Fellow workers in the government and friends in the media: magandang umaga po sa inyong lahat.

Thank you, everyone, for joining us in today’s press conference–my very first one as Finance Secretary.

Please allow me to thank as well BIR Commissioner Romeo Lumagui, Jr. and BOC Commissioner Bienvenido Rubio for the very insightful briefings yesterday and earlier today.

I am delighted to be serving alongside hardworking and dedicated public servants, as demonstrated by their long list of achievements in 2023.

Upon my appointment as Finance Secretary, the President gave clear orders. I must steer the nation towards sustained growth by meeting our fiscal and developmental targets. I must ensure that the government has the necessary funds needed for our social and infrastructure programs.

The task alone of collecting more revenues to fund our people’s growing needs and sustain growth is monumental. Yet, it becomes even more complex as we grapple with ongoing challenges.

The Philippine economy is still regaining momentum from the onslaught of the pandemic. External risks have escalated due to growing geopolitical tensions and trade restrictions, leading to disruptions in the global supply chain. This has caused high inflation rate, which is the most urgent concern for Filipinos.

In the immediate term, inflation has to be tamed decisively and kept at bay. Ensuring that prices of goods remain stable and affordable is crucial to further grow the economy, consequently enabling us to boost revenue collection.

The BIR and BOC will be front and center in our game plan for fiscal sustainability.

This year alone, we need to generate 4.3 trillion pesos in revenues and borrow 2.4 trillion pesos to fuel economic growth. This will not be a walk in the park.

Recognizing the current economic challenges, we must not rely solely on imposing new or additional taxes. We must also concentrate on optimizing the BIR and the BOC’s performance through creativity, transparency, and efficiency in tax and customs administration.

With this, I strongly urge the BIR and BOC to work together as a team in ensuring the ease of paying taxes and eliminating trade barriers that severely impact our supply chains.

The BIR must expedite the implementation of the Ease of Paying Taxes Act. It must deliver on its promise of prompt, efficient, and excellent taxpayer service, ensuring that taxpayers receive value for their contributions.

The BIR must also aggressively run after tax cheats and bring action against them in court. This administration will intensify its campaign for tax compliance in a fair manner that favors no one.

The BOC, for its part, must channel all efforts towards significantly enhancing trade facilitation and strengthening border control to curb smuggling.

In particular, we are working with the office of Secretary Frederick Go on implementing an integrated system for pre-border verification and invoicing to reduce smuggling and misdeclarations.

The BOC should do everything in its power to shore up our defenses from the infiltration of illegal drugs, substandard products, and other harmful commodities.

To ensure the utmost efficiency in revenue generation, both the BIR and the BOC must safeguard the integrity of their operations by putting an end to corruption.

In addition, digitalization is key to achieving a truly modern and more effective governance. I urge both the BIR and the BOC to accelerate their digital transformation programs and embrace constant innovation. By continuously improving the way we do things, we will better serve our nation.

Rest assured, the DOF stands as the BIR and BOC’s staunch partner every step of the way. We will act fast on proposals and projects to enhance tax and customs administration while pushing forward more initiatives that will help grow the economy to broaden the tax base.

I look forward to working closely with all of you in our collective mission to serve and shape a better future for the Filipino people. At ‘yan ang layunin ng Bagong Pilipinas.

This said, we are now ready to answer questions from the press. Maraming salamat po.