BIR to meet 2000 revenue target

DAVAO CITY - The government's revenue target of P397 billion this year will surely be met with the country now on a firm growth path, Bureau of Internal Revenue (BIR) Commissioner Dakila Fonacier said yesterday.

He pointed out that various economic indicators, including the gross domestic product, all increased during the first quarter of the year.

"These things, which are hard solid evidence of growth, will also correspondingly result in high collection figures," Fonacier said.

He noted that the BIR has already surpassed its goal for the first quarter. The agency, he said, collected P82 billion during the first quarter of 2000, or 12 percent higher than the P72 billion collected during the same period last year.

Fonacier said another positive indicator was the increase in the sales of beer and liquor products in the rural areas which went up by 20 and 25 percent, respectively, in the first quarter.

A 248-percent profit was also recorded in the sale of cigarettes, Fonacier added.

"Car sales, particularly Asian utility vehicles, went up by 29 percent, while Manila Electric Co. posted an increase of 11 percent in sales for the first three months this year," he said.

Another indicator in the first quarter, according to Fonacier, was the increase in the manufacturing output by 11.8 percent in terms of value, and by 26 percent in terms of sale.

Fonacier also expressed confidence that protests against the Estrada administration would not drive foreign investors away.

"Investors do not only look at the political aspect. They also scrutinize the economic aspect, and that is why we believe that the impression of the International Monetary Fund on the economic performance of the country would really matter," he explained.

He said the IMF team, that has been here for the past two weeks reviewing the country's economic performance, was impressed with the BIR's revenue performance.

Fonacier arrived here yesterday to discuss tax payments with members of the Filipino-Chinese Chamber of Commerce and Industry.