Manila: Bureau of Internal Revenue (BIR) Commissioner Romeo Lumagui Jr. announced that the agency is on track to achieve its revenue collection target for this year. He noted that a revision to the target might be considered, taking into account the country's economic performance.

According to Philippines News Agency, Lumagui shared that the BIR is diligently working to meet the revenue collection target set at PHP3.2 trillion. During the Kapihan sa Manila Bay event on Wednesday, he revealed that the agency is on track to achieve this target, with collections reaching PHP1.1 trillion in the first four months of the year, marking a 14.50 percent increase compared to the same period last year.

Lumagui mentioned that a revision to this year's target is possible due to the actual gross domestic product (GDP) growth. Discussions are ongoing about potential recalibration of the collection target, as the GDP growth is not aligning with earlier projections. Economic managers had set a growth target of 6 to 8 percent for the year, but the economy only grew by 5.4 percent in the first quarter.

Despite the ongoing discussions, Lumagui confirmed that the current collection target remains at PHP3.2 trillion. To enhance future collections, the BIR plans to implement a digital track and trace system for cigarettes, vapes, and alcohol next year. This system will involve QR codes and stamps to identify registered products, aiding both the BIR and consumers in determining product legitimacy.

The digital track and trace initiative will be a public-private partnership project, requiring approval from the Department of Economy, Planning, and Development. The feasibility study for this project is currently with the Department of Finance for approval, with hopes for full implementation by next year.