BusinessWorld
May 21, 2021 | 7:18 pm
BW FILE PHOTO
The share of tax collections in the country’s economic output rose to a record first quarterl level of 14.41% in January to March, according to the Department of Finance (DoF), a sign of improved economic activity amid a coronavirus pandemic.
State tax revenue went up by 0.44 percentage point during the quarter from a year earlier, the agency said in a bulletin.
The DoF traced the improvement to fiscal reforms under the government of President Rodrigo R. Duterte.
“These reforms made the country one of the few emerging economies to maintain investment grade rating and avoid a credit rating downgrade which would have pushed up interest rates and delayed nascent economic recovery,” it added.