Import volumes down 3.9% in November — BoC
THE BUREAU of Customs (BoC) said import volumes fell 3.9% in November, while collections in the first 11 months reached P859.85 billion.
Customs Commissioner Ariel F. Nepomuceno told BusinessWorld that import volumes amounted to 9.6 billion kilograms (kg) during the month, which encompassed the period when rice imports were banned.
“Foregone revenue due to the rice import ban and the decline in volume affected BoC collections. It’s good that collections still increased compared to the same period in 2024 because of the ongoing programs in collection efficiency and reforms,” he said last week.
Collections amounted to P75.22 billion in November, up 3.8% from a year earlier, but 5.95% short of target, he said.
“As of Nov. 30, BoC is at P859.851 billion, which is 89.7% of the P958.713 billion emerging target for 2025,” he said.
Mr. Nepomuceno has said that he is not giving up on the P958.7-billion full-year revenue goal.
“From July 1, 2025 when me and my team started to lead, until Nov. 30, BoC improved collections year-on-year despite the lower import volume and the rice import ban. Volume decreased but revenues increased,” Mr. Nepomuceno said.
He earlier warned that foregone revenue from the rice import freeze, expected to last until mid-January, could top P6 billion.
The temporary ban, which began on Sept. 1, was extended until Dec. 31, which President Ferdinand R. Marcos, Jr. said was intended to provide relief for farmers during the harvest. — Aubrey Rose A. Inosante
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