MANILA - The Philippines' main tax agency hopes to hit its collection target this year with the economy expected to grow faster in the second half, the head of the agency said on Monday.

The Bureau of Internal Revenue (BIR), accounting for about two-thirds of total government collections, has set a revenue target of P798.5 billion ($16.6 billion) this year.

"Yes, we are hopeful," Sixto Esquivias, BIR chief told reporters when asked about whether the agency could reach its target this year.

Last June, BIR overshot its revenue target, earning P56 billion or P3 billion more than its P53-billion collection goal. The June figure was also P1.9 billion higher than the P54.1 billion the agency generated in the same month last year.

BIR deputy commissioner Nelson Aspe attributed the strong performance to their "Oplan Kandado" program, which seeks to penalize businesses that do not pay the right amount of taxes. -abs-cbnNEWS.com, with Reuters