Unemployment slightly up at 4.3% in Dec. ‘22 BIR’s P2.6-T collection goal achievable, authorities say

Finance authorities are optimistic about the achievement of the Bureau of Internal Revenue’s (BIR) PHP2.6 trillion revenues this year given the continued recovery of the domestic economy.

In an interview after the BIR’s Tax Campaign kickoff at the Philippine International Convention Center (PICC) in Pasay City on Tuesday, Finance Secretary Benjamin Diokno said banking on the economy for the continued growth of government revenues is called “tax elasticity”.

“The stronger the economy, the higher the revenues,” he said.

The BIR exceeded its PHP2.1-trillion revenue goal in 2022 by more than PHP500 billion and authorities traced this to the continued reopening of the economy that boosted its recovery.

Meanwhile, asked if the government will continue to implement subsidy programs vis-à-vis another rise in domestic inflation rate last January to a new 14-year high to 8.7 percent, Diokno said it will depend on the situation, noting that the drivers of inflation’s acceleration this time is food supply and not oil prices anymore.

MoreFilipino workers were jobless in December, but fewer workers were underemployed, according to the preliminary data released on Wednesday by the Philippine Statistics Authority.

“We will design a program that will address that,” he said, adding that the national budget has provisions for this purpose.

In an interview by journalists after the event, BIR Commissioner Romeo Lumagui Jr. said the continued improvement of the agency’s digitalization program and other services are expected to help boost collections this year.

He said the agency “will provide excellent taxpayers’ service, (and) focus on providing convenience

The unemployment rate settled at 4.3 percent in December, equivalent to 2.22 million jobless Filipinos. December’s figure is slightly higher compared to the 2.18 million or 4.2 percent rate in November 2022, the PSA said.

December 2022’s jobless rate was the second lowest since 2005, the PSA said, trailing only the November 2022 figure. It was also much lower than the unemployment rate in December 2021 which was at 6.6 percent.

Underemployment, meanwhile, eased to 12.6 percent, equivalent to 6.2 million Filipinos seeking more jobs or job hours. December’s underemployment rate was better than the 14.4 percent or 7.16 million seen in the previous month, data showed.

The overall employment rate in the country is also slightly lower in December at 95.7 percent or 49 million compared to No- vember’s 95.8 percent rate or 49.71 million Filipinos, the PSA said.

MANUFACTURING LOSSES, AGRI GAINS Around 585,000 jobs were lost in manufacturing in December, the PSA said.

Other subsectors which saw large drops in the number of employed persons from November to December were:

Wholesale and retail trade, repair of motor vehi-