New finance chief Recto sets revenue goals
New Finance Secretary Ralph Recto said Friday his first goal would be to collect P4.3 trillion in taxes for 2024.
Speaking to reporters, Recto said: ''Number one is to collect for next year, I think, P4.3 trillion in taxes-P3 trlllion with the BIR, P 1 trillion with the BOC, and I think the treasury is about P300 billion.''
He said the country will be borrowing P2.7 trillion.
Recto said the finance department should collect ''more or less P20 billion to fund all the needs of our people and the requirements of government and to make sure that money is spent wisely because we have to stretch every peso, including acting faster on investment.''
Asked if he will impose new taxes, Recto said: ''There are already existing revenue measures that the House has passed and the President certified as urgent. We will make sure that the Senate will be able to pass the same.''
Recto and Frederick Go, the special assistant to the president on investments and economic affairs, took their oaths of office before President Ferdinand Marcos on Friday.
Recto replaced Benjamin Diokno as finance secretary. Diokno was appointed by Marcos to become a member of the Monetary Board. DMS
