While the Department of Finance (DOF) expects both the Bureau of Internal Revenue (BIR) and the Bureau of Customs (BOC) to meet their revenue targets in 2025, the BOC faces a greater challenge due to reduced tariffs on rice and electric vehicles. The BOC aims to collect P1.064 trillion in 2025, a 13.22% increase from 2024, but has already fallen short of its 2024 target. Despite this, the BOC is confident in its ability to meet the target through a combination of strategies, including focusing on other industries and non-traditional revenue sources.
WHILE the Department of Finance expects the Bureau of Internal Revenue to hit its revenue target in 2025, meeting the double-digit growth in collection target might be a challenge for the Bureau of Customs .
Meanwhile, the BOC will also face a 13.22-percent increase in its tax collection goal, raising P1.064 trillion in 2025 from P939.694 billion in 2024. Preliminary figures from the DOF showed the BOC has collected P916.600 billion in 2024, about P20 billion short of its goal. The BOC would also rely on the country’s economic managers on what industries and economic activities the Bureau should look after to meet the P1.064-trillion goal, Maronilla added.
Lumagui noted that the amount is still tentative as the figures are still being reconciled. The final figures will released in the first week of February.
FINANCE REVENUE CUSTOMS TARIFFS ECONOMIC GROWTH
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