The Bureau of Customs (BOC) fell short of its revenue goal for May by 2.1%, attributing the shortfall to lower import volumes and the suspension of excise taxes on kerosene and liquefied petroleum gas (LPG). In a statement, the BOC reported collecting P80.7 billion last month, marking the first time it missed its target this year.
The decline in imports reflects a broader economic slowdown, while the tax suspension on kerosene and LPG, aimed at easing consumer costs, further reduced revenues. The BOC remains optimistic about meeting its annual target but faces headwinds from global trade uncertainties and domestic demand shifts.