The Bureau of Customs (BOC) on Tuesday said it surpassed its revenue target in January by 2.16 percent, driven by enhanced collection efforts.
Preliminary data indicated that the agency generated P73.329 billion in revenue for the first month of 2024, above the target collection of P71.779 billion.
The revenue collected in 2024 exceeded the previous year’s figures by P2.738 billion, or 3.88% and last month’s figure also exceeded the P70.6 billion total revenue collection in January 2023.
BOC Commissioner Bienvenido Y. Rubio commended the collection districts for their noteworthy contribution to the overall collection performance of the agency, adding that “the BOC is geared up for intensified efforts in 2024. We are committed to working twice as hard to ensure that we not only meet but exceed our year-end revenue target.”
“This notable increase is attributed to the Bureau’s improved system of determining the customs value of imported goods, strengthened border protection, and concrete trade facilitation efforts,” the official added.
The agency was tasked to collect nearly P1 trillion this year while the Bureau of Internal Revenue has to collect P3.05 trillion to meet the government’s total revenue target of P4.3 trillion.
“The success in revenue collection during the first month of 2024 sets a positive precedent for the year ahead, showcasing the dedication of the BOC in contributing to the economic prosperity of our nation and underscoring the entire Bureau’s steadfast commitment for excellence and fiscal responsibility as strategically aligned with the Bagong Pilipinas campaign of His Excellency, President Ferdinand R. Marcos, Jr.,” Rubio said. With Vito Barcelo