The Bureau of Internal Revenue (BIR) and the Bureau of Customs (BOC) are projected to meet their 2024 revenue targets, according to Finance Secretary Ralph Recto. The government plans to increase revenue collection in 2025, with the BIR and BOC playing crucial roles.
Finance Secretary Ralph Recto expressed confidence that both the Bureau of Internal Revenue ( BIR ) and the Bureau of Customs ( BOC ) are likely to achieve their 2024 revenue targets. He commended the agencies for their performance last year, stating that preliminary figures indicate a total revenue of P4.41 trillion for 2024, with taxes contributing P3.78 trillion and non-tax revenue s reaching P625.96 billion. Recto highlighted that the BIR is expected to surpass its P2.
85-trillion target, with collections already at 'at least' P2.848 trillion, while the BOC is on track to achieve its P930-billion goal, having collected P916.6 billion so far.Recto emphasized that 2024 was a successful year for both agencies, marking the highest revenue-to-gross domestic product (GDP) ratio in 27 years at 16.5 percent. He attributed this success to the robust growth of both the BIR and BOC, with the BIR experiencing double-digit growth and the BOC also performing well.Looking ahead to 2025, the government aims to collect P4.64 trillion in revenues. The BIR is tasked with collecting P3.2 trillion, while the BOC is expected to contribute P1.06 trillion. Recto expressed confidence that the BOC can achieve double-digit growth next year, posing the main challenge. However, he assured that the government is prepared to address any potential shortfalls through non-tax revenues and other privatization proceeds. To ensure revenue collection, the government will continue its policy of maintaining a 75 percent dividend rate from government-owned and -controlled corporations, a measure implemented last year to increase revenues without raising taxes
Economy Philippines Revenue BIR BOC Finance Secretary Ralph Recto Tax Collection Non-Tax Revenue Economic Performance Dividends
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