FINANCE Secretary Ralph Recto assured that public that they will implement new taxes so as to meet their revenue target for this year.

Recto said that they will focus on improving the collection efficiency of the Bureau of Internal Revenue (BIR) and the Bureau of Customs (BOC).

The finance chief acknowledged that in order to reach the P4.3 trillion revenue target for this year, it will be work but "is not a walk in the park."

They said that the bulk of the tax revenues amounting to P3.05 trillion will be generated by the BIR.

The BOC is expected to collect close to P1 trillion.

Meanwhile, some P300 billion is expected to come from the Bureau of the Treasury.

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"Recognizing the current economic challenges, we must not rely solely on imposing new or additional taxes," he said.

"As to imposing new taxes, frankly speaking, there are no plans of imposing additional new taxes. I think our first job is to collect what is on the table and that's why we are planning with the BIR and the Customs Commissioner to improve its efficiency. How do we collect more from the current taxes imposed in the tax code," he added.

The finance chief said that while he supports several tax reforms earlier proposed by former Finance Secretary Benjamin Diokno, the DOF is currently "refining" some of these proposals.