The August tax collection rate was 4.46 percent higher than expected, according to data released on Friday by the Bureau of Internal Revenue.

The agency exceeded its monthly objective of P219.172 billion by collecting P228.938 billion (net of tax refund), according to a statement from the BIR.

The organization reported that this month's collection was up 23.03 percent over August 2021.

According to the report, the BIR's overall collection from January to August totaled P1.559 trillion, up 12.25 percent over the same time previous year.

Economic managers have stated that digitizing collection and other governmental operations could aid in improving collection, which could then increase funds to support, among other things, social programs and infrastructure improvements.

Due to its limited financial resources, the government must step up its efforts to generate cash in order to provide services to the public.

Earlier, President Ferdinand Bongbong Marcos Jr. stated that one of the goals of his economic plan is to lower the debt-to-GDP ratio.