Bureau of Internal Revenue (BIR) Commissioner Romeo D. Lumagui Jr. confirmed that the agency has reached its 2024 collection goal set by the Development Budget Coordination Committee (DBCC) and will exceed it by billions.
This marks the first time in 20 years that the agency has surpassed its DBCC target. A surplus of billions of pesos is expected, with final reconciliations to be completed by early February 2025.
The DBCC approved the BIR’s 2024 collection goal of PHP 2.848 trillion in March 2024.
“The BIR will exceed its 2024 DBCC collection goal by the billions,” Lumagui said. “We are still waiting for the final numbers to be reconciled by early February, but we are certain that we have exceeded our target.”
Last week, Lumagui announced that the agency had officially met its 2024 target. Since his appointment in 2022, he has focused on implementing his Four Pillars of Good Governance: fearless and aggressive enforcement activities, excellent taxpayer service, integrity and professionalism among employees, and digitalization.
Programs under Lumagui’s leadership, including crackdowns on ghost receipts and the illicit trade of cigarettes and vape products, have contributed to the surplus in collections for 2024.
This achievement means the national government will need to borrow less to fund its 2025 budget.
“The billions in surplus BIR collections for 2024 mean the national government can borrow less money to maintain the 2025 budget,” Lumagui said. “This is a win for the Filipino people and for future generations, who will inherit less national debt than the current generation.”
