The Bureau of Internal Revenue raked in ₱455.45 billion in the three-month period, while the Bureau of Customs collected ₱145.51 billion, the DOF said in a press release.
On March 16, the government declared a lockdown on the entire Luzon to curb the spread of COVID-19. The quarantine period was set to end on April 12 but was extended until April 30 as the number of coronavirus infections continued to increase. A one percent contraction in the economy, on the other hand, is expected to result in a revenue decline of ₱318 billion for the year, the DBCC estimates also indicate."The original revenue collection goal set by the DBCC for the two main collection agencies was a combined ₱3.307 trillion for 2020. The BIR was tasked to collect ₱2.576 trillion of that target, while the BOC was to collect ₱731 billion," said the Finance Department.