IN PHOTOS: Finance Secretary Ralph G. Recto convened officials from the Bureau of Internal Revenue Philippines (BIR) and the Bureau of Customs PH (BOC) to assess the agencies’ revenue collection performance and strategize on areas where the Department of Finance (DOF) can offer support.

With the majority of consumers shifting to the e-commerce market, Secretary Recto emphasized the need for enhanced digitalization efforts and aligning practices with countries with advanced tax collection systems such as South Korea, Singapore, and Japan.

To streamline taxpayer records and improve tax collection efficiency, Secretary Recto, along with the BIR and BOC, are scheduled to meet with the Securities and Exchange Commission Philippines (SEC) and the Bureau of Local Government Finance (BLGF) to establish a comprehensive data-sharing agreement.

Preliminary data as of the end of April 2024 showed that the BIR has already collected PHP 912.9 billion, a 16.3% increase from the same period last year. Meanwhile, the BOC collections grew by 6.3% during the said period, reaching PHP 295.2 billion.

The total revenue collection target for 2024 is expected to reach PHP 4.3 trillion. The bulk of the tax revenues amounting to PHP 3.05 trillion will be generated by the BIR, while the BOC is expected to collect PHP 1 trillion. The remainder will come from non-tax revenues.

Present during the meeting were BIR Commissioner Romeo Lumagui, Jr., BOC Commissioner Bienvenido Rubio, and their respective senior officials. The meeting was also attended by DOF Undersecretaries Maria Luwalhati C. Dorotan-Tiuseco, Charlito Martin R. Mendoza, Domini S. Velasquez, and Rolando G. Tungpalan; and DOF Assistant Secretaries Gerald Alan A. Quebral, Dakila Elteen M. Napao, and Karlo Fermin S. Adriano.