BOC exceeds revenues goal for 3rd straight month
The Bureau of Customs (BOC) surpassed its monthly revenue target for the third consecutive month in March, despite pressure from the Middle East war.
BOC collections rose 5.1 percent year-on-year to P84.4 billion, exceeding BOC’s internal target of P83.2 billion by 1.4 percent.
“Aligned with the direction of Finance Secretary Frederick D. Go, the BOC continues to advance reforms anchored on digitalization, transparency and ease of doing business,” BOC said in a statement on Wednesday.
“Secretary Go has underscored the importance of efficient revenue collection and institutional integrity to sustain economic growth and ensure that government resources are maximized for public benefit,” it added.
From January to March, the BOC generated P238.9 billion in revenue, equivalent to about 23.8 percent of its P1.003-trillion target for the year.
Last February, both Go and BOC Commissioner Ariel Nepomuceno expressed confidence that the country’s second-largest revenue source could finally hit its target on the back of reforms and renewed leadership.
However, the energy shock from the Middle East war is putting new pressure on revenues, particularly as excise taxes on fuel are expected to be suspended this April.
President Marcos recently signed Republic Act No. 12316, allowing him to suspend or reduce fuel excise taxes if the average Dubai crude oil price reaches or exceeds $80 per barrel for one month.
In 2025, Nepomuceno said excise taxes on petroleum products had yielded P220 billion to P260 billion.
But with the Middle East war, he said BOC may need to explore “creative” nontraditional revenue sources to offset the looming shortfall.
Excise rates currently stand at P6 per liter for diesel and P10 per liter for unleaded gasoline, liquefied petroleum gas and other petroleum products.
