DOF Reports Record Non-Tax Revenues for 2024

The Department of Finance (DOF) achieved record-high non-tax revenue collections in 2024, bolstering resources to fund key programs aimed at improving the lives of Filipinos.

As of November 2024, non-tax revenues reached PHP 555.3 billion, a 45.6% increase compared to the same period in 2023. Full-year collections are projected to hit PHP 606.6 billion, surpassing the Budget of Expenditures and Sources of Financing (BESF) target by PHP 407.6 billion (204.9%) and the 2023 figure by PHP 211.8 billion (53.6%).

“We need to raise more funds to meet the growing needs of our people,” DOF Secretary Ralph G. Recto said. “On top of tax collections, non-tax revenue sources help us marshal additional resources to equip the government in delivering more and better services in critical areas like healthcare, education, food security, social protection, and national security.”

The DOF attributed the increase to higher dividend contributions from government-owned and -controlled corporations (GOCCs), privatization of government assets, and the collection of unused funds from GOCCs as mandated by Congress.

By December 9, 2024, 52 GOCCs had remitted PHP 136.29 billion in dividends to the Bureau of the Treasury (BTr), surpassing the PHP 100 billion target by 35% compared to last year.

The Privatization Management Office (PMO) generated PHP 4.44 billion as of December, a 129% increase year-on-year. Proceeds included sales, receivables from litigated assets, lease income, and other sources. Notable transactions included the sale of government shares in NLEX Corporation for approximately PHP 2.9 billion.

The government also secured a PHP 30 billion upfront payment from SMC-SAP & Company Consortium for the Public-Private Partnership (PPP) deal to rehabilitate Ninoy Aquino International Airport (NAIA). The agreement is expected to generate PHP 900 billion in revenues over a 15-year concession period, extendable by 10 years.

Further privatization efforts are underway following the Privatization Council’s approval of guidelines on asset disposition. The new rules aim to ensure clarity and transparency in the privatization process for public and private sectors.

The DOF also utilized PHP 167.23 billion in unused funds from GOCCs, including the Philippine Health Insurance Corporation (PhilHealth) and the Philippine Deposit Insurance Corporation (PDIC). These funds supported various initiatives, such as:

• Public Health Emergency Benefits and Allowances for healthcare and non-healthcare workers.
• Medical Assistance to Indigent and Financially Incapacitated Patients.
• Procurement of medical equipment for hospitals and primary care facilities.
• Construction of three Department of Health (DOH) facilities.
• Salary increases for government employees.

Additionally, the funds were used as government counterpart financing for foreign-assisted projects, including the Panay-Guimaras-Negros Island Bridges, the Metro Manila Subway Project, and other infrastructure initiatives across the country.