DOF denies imposition of new taxes

The Department of Finance (DOF) on Tuesday denied reports alleging the imposition of new taxes, noting that the government's fiscal position remains robust, according to a report by Philippine News Agency.

In a statement, Finance Secretary Ralph Recto said the government is properly managing its finances, ensuring that public needs are met without burdening the citizenry with new taxes.

“Strategic measures were prepared to ensure fiscal sustainability and provide necessary buffers amid rising global economic uncertainty due to political tensions, prolonged higher interest rates, and unpredictable trade policies. But given our current strong fiscal performance, these are not needed at this time,” he said.

Recto highlighted the double-digit growth of tax collections in the first quarter of the year, which he said reaffirms the country’s fiscal stability.

For the first quarter of 2025, total tax collections increased by 13.55 percent to PHP931.5 billion.

“At this point, current revenues are more than sufficient to support our expenditure requirements. We are meeting our obligations, funding key programs, and growing the economy without having to impose new taxes on our kababayan,” Recto said.

“We are also decisively managing our deficit level, while maintaining a sustainable debt trajectory aligned with our Medium-Term Fiscal Framework."

To sustain this momentum, the DOF will ensure the successful implementation of critical measures that would retain and attract more investments and generate more revenues for the government, such as the CREATE MORE Act; the Ease of Paying Taxes Act; the amendments to the Foreign Investment Act, the Retail Trade Liberalization Act, and the Public Service Act; and the Public-Private Partnership Code, among other measures.

The DOF also vowed to explore and strengthen non-tax revenue sources to meet the revenue targets set out in the Budget of Expenditures and Sources of Financing.

Recto, meanwhile, cautioned the public against disinformation, particularly with the national elections less than three weeks away.

“Disinformation tends to proliferate during the elections, especially online. With regard to fiscal policy such as taxes, we encourage the public to be more discerning, to verify information on social media, and to rely on statements from official government channels," he said.