September 09, 2013

Tax effort hits 13.58% of GDP, Forex reserves hit 4-month high at $83.2B

The country’s tax effort or total tax revenues as a percentage of gross domestic product (GDP) rose to 13.58 percent in the first half of the year from 13.3 percent in the same period last year.

Tax collections of the BIR reached P593.71 million in the first six months of the year, up nine percent from a year ago.

The country’s foreign exchange reserves reached a four-month high of $83.2 billion in August, ensuring that the country has a sufficient buffer to keep the economy afloat in case of a potential shortage of income from abroad.

Bangko Sentral ng Pilipinas (BSP) data released Friday showed that the gross international reserves (GIR) were enough to cover at least a year of the country’s imports and eight times the total external debt maturing in 12 months or less. - WealthSec