BIR Exceeds 2024 Revenue Target, Celebrates Historic Milestone with Focus on Taxpayer Service

The Bureau of Internal Revenue (BIR) has achieved a historic milestone, surpassing its 2024 revenue target set by the Development Budget Coordination Committee (DBCC). BIR Commissioner Romeo D. Lumagui, Jr. confirmed that the agency has collected at least P2.848 trillion, with final figures expected to be confirmed by mid-February.

This marks the first time in two decades that the BIR has exceeded its revenue goal, excluding 2020 when the target was adjusted due to the global pandemic. The accomplishment is particularly noteworthy given the slower-than-expected economic growth, with the Philippine GDP expanding by only 5.2% in the third quarter of 2024, down from 6.4% in the previous quarter and 6% in the same period last year.

Lumagui emphasized that this achievement underscores the BIR’s ongoing commitment to improving taxpayer service and efficiency. “Our focus remains on delivering taxpayer-oriented services while ensuring the sustainability of our revenue generation efforts,” he said.

Excluding 2020 when the target was adjusted due to the global pandemic—this is the first time in twenty years that the BIR surpassed its revenue goal. Moreover, this success comes despite the Philippine economy’s Gross Domestic Product (GDP) growing at a slower-than-expected rate of 5.2% in the third quarter of 2024, down from 6.4% in the previous quarter and 6% in the same period the previous year.

“The BIR has collected at least Php 2.848 trillion for 2024, and all credit goes to the hardworking men and women of the agency. Mabuhay po kayong lahat!” Lumagui expressed.

The Commissioner attributed this success to the agency’s focus on good governance reforms and a shift toward a taxpayer-oriented approach, which has enhanced voluntary tax compliance. “When government agencies enhance their processes and services, citizens are more willing to do their part and pay their fair share of taxes,” he added.