PH Appoints BIR Chief Mendoza, Crypto Tax Reporting by 2028
President Ferdinand Marcos Jr has appointed Finance Undersecretary Charlito Mendoza as the new Bureau of Internal Revenue (BIR) Commissioner. Mendoza previously led the Philippine delegation at the 8th Asia Initiative Meeting, committing to adopt the Crypto-Asset Reporting Framework (CARF) by 2028. CARF mandates the automatic exchange of crypto tax reporting data to curb cross-border tax evasion. Finance Secretary Ralph Recto estimates Filipino crypto holdings at ₱6 trillion and emphasizes the need for stronger collaboration to ensure fair taxation and prevent illicit financial activity. As BIR Commissioner, Mendoza faces a full-year revenue target of ₱3.219 trillion, with ₱897 billion needed by year-end. He has noted potential shortfalls in tax revenues but plans to offset them with non-tax income.
Neutral
The news signals regulatory clarity rather than immediate policy shifts. In the short term, the appointment of a new BIR chief and commitment to CARF by 2028 is unlikely to trigger market volatility as the reporting framework is years away. Historically, similar OECD-driven tax reporting standards have had limited impact on crypto prices. In the long term, enhanced transparency and global data exchange can improve institutional participation but may also increase compliance costs, balancing out price pressures. Overall, the market outlook remains neutral.