PHP4.419T gov't revenue in 2024, beats target

The government's total revenue collections for 2024 reached PHP4.419 trillion, surpassing the target of PHP4.270 trillion and marking the highest revenue effort since 1997.

Tax revenues amounted to PHP3.801 trillion, representing 86 percent of total collections, while non-tax revenues surged by 56.61 percent year-on-year to PHP618.3 billion, driven by windfall collections such as public-private partnership (PPP) concession fees and fund transfers from PhilHealth and PDIC.

The Bureau of Internal Revenue (BIR) collected PHP2.852 trillion in tax revenue, a 13.29 percent increase from the previous year, with VAT and personal income tax collections contributing significantly to this growth.

The Bureau of Customs (BOC) collected PHP916.7 billion in taxes, up four percent from the previous year but short of its target due to lower tariffs on certain goods such as rice and selected electric vehicles.

Despite strong revenue performance, expenditures reached PHP5.925 trillion, driven by infrastructure spending and salary adjustments for government employees, leading to a budget deficit of PHP1.506 trillion, an improvement from the previous year.