ADB loans PH $400 million to boost tax collection

ABS-CBN News

<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img alt="The Asian Development Bank (ADB) in Ortigas City on June 17, 2021 Jonathan Cellona, ABS-CBN News/File" src="https://sa.kapamilya.com/absnews/abscbnnews/media/2023/news/04/04/adb.jpg"/><figcaption>The Asian Development Bank (ADB) in Ortigas City on June 17, 2021.<em> Jonathan Cellona, ABS-CBN News/File</em></figcaption></figure></div><p>MANILA -- The Asian Development Bank (ADB) is loaning the Philippines $400 million to boost tax collection.</p><p>In a statement, the ADB said the Domestic Resource Mobilization (DRM) Program Subprogram 1 helps the Philippines improve tax compliance, reduce tax avoidance, and raise more revenues from activities and products that have a major impact on the environment or contribute to climate change.</p><p>Under the DRM Program, the Philippines hopes to modernize the Bureau of Internal Revenue (BIR) by offering services like online tax registration, return filing, and payment. </p><p>This can potentially increase the ratio of actual tax revenues to tax potential, from 75 percent in 2020 to at least 85 percent by 2026, the ADB said.</p><p>The Philippines wants to raise its tax-to-gross domestic product (GDP) ratio from 15 percent in 2020 to at least 15.9 percent by 2026, according to the Philippine Development Plan 2023-2028.</p><p>The country’s Asia-Pacific neighbors have a tax-to-GDP ratio of 17.6 percent, ADB noted.</p><p>Earlier this year, the ADB also loaned the Philippines $303 million loan to upgrade and construct <a href="https://news.abs-cbn.com/business/09/13/23/adb-approves-303-million-loan-for-ph-flood-control">flood protection</a> infrastructure in 3 major river basins, and another $300 million to boost <a href="https://news.abs-cbn.com/business/10/05/23/ph-borrows-p17-b-from-adb-for-financial-inclusion">financial inclusion</a>.</p><div><strong>RELATED STORY:</strong></div><figure class="op-interactive"><iframe height="315" src="https://www.youtube.com/embed/7QwZW7nTFp0?enablejsapi=1" width="560"></iframe></figure><div class="iwantbar">Watch more News on <a href="https://www.iwanttfc.com/#!/browse/Genres/News/tag_id_genres/id_news" target="_blank">iWantTFC</a></div>

The Asian Development Bank (ADB) is loaning the Philippines $400 million to boost tax collection. 

ADB loans PH $400 million to boost tax collection | ABS-CBN

Halalan 2025

Entertainment

News

Metro.Style

Sports

More

Traffic

Horoscope

Business

ADB loans PH $400 million to boost tax collection

ADB loans PH $400 million to boost tax collection

ABS-CBN News

Published Nov 14, 2023 04:48 PM PHT

Read More:

ADB

Asian Development Bank

loan

tax collection

BIR

ABS-CBN is the leading media and entertainment company in the Philippines, offering quality content across TV, radio, digital, and film. Committed to public service and promoting Filipino values, ABS-CBN continues to inspire and connect audiences worldwide.

Corporate

Investors

Governance

International Distribution

Corporate

Governance

Investors

International Distribution

NPC Seal of Registration

Privacy Policy

AI Policy

Terms of Service

Advertise with Us

© 2025 ABS-CBN Corporation. All Rights Reserved.

NPC Seal of Registration

Privacy Policy

Terms of Service

AI Policy

Advertise with Us

© 2025 ABS-CBN Corporation. All Rights Reserved.

NPC Seal of Registration

Privacy Policy

Terms of Service

AI Policy

Advertise with Us

© 2025 ABS-CBN Corporation. All Rights Reserved.