Consecutive slumps of the peso, coupled with the resumption of rice imports, have propelled Bureau of Customs (BOC) revenue in January, with a ₱500-million surplus already recorded and collections seen exceeding target by up to ₱4 billion for the month.

“According to the latest figures, we’re still up by around ₱500 million, but we expect it to grow. For the month of January alone, we’re targeting a surplus of about ₱3 billion to ₱4 billion,” BOC Assistant Commissioner Vincent Philip C. Maronilla told reporters on the sidelines of the Bureau of Internal Revenue’s (BIR) event.

As early as January, Maronilla said he is confident about hitting the full-year revenue collection target of ₱1 trillion, provided the current trend continues. To achieve this target, the government should be able to rake in at least ₱83.3 billion per month, assuming collections are evenly distributed across all months of the year.

He noted that the agency's emerging revenue collection in January already exceeds its ₱79.3 billion in the same month in 2025, hinting at a promising start to the year.

Maronilla explained that the Customs benefits when the United States (US) dollar strengthens because the country’s imports are priced in dollars, “so a higher exchange rate works in our favor.”

Meanwhile, he expects the local currency to rebound, as the bureau quietly works behind the scenes to cushion BOC collections.

He expressed confidence in President Ferdinand Marcos Jr. and his economic team, saying they are “on point in predicting that the peso will perform better” in the coming weeks and months. Recent slumps had pushed the peso to a record low in mid-January, driven by a mix of domestic and global pressures.

On estimate, a one-peso drop translates to around ₱1 billion in added revenue, Maronilla said.

While the peso weakness contributed to a windfall in January, the situation is expected to shift in the near term.

To recall, the BOC increased its collections by 8.1 percent in January 2025 from ₱73.4 billion in the same month in 2024. Yet it fell short of its 2025 target of ₱958.7 billion, collecting only ₱934.4 billion due to weaker imports, the rice import ban, and global price jitters.

Maronilla affirmed that the estimated ₱3 billion in revenue lost due to the rice import ban could now represent a monthly revenue boost this year, following the lifting of the suspension on January 1, 2026.

Asked about restoring the rice tariff rate from the current 15 percent back to 35 percent, Maronilla said the matter needs to be consulted with the Department of Agriculture (DA).

While higher tariffs could bolster Customs’ revenue, he stressed that the impact on consumers must also be considered. The final decision, he said, will be made collectively by the government, noting that the technical expertise on whether to restore tariff rates to their original level belongs to the DA.

Other nontraditional revenue streams, including the auction of luxury cars seized from the Discaya family and government officials allegedly involved in the flood control graft, are also expected to offset any potential revenue losses.

He noted the appeal of the auctions: two Bugattis valued at at least ₱300 million combined, and a single Ferrari estimated at around ₱200 million. The BOC plans to hold auctions every two weeks, with proceeds turning over to government coffers to fund public programs.