Revenue from marked fuel tops P378B

February 28, 2022

1 Less than a minute

PHILSTAR

TAXES collected from marked fuel products amounted to P378.35 billion as of last week, counting back to 2019 when the program started, the Department of Finance said.

The volume of marked fuel exceeded 37 billion liters dating to Sept. 4, 2019, Finance Secretary Carlos G. Dominguez III said in a Viber message.

As of Feb. 24, revenue collected included P348.54 billion in Customs duties, along with P29.81 billion in excise tax.

Almost three-quarters of the fuel was marked in Luzon, with more than a fifth in Mindanao and 5% in the Visayas.

Diesel accounted for more than 60% of the total, while gasoline had a 39% share. Kerosene accounted for the remainder.

The program seeks to deter fuel smuggling by injecting a special dye into the products to signify tax compliance. The absence of the dye is an indication the fuel was smuggled.

In 2021, the Bureau of Customs (BoC) collected nearly P166 billion in duties from the fuel marking program.

The BoC last year marked over 17 billion liters of gasoline, diesel, and kerosene.

In total, Customs collections in 2021 hit P645.77 billion, or 20% higher than the previous year and 4.7% above the bureau’s target as international trade rebounded after the pandemic-driven economic downturn. — Jenina P. Ibañez