Philippines collects nine percent more tax than expected in February

The Philippines' main tax agency collected around 9 percent more tax than expected in February, as the government pushes ahead with efforts to fight tax evasion in a bid to shore up its finances.
The Philippines, one of the prolific global bond issuers among emerging economies, has been repeatedly told by international credit rating agencies to improve chronically weak tax revenue so it can cut debt levels and win an investment-grade sovereign rating.
The Bureau of Internal Revenue (BIR), which accounts for two-thirds of total government revenue, said on Thursday it collected 68.69 billion pesos ($1.6 billion), up 28.6 percent from a year earlier, against its February target of 63.13 billion pesos.