{"id":249097,"date":"2020-03-19T06:53:47","date_gmt":"2020-03-19T10:53:47","guid":{"rendered":"https:\/\/canadianinquirer.net\/v1\/?p=249097"},"modified":"2025-01-30T06:45:43","modified_gmt":"2025-01-30T11:45:43","slug":"itr-deadline-extension-wont-impact-govt-spending-dominguez","status":"publish","type":"post","link":"https:\/\/canadianinquirer.net\/v1\/2020\/03\/19\/itr-deadline-extension-wont-impact-govt-spending-dominguez\/","title":{"rendered":"ITR deadline extension won\u2019t impact gov\u2019t spending: Dominguez"},"content":{"rendered":"
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FILE: Finance Secretary Carlos Dominguez III holds a press conference at the Impact Challenger in Nonthaburi, Thailand on November 4, 2019. ALBERT ALCAIN\/PRESIDENTIAL PHOTO<\/figcaption><\/figure>\n
MANILA<\/strong>\u00a0\u2013 The government\u2019s spending plan remains intact despite the decision to delay by a month the deadline of income tax return (ITR) filing and payment to May 15 after Luzon was placed under an enhanced community quarantine.<\/div>\n
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\u201cNo impact,\u201d Finance Secretary Carlos Dominguez III told journalists in a Viber message Thursday.<\/div>\n
<\/div>\n
This year\u2019s expenditure program amounts to PHP4.1 trillion.<\/div>\n
<\/div>\n
Department of Budget and Management (DBM) data show that as of last February 29, about PHP3.172 trillion, or 77.4 percent of this year\u2019s expenditure program, has been released.<\/p>\n
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Of the total funds released, PHP1.917 trillion has been earmarked for the various government agencies and special purpose funds under the national budget; PHP1.235 trillion for automatic appropriations, such as retirement and life insurance premiums, internal revenue allotment, interest payments, and net lending; and PHP19.<\/p>\n
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133 billion for other releases, such as continuing appropriations from last year.<\/div>\n

<\/div>\n
The remaining unreleased funds amount to about PHP927.538 billion, the same data show.<\/div>\n
<\/div>\n
Budget Secretary Wendel Avisado told the Philippine News Agency (PNA) on Wednesday that \u201ceverything is normal\u201d even after Luzon was placed under quarantine.<\/div>\n
<\/div>\n
The quarantine, to last until April 12, aims to contain the further rise in coronavirus disease 2019 (Covid-19) cases by limiting people\u2019s movement outside their homes.<\/div>\n
<\/div>\n
\u201cNothing is disrupted in DBM\u2019s operations. Delays will only happen when requirements are not complied with and submitted on time,\u201d Avisado said.<\/div>\n
<\/div>\n
The Department of Finance on Thursday said the extension of the ITR filing and payment deadline is projected to result in a shortfall in government revenues by about PHP145 billion which, however, may be offset by additional borrowings.<\/div>\n
<\/div>\n
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In a reply to questions from PNA, National Treasurer Rosalia de Leon said the Bureau of the Treasury (BTr) \u201cwill have additional borrowings\u201d to help counter the impact of the ITR filing and payment deadline extension on government finances.<\/div>\n
<\/div>\n
Asked if the borrowings would be sourced locally, such as through the issuance of treasury bond (T-bond), treasury bills (T-bills), or retail bonds, or from external sources through foreign-currency-denominated bonds, de Leon said, \u201cLooking at alternatives.<\/p>\n
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\u201d\u00a0<\/strong><\/em><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

MANILA\u00a0\u2013 The government\u2019s spending plan remains intact despite the decision to delay by a month the deadline of income tax …<\/p>\n","protected":false},"author":44,"featured_media":236572,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[19],"tags":[],"class_list":["post-249097","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","mauthors-joann-villanueva","mauthors-philippine-news-agency"],"_links":{"self":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/249097","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/users\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/comments?post=249097"}],"version-history":[{"count":2,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/249097\/revisions"}],"predecessor-version":[{"id":286977,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/249097\/revisions\/286977"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media\/236572"}],"wp:attachment":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media?parent=249097"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/categories?post=249097"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/tags?post=249097"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}