Around ₱1.82-trillion collections were received by both Bureau of Internal Revenue and Bureau of Customs from January to September 2020.
Dominguez said the total taxes and customs duties collections in the first nine months of 2020 exceeded the department's estimate of ₱1.68-trillion. But these overall collections are down by 12 percent compared to the same period in 2019.The country is currently recovering from the economic effects of the COVID-19 pandemic which forced massive movement restrictions and widespread closure of businesses.
The national government borrowed an additional ₱450.9-billion on August 2020, an increase of nearly five percent from July and more than a fifth compared to August 2019. The loans for the implementation of COVID-19 related projects came from the Asian Development Bank, World Bank, Asian Infrastructure Investment Bank, Agence Française de Développement, Japan International Cooperation Agency, and the dual-tranche issuance of US dollar-denominated global bonds.