Lumagui: $400M ADB Loan Approval is a Vote of Confidence in BIR’s Digitalization Program

Bureau of Internal Revenue Commissioner Romeo D. Lumagui Jr. is committed to pursuing the digitalization plans of the BIR together with Asian Development Bank. The ADB has just approved a $ 400 Million loan to help the efforts of the Philippines and the BIR to modernize tax administration, systems, and processes.

“The BIR commits to pursuing the digitalization and modernization of its services. We commit to being a service-oriented agency. We thank the ADB for being a partner in nation-building.”, Commissioner Lumagui stated.

In its press release, ADB specifically mentioned the Digital Transformation Initiative of the BIR.

“Among the reforms pursued by the government in line with the DRM program is the Digital Transformation Initiative of the Bureau of Internal Revenue. The project aims to modernize key taxpayers’ services, including online tax registration, return filing, and payment. This can potentially increase the ratio of actual tax revenues to tax potential, from 75% in 2020 to at least 85% by 2026.”, ADB stated in its press release dated November 14, 2023.

ADB aims to foster economic growth and co-operation in the region of Asia and the Far East and to contribute to the acceleration of the process of economic development of the developing member countries in the region, collectively and individually.