MANILA, Philippines — The government is set to meet its target revenue collections as it accumulated around P4.4 trillion in 2024.
Both the Bureau of Customs (BOC) and the Bureau of Internal Revenue (BIR) were also able to meet their respective 2024 targets,
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As of January 16, preliminary numbers from the Department of Finance showed that revenues reached around P4,408,408,000,000.
This exceeded the Development Budget Coordination Committee's (DBCC) target of P4.38 trillion. Likewise, the DBCC set the BIR's target at P2.848 trillion.
“The DBCC set the collection target at P2.848 trillion. Now, it is…although it is tentative since we are reconciling these figures and it will become final in the first month of February. But just now, it is certain that the BIR collected around P2.86 trillion,” BIR Commissioner Romeo Lumagui Jr. said in Filipino during a public briefing on Monday.
The DOF's tentative data also showed that the BOC collected P916.6 billion.
The BOC was initially tasked with collecting around P1 trillion by the DBCC.
“Let me commend both the BIR and the BOC for more or less hitting their targets last year. I think we had the highest collection last year,” DOF Secretary Ralph Recto said in a media interview.
The DOF chief said the government achieved a 16.5% revenue-to-GDP ratio, the highest in 27 years.
“I expect the BIR also to hit the targets for 2025. The challenge will be a little more for BOC because we increased their target for next year. So we want them to grow double-digit also for next year,” Recto added.
Other government offices were able to collect P 32,388,000,000 while other non-tax revenues amounted to P 625,959,000,000.