Despite the growth, the nine-month collection this year fell P3.046 billion short of the P693.888-billion target for the period set by the Development Budget Coordination Committee (DBCC).
Key policy changes contributed to this shortfall, including the implementation of Executive Order (EO) No. 62, which slashed rice import tariffs from 35 percent to 15 percent, the agency said in a statement. The rice tariff cut, it said, resulted in a revenue loss of P6.089 billion.
Also, EO 62 expanded the zero-import duty coverage under EO 12 to include battery electric vehicles (BEVs), hybrid electric vehicles (HEVs), plug-in HEVs, and their parts, causing additional revenue loss of over P2.9 billion.
In response to these challenges, the BOC said it is ramping up efforts to meet its annual revenue target. The agency is focusing on non-traditional revenue streams, such as post-entry audits and auctions, to recover lost income and ensure sustainable financial growth.
Customs Commissioner Bienvenido Y. Rubio reaffirmed the agency's dedication to transparent and efficient customs operations, emphasizing that their work is not only about tax collection but also about contributing to the nation's economic future.
