Manila: The Bureau of Internal Revenue's (BIR) collection has reached at least PHP2.84 trillion in 2024, surpassing its target for the first time in 20 years. "The BIR has collected at least PHP2.848 trillion for 2024. All credit belongs to the men and women of the BIR. Mabuhay po kayong lahat!" BIR Commissioner Romeo Lumagui Jr. stated on Wednesday.

According to Philippines News Agency, the achievement is attributed to the BIR's commitment to good governance reforms and a shift towards a taxpayer-oriented approach. This change has encouraged increased voluntary compliance from taxpayers. Commissioner Lumagui emphasized that improvements in government services, processes, and programs encourage citizens to fulfill their tax obligations properly.

The Development Budget Coordination Committee (DBCC) had set a PHP2.848 trillion revenue collection target for the BIR in 2024. Although the BIR met its collection target in 2020, it was significantly lowered at the time due to the economic impact of the pandemic. The achievement in 2024 marks the first instance in two decades where the full collection target has been met.

Commissioner Lumagui also assured continued collaboration with the private sector and taxpayers. He acknowledged their crucial role in reaching the PHP2.848 trillion target, expressing gratitude for their unwavering support in nation-building efforts.