Legislators suggested the passing of further tax legislation to raise P120.5 billion more in '24.

The remaining tax reform packages of the Duterte administration, according to Finance Secretary Benjamin Diokno, are essential to achieving the economic objectives of the Marcos era. Revenues are predicted to reach P3.73 trillion in 2023 and increase to P6.62 trillion in 2028 based on the budgetary plan of the current administration.

According to projections based on the adoption of new tax revenue initiatives like Package 4 and excise taxes on alcohol and single-use plastics as well as additional reforms, the Philippines is predicted to generate P120.5 billion in additional revenues in 2024.

“These will further increase to P152.2 billion or equivalent to 0.5 percent of GDP in 2025 with the enactment of the motor vehicles road user’s tax and further to P183.2 billion pesos or 0.6 percent of GDP in 2026,” said Diokno during his presentation before the Senate Committee on Finance, chaired by Senator Juan Edgardo “Sonny” Angara.

The Medium Term Fiscal Framework is being implemented by the Philippine government in order to lower the debt-to-GDP ratio, lower the deficit-to-GDP ratio, and sustain infrastructure investment. To meet these goals, the Department of Finance is enhancing tax administration.

With estimated expenditures of P5.23 trillion in 2023 and P7.77 trillion in 2028, the budget deficit is predicted to decline from 6.1% of GDP in 2023 to 3% in 2028. Government spending has decreased, which contributed to Q2's weaker GDP growth.