 2.1% this year, though this is higher than its earlier 1.7% projection. It also sees global growth reaching 2.4% next year and 3% in 2025.

“Risks remain tilted to the downside,” Mr. Diop said. “Recent episodes of market instability have raised concerns of a potential spillover. The possibility of further monetary tightening amid sticky core inflation could raise the cost of global financing and lead to a more pronounced and prolonged global slowdown.”

Persistent inflation remained a cause for concern, the World Bank said.

“Although our baseline forecast (shows) inflation will decelerate, it is still the main challenge,” Mr. van Doorn said.

The World Bank expects Philippine inflation to average 5.7% this year, higher than its earlier 4.2% forecast.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you agree with the World Bank’s analysis about economic growth for the Philippines this year? Do you think the Philippine economy can do better than expected by the end of 2023?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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Online lending company raided by police for threatening clients

May 22, 2023May 17, 2023carlocarrasco

Are you a Philippine resident who borrowed money from an online lending company and got threatened by them to push you into paying them back? Another company that lends money got raided by the police over complaints from clients who claimed they were threatened, according to a Manila Bulletin news report. The raided company was located in Pasig City.

To put things in perspective, posted below is an excerpt from the Manila Bulletin news article. Some parts in boldface…

An online lending company in Barangay San Miguel, Pasig City was raided by operatives of the Philippine National Police – Anti-Cybercrime Group (ACG) on Tuesday, May 16, for allegedly threatening and harassing its customers who have failed to pay their loans.

The company was identified as Realm Shifters Business Process Outsourcing Services, located along Mercedes Avenue in Barangay San Miguel.

According to the Philippine Association of Loan Shark Victims Inc. (PALSVI), a non-profit organization dedicated to helping loan shark victims, the company is one of the many businesses operating online lending applications (OLA) that harass and threaten users for not paying their debts.

The PNP-ACG conducted the raid in response to the complaints made to their office from the victims of the OLA.

A warrant to search and seize computer data was served by the police to the company during the operation.

Digital forensic examinations to extract data and evidence from the computers, mobile phones, and other devices of the OLA agents are ongoing.

Other incidents of malpractice made by the company are also under further investigation by the police.

Let me end this piece by asking you readers: What is your reaction to this recent development? How many people in your local community got harassed by an online lending firm recently?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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BIR targeting online sellers

March 20, 2023March 13, 2023carlocarrasco

If you have been engaging on selling items or services online, you should be aware that the Philippines’ authority on taxation the Bureau of Internal Revenue (BIR) is constantly watching you and it is seeking ways to tax you, according to a BusinessWorld news report. Already the BIR has been communicating with the e-commerce platforms.

To put things in perspective, posted below is an excerpt from the BusinessWorld news article. Some parts in boldface…

THE BUREAU of Internal Revenue (BIR) is looking to collect taxes from online sellers on e-commerce platforms more efficiently.

BIR Commissioner Romeo D. Lumagui said it is difficult to monitor taxes on individual online sellers on e-commerce platforms.

“We’re in constant communication with the platforms, because it’s a challenge to monitor. We’re thinking of ways to approach it because if we look at individual online sellers, it’s a bit difficult. It’s a challenge,” he told reporters on Thursday evening.

Mr. Lumagui said the BIR is prioritizing ways to better collect taxes from online sellers and other new platforms this year.

The pandemic forced many entrepreneurs to shift to online selling using e-commerce platforms like Shopee and Lazada, as well as social media platforms such as Facebook, Instagram and Tiktok.

As of 2022, the Department of Trade and Industry (DTI) estimated there are around two million entities doing business as online sellers.

In 2021, the digital economy contributed 9.6% to the country’s gross domestic product (GDP), or about P1.87 trillion. DigiPinas, the multi-sectoral initiative led by UBX Philippines Corp., earlier said the Philippine digital economy can grow to as much as $150 billion or about P8.3 trillion in the next decade.

Meanwhile, Mr. Lumagui said the BIR will tap social media influencers to help educate the public on the importance of paying taxes.

“They have reach and I think that one way of making people comply with tax obligations is to educate the people since tax is a very complicated topic not easy to understand,” he said, adding the BIR will schedule a dialogue with them.

Mr. Lumagui said the BIR will continue its efforts to collect taxes from social media influencers, since they’re earning income. He noted there are already some who are undergoing tax audits.

“What we want is to dialogue with them that these are your obligations as social media influencers, you’re earning from whatever you’re doing, so this is your responsibility as income earners,” he said.

The BIR said it collected around P44.6 billion worth of tax from online content creators and retail sales at the end of 2021.

Let me end this piece by asking you readers: What is your reaction to this recent development? If you have been selling products or services online for the last twelve months, do you think the BIR’s move with taxing your business will negatively affect Philippine e-commerce as a whole? Have you set aside enough money for potential taxation by the BIR? What is the one thing about online selling that made you stay away from selling through physical establishments like a store?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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AIA Philippines’ investment management arm expresses optimism of robust growth of the Philippine economy

March 1, 2023February 24, 2023carlocarrasco

Recently, the investment management arm of AIA Philippines expressed confidence that the Philippine economy will continue to have robust growth in connection with what they claim to be an expanding manufacturing sector, according to news article published by the Philippine News Agency (PNA).

To put things in perspective, posted below is the excerpt from the PNA news report. Some parts in boldface…

An official of the investment management arm of AIA Philippines is optimistic on the robust growth of the domestic economy as the manufacturing sector continues to expand.

In a briefing on Thursday, AIA Investment Management and Trust Corporation Philippines (AIAIM Philippines) chief executive officer Angie Pacis said the country’s manufacturing sector is expected to continue posting expansion following the seven-month high manufacturing index in January 2023.

“Notwithstanding the slight weakening of the business confidence and consumer confidence, businesses will still be on a growth track,” she said.

The S&P Global Manufacturing Purchasing Managers Index (PMI) hit 53.5 in the first month this year. An index of 50 and above indicate expansion while those below 50 indicate contraction.

Pacis said forecasts point to continued 50-level index in the coming months.

Pacis also identified demographic dividends as among the factors that will help boost domestic growth this year given the large number of young people who are part of the workforce.

“It’s a young population, it’s a big population with a growing middle class that is actually becoming stronger. Because of that, we will continue to attract investments notwithstanding some of the structural problems,” she added.

These factors are seen to boost one-year-old AIAIM Philippine business, which currently offers three unit investment trust funds (UITFS) namely AIA Peso Adventurous Fund, AIA Peso Balanced Fund and AIA Peso Conservative Fund.

Pacis said the products they are offering are exclusively available for AIA Philippines policy holders for now, while the assets amounting to PHP155 billion they currently have will be handled purely without catering to outside investors.

Let me end this piece by asking you readers: What is your reaction to this new development? Were you able to understand the explanations from AIA Philippines investment management arm?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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Thank you for reading. If you find this article engaging, please click the like button below and also please consider sharing this article to others. If you are looking for a copywriter to create content for your special project or business, check out my services and my portfolio. If you want to support my website, please consider making a donation. Feel free to contact me with a private message. Also please feel free to visit my Facebook page Author Carlo Carrasco and follow me on Twitter at @HavenorFantasy as well as on Tumblr at https://carlocarrasco.tumblr.com/ and on Instagram at https://www.instagram.com/authorcarlocarrasco/.

Oxford Economics says Philippine economic growth will slow down to 4.1% this year

February 28, 2023February 23, 2023carlocarrasco

For Oxford Economics, the economy of the Philippines will achieve continued growth in 2023 but with a notable slow down to 4.1%, according to a BusinessWorld news report. Oxford Economics mentioned in its statement factors like the global economy entering recession, inflation and the lack of impact from China’s reopening.

To put things in perspective, posted below is the excerpt from the BusinessWorld news article. Some parts in boldface…

PHILIPPINE ECONOMIC GROWTH is expected to slow to 4.1% this year, as external headwinds and elevated inflation are seen to dampen domestic demand, Oxford Economics said.

“After registering respectable growth of 7.6% in 2022, we expect the Philippines’ economy to slow to 4.1% amid global headwinds, elevated inflation, and a fading reopening boost. With monetary tightening set to continue, the economy could use a hand from the fiscal side, but chances are slim,” Makoto Tsuchiya, assistant economist at Oxford Economics, said in a research note released on Wednesday.

Oxford Economics’ gross domestic product (GDP) projection is well below the government’s 6-7% target.

It expects GDP to expand by 4.5% next year, still outside the 6.5-8% target set by the government.

“We expect GDP growth to slow materially amid softer external demand as the global economy enters a recession, led by weakness in major advanced economies. We don’t think China’s reopening will be enough to offset this weakness, with the recovery in private consumption there likely to be lackluster,” Mr. Tsuchiya said.

There is a widely anticipated global recession this year, with the World Bank projecting global growth to slow to 1.7%.

Rising inflation is also seen to “substantially” slow the Philippine economy, Mr. Tsuchiya said.

In January, inflation soared to a 14-year high of 8.7%, marking the 10th consecutive month inflation was above the Bangko Sentral ng Pilipinas’ (BSP) 2-4% target range.

The central bank also raised its average inflation forecast to 6.1% this year from 4.5% previously.

Oxford Economics said that the BSP will continue to hike rates to tame inflation and keep in step with the US Federal Reserve.

“Elevated inflation means policy makers will not be able to react by lowering interest rates. Indeed, we expect tightening to continue for at least the next two meetings, albeit at a slower pace — in contrast to other Asian central banks who can afford to pause,” Mr. Tsuchiya said.

Oxford Economics also cited the lack of policy support as a factor contributing to slower growth this year.

“We think significant support is unlikely given limited policy space on both the monetary and fiscal front. Ideally, fiscal policy would take over the burden of supporting growth. But debt accumulated during the pandemic era means the focus is instead on fiscal consolidation,” Mr. Tsuchiya said, noting that the Philippine government may adopt a more restrained approach in spending.

Oxford Economics expects the budget deficit will reach 2.7% of GDP by 2028, better than the 3% projection given by the Development Budget Coordination Committee (DBCC).

The government projects the fiscal deficit to hit 6.9% of GDP or around P1.5 trillion this year. In the 11 months to November, the budget deficit shrank by 7.2% to P1.24 trillion.

However, Oxford Economics said the debt-to-GDP ratio may remain elevated at 61.1% by 2025. This is higher than the 60% target set by the government in the same period.

The country ended last year with a debt stock at 60.9%, better than the 63.7% seen in end-September but still above the 60% threshold considered manageable by multilateral lenders for developing economies.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think Oxford Economics’ prediction about 4.1% economic growth for the Philippines this year will turn out to be true? Do you think Oxford Economics made a strong case explaining why economic growth in 2023 will be smaller for the Philippines?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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BIR says half a trillion Pesos lost to tax evasion each year

February 27, 2023February 21, 2023carlocarrasco

Tax evasion remains a very serious problem in the Philippines. As far as the Bureau of Internal Revenue (BIR) is concerned, the authorities lose around half a trillion Pesos each year due to tax evasion, according to a BusinessWorld news report.

To put things in perspective, posted below is the excerpt from the BusinessWorld news article. Some parts in boldface…

THE GOVERNMENT loses around P500 billion annually to tax evasion, according to a top Bureau of Internal Revenue (BIR) official.

“There is a lot, especially if we include those involved in illicit trade. In cigarettes alone, there’s around P100 billion,” BIR Commissioner Romeo D. Lumagui, Jr. said, when asked about revenue losses from tax evasion.

“Leakages aren’t part of that yet, like petroleum or vape products that aren’t registered, as well as fake receipts. I think it won’t go below P500 billion if you add everything up,” he added.

Mr. Lumagui said the BIR will have an easier time achieving its collection targets if it addresses tax evasion.

Earlier this month, the BIR filed 74 tax evasion complaints worth P3.5 billion against several companies.

“We will tailor efforts to improve digital services so businesses will leave the shadow economy and join the tax net. We will now focus on enforcement activities against tax evaders, put emphasis on tapping uncollected taxes through illegal activities,” Mr. Lumagui said.

The BIR is currently monitoring and investigating a number of suspected tax evaders.

“The most important right now is the selling of fake receipts and we know who (they are). We are investigating so we can file a case against those involved,” Mr. Lumagui said.

The BIR is targeting to collect P2.6 trillion in revenues this year.

“With all our activities and efforts we are making, we will be able to achieve the tax collection target,” he said.

In 2022, the agency collected a total of P2.34 trillion, surpassing its P2.1-trillion target.

Meanwhile, Mr. Lumagui said the agency will also review its policies after the Supreme Court declared void its regulations that require firms to disclose the personal information of investors.

“We must respect the privacy (of these investors) but when it comes to the correct amount of taxes, the BIR has auditing power. There is still a need to pay taxes and the compliance of these businesses needs to be monitored. When it comes to determining the correct amount of taxes, we can investigate that,” he added.

The Supreme Court declared that the BIR Revenue Regulations No. 1-2014 and Revenue Memorandum Circular (RMC) No. 5-2014 “void for being unconstitutional” as it violated the right to privacy.

The regulations require businesses to disclose investor information such as addresses, tax identification number (TIN), and birthdays, among others.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think the BIR will be able to collect P2.6 trillion this year even with tax evasion still going on? What do you think should be done to eradicate tax evasion all over the Philippines?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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