Manila: The revenue goals of the Bureau of Internal Revenue (BIR) and the Bureau of Customs (BOC) were revised following the Development Budget Coordination Committee's (DBCC) decision to adjust the country's growth and fiscal targets.

According to Philippines News Agency, data from the Department of Finance (DOF) on Thursday showed that the BIR is now tasked to collect PHP3.393 trillion this year, a decrease from the earlier PHP3.43 trillion target. Conversely, the collection target of the BOC has been adjusted upward to PHP1.011 trillion from the previous PHP1.003 trillion.

The overall tax revenue target was revised downward to PHP4.441 trillion from PHP4.474 trillion. However, non-tax revenue is projected to increase to PHP380.3 billion from the earlier estimate of PHP365.1 billion. Total revenue collections are expected to reach PHP4.81 trillion this year.

The DBCC stated on Wednesday that the government recalibrated the fiscal targets to ensure strategic, growth-supportive fiscal consolidation. "These revised targets underscore our commitment to sustaining the government's crisis response while supporting recovery and long-term economic resilience," the DBCC said.

The DBCC also emphasized that revenue collections will be supported by the full implementation of tax policy reforms. These include the value-added tax on Digital Services Act, the CREATE More law, the Capital Markets Efficiency Promotion Act, and the new Mining Fiscal Regime, along with continued improvements in tax administration, digitalization, and enforcement.