The Bureau of Customs recorded a 4.61 percent growth on their revenue collection for a period of nine months.
According to BOC data, from January to September 2024, it amassed P690.842 billion in revenue. This reflects a 4.61% growth, or an increase of P30.454 billion, compared to the P660.388 billion collected during the same period last year.
The total collections from January to September fell short by 0.44%, amounting to P3.046 billion less than the DBCC target of P693.888 billion.
Recent policy changes, particularly the implementation of Executive Order (EO) No. 62, which reduced rice tariffs from 35% to 15%, resulted in a revenue loss of P6.089 billion from rice imports.
Moreover, 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 Bureau 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, the BOC said.
Commissioner Bienvenido Rubio 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.”