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The Bureau of Customs 2025 collection target has been jacked up to P1.06 trillion, 12.8% higher than this year’s revenue collection target of P939.6 billion
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From January to October 2024, BOC has already collected P784.54 billion, 83.5% of the full year target
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The Bureau of Internal Revenue is assigned to collect P3.2 trillion in 2025, 12.3% higher than this year’s target of P2.85 trillion
The Bureau of Customs (BOC) 2025 collection target has been jacked up to P1.06 trillion, 12.8% higher than this year’s revenue collection target of P939.6 billion.
From January to October 2024, BOC has already collected P784.54 billion, 83.5% of the full year target.
READ: BOC exceeds Oct collection target by 3.9%
BOC has been surpassing its monthly collection targets this year, except in August due to the implementation of various policy changes this year, particularly the reduced rice tariff and zero duties on electric vehicles.
The policy changes also affected the January-September 2024 collection, which resulted in being 0.44% short of the target, but the P784.54 billion collection for January to October still saw a 0.6% increase from the P779.990 billion target for the period.
BOC’s sister agency, Bureau of Internal Revenue (BIR), is also given a double-digit increase in its collection target next year, assigned to collect P3.2 trillion in 2025, 12.3% higher than this year’s target of P2.85 trillion.
From January to September 2024, BIR already collected P2.08 trillion.
Both BOC and BIR’s target collections for next year are “challenging,” Finance Secretary Ralph Recto was quoted as saying.
Passage of priority tax measures, such as imposition of excise tax on single-use plastics, Package 4 of the Comprehensive Tax Reform Program, the rationalization of the mining fiscal regime, and the Reform on the Motor Vehicle Users’ Charge, are seen to help achieve the higher collection targets.
The Development Budget Coordination Committee in its latest review of the medium-term macroeconomic assumptions and fiscal program this month said it expects government’s revenue collection to hit P4.383 trillion (16.5% of GDP) by the end of the year.
On average, revenue collections are expected to remain at 16.5% of GDP from 2025 to 2028, reaching P6.250 trillion (17% of GDP) by the end of the current administration.
