NextGen Day

📰 MANILA – Finance Secretary Benjamin Diokno announced that the national government’s revenue collections for the year’s first half have already reached PHP1.9 trillion, marking a significant increase. Speaking at the post-State of the Nation Address (SONA) event at the Philippine International Convention Center (PICC) in Pasay City on Tuesday, Diokno revealed that the revenue collections from January to June were higher by PHP133 billion or 7.7 percent year on year. Tax collections grew 7.5 percent, while non-tax collections also rose by 9.1 percent.

“Our stellar performance resulted from higher economic activity and efficiency gains from the digital transformation of our revenue agencies,” said Diokno. He highlighted that the digitalization efforts of the Bureau of Internal Revenue and the Bureau of Customs have played a crucial role in maximizing the government’s revenue potential, simplifying taxpayer compliance, and improving the overall ease of business.

Under the medium-term fiscal program, the government is projecting revenues to reach PHP3.73 trillion this year. The projection is expected to increase to PHP4.20 trillion in 2024, PHP4.69 trillion in 2025, PHP5.25 trillion in 2026, PHP5.89 trillion in 2027, and PHP6.62 trillion in 2028.

“Sustaining robust revenue collection requires a simpler, fairer, and more efficient tax system, reinforced by a combination of tax policy and tax administration measures,” Diokno emphasized.

BIR Commissioner Romeo Lumagui Jr. expressed optimism that the Bureau of Internal Revenue (BIR) would achieve its revenue collection target for the year. “We are very hopeful that we will meet our collection target, especially with all the programs we initiated. We laid down the programs we want to implement in the bureau,” Lumagui stated during the post-SONA event.

The BIR aims to collect PHP2.6 trillion for the current year. Lumagui highlighted the bureau’s focus areas, which include the intensification of enforcement activities, improved taxpayer service, emphasis on integrity and professionalism, and further digitalization efforts.

He added that enhancing services would increase revenue collection, demonstrating the government’s commitment to fiscal stability and economic progress. 💼📈

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