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The Bureau of Customs collected P690.842 billion for the first nine months of the year, slightly short (-0.44%) of the P693.888-billion target for the period
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The January-September revenue collection, however, was 4.61% higher than the P660.338 billion actual collection recorded in the same period last year
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BOC said recent policy changes, particularly lower rice tariff and zero import duties on certain electric vehicles, resulted in revenue loss of P6.089 billion and P2.901 billion, respectively
Bureau of Customs (BOC) collection for the first nine months of the year fell slightly short of the P693.888-billion target by P3.046 billion or 0.44% less.
The P690.842 billion January-September revenue take, however, was 4.61% higher than the actual P660.338-billion collection recorded in the same period last year.
BOC in a statement said recent policy changes, particularly implementation of Executive Order (EO) No. 62 resulted in a revenue loss of P6.089 billion from rice imports.
EO 62, signed on June 20, 2024, modifies various products’ most favored nation (MFN) rates of duty — or the promised taxes imposed on members of the World Trade Organization — from 2024 to 2028 to “augment supply, manage prices, and temper inflationary measures…” The order cut the tariff for rice to 15% from 35%.
READ: Marcos issues EO 62 modifying import tariffs, including on rice
Moreover, BOC said 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, led to an additional revenue loss of P2.901 billion.
Despite these challenges, BOC said it remains optimistic in achieving its revenue goal for the year.
“The BOC will actively work and implement strategic measures to boost revenue collection, including the collection of 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,” BOC said.
This year, the BOC is tasked to collect P959 billion in revenues, 9.7% higher than its 2023 target of P874.166 billion. The 2024 target is also 8.5% more than last year’s P883.624 billion actual collection.
