San Miguel Food and Beverage, Inc. (SMFB) on Wednesday, Aug. 5, reported that consolidated revenues declined by 19 percent to P122.82 billion in the first half, reflecting the impact of lockdowns caused by the Covid-19 pandemic.
The pandemic had prompted the BIR to extend the deadlines for the filing and payment of income and other taxes to next month.
Covid-19 has shown its impact in the government revenue target as the Department of Finance (DOF) reported that its collections for the first quarter of the year fell short by P156 billion.