THE government collected $92.38 million in revenue from Oct. 1, 2001 to March 31, 2002, according to the Department of Finance.
This figure reflects a $12.49 million shortfall in the $104. 864 million projection for fiscal year 2002’s first two quarters, and a 17 percent decline compared to the collection during the same period in fiscal year 2001.
From Oct. 1, 2000 to March 31, 2001, the government collected $112.417 million in revenue.
The revenue collected came from income tax, excise tax, other taxes, liquid fuel tax, beverage container tax, licenses and fees, amusement machines license fees, charges for services, and other “internal resources.”
It also includes collections from the Lottery Commission, the non-resident workers fee fund and the alien deportation fund.
Finance Secretary Frank B. Villanueva, however, said the six-month figure is not a “total indication” of the government’s entire collection for the remaining six months of FY 2002.
“We are still expecting positive results for the rest of the fiscal year,” Villanueva told Variety yesterday.
“After the Sept. 11 incident, there was a significant drop in revenue because of low tourist arrivals and other factors,” Villanueva said.
However, Villanueva said the April and May numbers had shown a significant increase in revenue collection.
Villanueva said the increases were “surprising” and “they indicate that the economy is picking up.”
