The Bureau of Customs (BOC) collected P690.842 billion from January to September 2024, up by 4.61 percent from the same period last year.
The agency said, however, the nine-month collection fell short by 0.44 percent, or P3.046 billion of the Development Budget Coordination Committee (DBCC) target of P693.888 billion.
Recent policy changes, particularly the implementation of Executive Order (EO) No. 62, which reduced rice tariff from 35 percent to 15 percent, resulted in a revenue loss of P6.089 billion from rice imports.
EO 62 expanded the zero-import duties under EO 12 to include battery electric vehicles (BEVs), hybrid electric vehicles (HEVs), plug-in HEVs and specific parts and components, leading to an additional revenue loss of P2.901 billion.
Despite these challenges, the BOC said it remains optimistic in achieving its revenue goal for the year. The BOC said it would actively work and implement strategic measures to boost revenue collection, including non-traditional revenues such as post-entry audit and auction.
These efforts are aimed at not only recovering lost revenues but also positioning the bureau for sustainable financial growth in the future, it said.
“Our commitment to transparency and efficiency in customs operations empowers us to build a stronger economy for all Filipinos. Together, we are not just collecting taxes; we are investing in the future of our nation,” BOC commissioner Bienvenido Rubio said.
