The Covid-19 pandemic has not only prompted a global health emergency, but also caused severe global economic stress. In response, the government has implemented various measures and programs to manage its impact. To execute and sustain them, the government had to reallocate some funds and source loans from various financial institutions, including the Asian Development Bank and World Bank.
Meanwhile, the Bureau of Internal Revenue (BIR) plans to maximize its revenue collection while limiting contact with taxpayers by reducing the number of audit investigations and encouraging taxpayers to pay their taxes through its Voluntary Assessment and Payment Program (VAPP).