Government achieves record non-tax revenues in 2024

The Department of Finance (DOF) announced a record-breaking performance in non-tax revenue collections, reaching PHP555.30 billion by the end of November 2024, marking a 45.6-percent increase compared to the same period last year. This performance has enabled the department to surpass its revenue targets and significantly contribute to funding vital programs under the Marcos administration.

Non-tax revenue projections for the full year are estimated to total PHP606.6 billion, the highest in Philippine history. This figure exceeds the Budget of Expenditures and Sources of Financing (BESF) target by PHP407.6 billion, or 204.9 percent above expectations. The 2024 total also represents a PHP211.80 billion, or 53.6 percent, increase over the previous year.

Finance Secretary Ralph Recto emphasized that the rise in non-tax revenues is crucial for meeting the growing needs of Filipinos. The additional funds will support key sectors such as healthcare, education, food security, social protection, and national security, ensuring the government’s ability to deliver more and better services.

A significant portion of the increase was driven by higher dividend contributions from government-owned and controlled corporations (GOCCs), which saw their remittance share rise from 50 percent to 75 percent. As of December 9, 52 GOCCs had remitted PHP136.29 billion in dividends, surpassing the PHP100 billion target.

Privatization efforts also played a key role, with the DOF collecting PHP4.44 billion from the Privatization Management Office (PMO) by December, a 129 percent increase from the previous year. Notable transactions included the sale of government shares in the NLEX Corporation for PHP2.9 billion and a PHP30 billion upfront payment from the SMC-SAP & Company Consortium for the rehabilitation of Ninoy Aquino International Airport (NAIA).

The DOF also allocated excess and unused GOCC funds to support vital public services. These funds, totaling PHP167.23 billion, were used to finance healthcare benefits, medical assistance programs, infrastructure projects, and salary increases for government workers.