The Bureau of Internal Revenue (BIR) Commissioner Romeo Lumagui Jr. on Monday confirmed that the agency did not only reach its annual collection goal for the first time in 20 years but was also on track to exceed the level by the billions.
“A surplus of billions is expected to be added to its collection for 2024, after final reconciliation is made by early February 2025. The BIR has a 2024 collection goal of P2.848 trillion, as approved by the DBCC last March 2024,” the BIR said in a statement.
“The BIR will exceed its 2024 DBCC collection Goal by the billions. We are still waiting for the final numbers to be reconciled by early February, but we are certain that we have exceeded our target by the billions,” said Lumagui.
Lumagui reported last week that the BIR reached its 2024 DBCC collection target, ending a 20-year drought for the agency.
The Development Budget Coordination Committee (DBCC) set a collection target of P3.2 trillion for 2025, up by 12.28 percent from P2.848 trillion in 2024.
Since his appointment in 2022, Lumagui focused on his four pillars of good governance which include fearless and aggressive enforcement activities, excellent taxpayer service, integrity and professionalism of the institution and its employees and digitalization.
The agency said that through the programs of good governance, coupled with enforcement activities against ghost receipts and illicit trade of cigarettes and vape products, the BIR has billions in surplus collection for 2024.
This means that the national government will have to borrow less from creditors to maintain its 2025 budget, the agency said.
“The billions in surplus BIR collections for 2024 means that the national government can borrow less money to maintain the 2025 budget. This is a win for the Filipino People, and for future generations of Filipinos who will inherit less national debt than the current generation,” Lumagui said.
