WebClick Tracer

March 01, 2024

Although hampered by a pandemic, main collection arms post above-target 2021 revenues

The main collection arms of government posted collection rates exceeding their respective targets in 2021, the Department of Finance said on Thursday.

The performance of the Bureau of Internal Revenue (BIR) and the Bureau of Customs (BOC) last year proved 1.26 percent beyond the target to a combined collection of P2.698 trillion.

Revenue operations told Finance Secretary Carlos G. Dominguez that the BIR alone collected P2.086 trillion last year, which was 0.25 percent higher than the P2.081 target set by the interagency Development Budget Coordination Committee (DBCC).

This was also nearly 7 percent more that its collection in 2020 which totaled only P1.951 trillion.

As for the BOC, it collected P645.77 billion last year or markedly higher than the DBCC-set target of P616.75 billion for the period.

This translates to collections averaging P11.02 billion daily for the collection agencies instead of the P10.88 billion daily collection expected of them, Dominguez said.


Security Bank posts net income of PHP9.1 billion in 2023

Security Bank Corporation (PSE: SECB) posted net income of PHP9.1 billion in 2023. Total revenues grew 8% year-on-year to PHP43.0 billion. Net interest income increased 19% to PHP34.7 billion. Net interest margin for the full year was 4.49%, higher compared to 4.23% in 2022. Total non-interest income was at PHP8.2 billion. Service charges, fees and commissions grew 15% to PHP6.1 billion, led by increase in fees from credit cards, remittances (which include Instapay fees) and bancassurance.

Read More ...