DOF doubles non-tax revenue target to P400 billion

MANILA, Philippines — The Department of Finance (DOF) is targeting to collect about P400 billion in non-tax revenues this year to hit overall fiscal targets and boost state coffers.

During the post-State of the Nation Address briefing yesterday, Finance Secretary Ralph Recto doubled the non-tax revenue target to P400 billion for 2024.

Non-tax revenues are fees collected in relation to direct services of government agencies to the public and those arising from its regulatory and investment activities.

These are proceeds from the income of the Bureau of the Treasury, privatization and other fees and charges, among others.

Data showed that non-tax revenues reached P316.52 billion in the first semester. Last year, non-tax revenues totaled to P394.16 billion.

“We are on track to hit our fiscal targets for the entire year which is at P4.2 trillion,” Recto said.

“We have collected half of the amount and a portion of that came from non-tax revenues from GOCC (government-owned and controlled corporations) dividends,” he said.

Latest data from the DOF showed that GOCC collections from January to July 15 hit P95.54 billion, 52 percent higher than the P63.02 billion in the same period last year.

Land Bank of the Philippines topped the list of contributing GOCCs with P32.1 billion. It was followed by the Bangko Sentral ng Pilipinas with P13.2 billion and the Philippine Deposit Insurance Corp. with P10.7 billion.

The Philippine Ports Authority remitted P5.1 billion while the Philippine Amusement and Gaming Corp. contributed P4.6 billion.

Other top GOCCs include the Manila International Airport Authority, Subic Bay Metropolitan Authority, Philippine Charity Sweepstakes Office, Philippine National Oil Company and the National Transmission Corp.

During his SONA, President Marcos said the Philippine financial system remains robust and resilient, along with efficient tax and non-tax revenue collection.

In particular, he said GOCCs have been exceeding their target dividend remittances to the national government since 2022.

“We have collected half of the amount and a portion of that came from non-tax revenues from GOCC (government-owned and controlled corporations) dividends.”