Overview
- Total tax revenue rose 39.4% year over year to $183.1 trillion pesos, but official analysis notes the lift fades once inflation and 2024 one-offs are considered.
- December collection fell about 3% in real terms according to Nadin Argañaraz, and near zero when excluding foreign-trade taxes, marking a fifth straight real decline.
- VAT collected $61.3 trillion with a 42.5% nominal rise yet showed real stagnation, while Income Tax reached $37 trillion, up 42.2% nominally on higher withholdings and prior regulatory changes but barely matching inflation.
- Social security receipts climbed 59.5% nominally on wage updates and a higher taxable cap, though real gains were limited and did not signal strong formal job growth.
- Export duties posted a sharp real drop, with an estimated 58% year-over-year fall excluding PAIS effects, contrasted with import duties up 75.5% nominally on exchange-rate and volume effects; Personal Assets fell 13.7% nominally after 2024’s REIBP boost vanished.