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Customs fuel marking program hits P1 trillion in collections

Business

Customs fuel marking program hits P1 trillion in collections

The Philippines' Fuel Marking Program (FMP) has generated P1.028 trillion in taxes since its launch five years ago, Swiss-owned technology company SICPA reported on Tuesday, Nov. 26.

As of November 2024, the program, a partnership between the Bureau of Customs (BOC), SGS Philippines Inc., and SICPA, has marked 89.35 billion liters of fuel. This milestone reflects the program's ongoing success in ensuring compliance and boosting revenue collection.

In 2024 alone, the program has collected P204.18 billion in revenue. The BOC emphasized the program's significant role in enhancing fuel integrity and ensuring compliance.

Launched in 2019, the FMP aims to curb oil smuggling and strengthen revenue collection to fund infrastructure projects and social investments nationwide.

The BOC attributed the program's success to the strong partnership between the agencies involved. This collaboration has resulted in 84 apprehensions and 21 fuel smuggling cases filed, including one conviction for illegal fuel trading.

"With continued efforts to enhance enforcement, BOC, SGS, and SICPA remain committed to combating fuel smuggling and ensuring fair tax collection across the country," the BOC stated.

On November 26, BOC, SGS Philippines Inc., and SICPA SA held a briefing to review the program's status and reinforce their ongoing cooperation.

Related Tags

Bureau of Customs (BoC) FUEL MARKING PROGRAM

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