TC performs both administrative and quasi-judicial functions, as follows:
- Adjudicate cases on the application of trade remedies against imports;
- Study the impact of tariff policies and programs on national competitiveness and consumer welfare;
- Administer the Philippine tariff schedules and tariff nomenclatures;
- Issue Advance Rulings and Dispute Rulings on the tariff classification of goods;
- Provide the President and Congress with trade policy guidance on tariff and non-tariff measures affecting Philippine industries and exports;
- Furnish concerned government agencies with tariff commodity classification and heading number for customs and other related purposes;
- Review and make recommendations on the consistency of trade agreements; (i.e., in force and for negotiation) with national policy objectives; and
- Conduct public consultations and public hearings pursuant to its functions.
The TC is an attached agency of the National Economic and Development Authority.