Business World is reporting that the Bureau of Internal Revenue announced that it has exceeded its collection goal for October 2010. It was only 1.62 percent better than expected.
This was reported to the Senate Finance committee. BIR collected PHP63.56 billion, or 1 million more than expected.
The bureau though is still behind the target of 700 billion pesos. Revenue stands at PHP670 billion.
BIR is not expected to meet PHP860.4 billion goal for the year.