China imports to PH down 62%, BoC sees huge drop

Shipments from China to the Philippines decreased by 62.15% in the first half of February due to lower production and deliveries amid the coronavirus pandemic.

Finance Secretary Carlos Dominguez III said this decline will impact Bureau of Customs (BOC) revenues, but expects other markets to compensate for the shortfall.

The BoC reported a 50% year-on-year drop in trade volume during the first half of February, which Assistant Commissioner Vincent Philip Maronilla described as 'huge' and detrimental to BOC collections.