page_title: Fiscal policy of the Philippines
section_title: Revenues and Funding
hierarchical_section_title: Fiscal policy of the Philippines / Revenues and Funding
caption_attribution_description: English: A graph showing the Philippines' sources of revenue from 2001-2010
context_page_description: Fiscal policy refers to the "measures employed by governments to stabilize the economy, specifically by manipulating the levels and allocations of taxes and government expenditures. Fiscal measures are frequently used in tandem with monetary policy to achieve certain goals." In the Philippines, this is characterized by continuous and increasing levels of debt and budget deficits, though there have been improvements in the last few years.
  The Philippine government's main source of revenue are taxes, with some non-tax revenue also being collected. To finance fiscal deficit and debt, the Philippines relies on both domestic and external sources.
  Fiscal policy during the Marcos administration was primarily focused on indirect tax collection and on government spending on economic services and infrastructure development. The first Aquino administration inherited a large fiscal deficit from the previous administration, but managed to reduce fiscal imbalance and improve tax collection through the introduction of the 1986 Tax Reform Program and the value added tax.
context_section_description: The Philippine government generates revenues mainly through personal and income tax collection, but a small portion of non-tax revenue is also collected through fees and licenses, privatization proceeds and income from other government operations and state-owned enterprises.
caption: A comparative graph of Tax and Non-Tax Revenue contribution from 2001–2010[4]
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