Philippines Sees Highest Tax Revenue in Over 20 Years

 

President Ferdinand Marcos Jr. announced on Tuesday that the Bureau of Internal Revenue (BIR) achieved its highest revenue collection in over 20 years, with nearly P3 trillion collected in 2024. This marks a significant increase from the P2.52 trillion collected in 2023, as the BIR's total for 2024 reached over P2.85 trillion.

This record revenue allows for substantial investments in public infrastructure, enabling the construction of approximately 1.14 million new schools, the connection of over 190,000 kilometers of roads, and the establishment of more than 167,000 rural health facilities. Marcos emphasized the importance of timely tax payments from citizens, stating that each contribution plays a vital role in nation-building.

The BIR's enhanced tax collection efforts have resulted in nearly 75,000 new businesses registering, bringing the total number of registered taxpayers to nearly 5.7 million. The agency has also intensified its compliance checks, inspecting over 307,000 establishments and recovering P257 million through these efforts.

Marcos praised the BIR's initiatives against tax fraud, particularly the Run After Fake Transactions (RAFT) program, which has led to significant recoveries amounting to P4.33 billion in 2024—up from P617.95 million in the previous year. Additionally, crackdowns on the illicit trade of products like cigarettes and vapes contributed to a revenue boost of P110.33 million.

In conclusion, Marcos reiterated his administration's commitment to holding tax evaders accountable and urged the public to contribute to the country's development through responsible tax payments.