BOC surpasses mid-year revenue target by P22.6-B

MANILA, Philippines– The Bureau of Customs (BOC) announced on Monday that it exceeded its revenue collection target during the first half of 2024, collecting more than P455 billion from January to July.

Based on the BOC’s initial report, the agency accumulated a total of P456.053 billion, surpassing the mid-year benchmark of P442.621 billion.

Compared to last year’s revenue collection, the BOC’s current mid-year total marked a 5.22 percent increase or P22.621 billion.

READ: BOC says it exceeded April target revenue by P3.1B

In June alone, the department gathered P75.159 billion, exceeding the monthly target by 0.92% or P685 million.

Furthermore, notable additional revenue accumulated by the BOC included P1.749 billion from audit findings and voluntary disclosures, P88.818 million from public action earnings from various ports, and P5.706 billion from the Tax Expenditure Fund.

Customs Commissioner Bienvenido Rubio attributed the increase in revenue performance to the combined efforts of the workforce of the Bureau, enhanced valuation methods, and the current transition of digitization and modernization of BOC systems.

“This achievement is a testament to the BOC’s commitment to efficient revenue collection and combating illicit trade activities,” Rubio said.

“Our efforts not only strengthen fiscal stability but also support crucial national development initiatives, including infrastructure projects, education, healthcare, and national security enhancements,” he added. Moss R. Laygo, INQUIRER.net trainee