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Monday, July 15, 2024

Customs surpassed collection target for five straight months

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The Bureau of Customs (BOC) said Tuesday it exceeded its revenue collection target for a fifth month this year.

Preliminary reports indicated that the BOC collected P81.75 billion in May, exceeding its revenue goal of P79.621 billion by 2.68 percent.

This achievement marked a significant improvement from P77.926 billion the agency collected in May 2023, reflecting a growth of 4.911 percent.

It said that from January to May, the BOC’s cumulative collection reached P381.347 billion, exceeding the target of P366.047 billion.

This year’s overall collection demonstrated a 6.13-percent increase, equivalent to P22.039 billion, compared to the same period in 2023.

The BOC credited the sustained revenue collection performance to continuous monitoring of the values and classifications of imported commodities to ensure accurate duty and tax collection.

Non-traditional sources, like audits and public auctions, also boosted revenue collection. Intensified border control and improved trade facilitation further contributed to consistent revenue efficiency.

These efforts not only increase tax collection, but also deter smuggling and illegal activities, leading to higher revenue collection, the BOC said.

It said the revenues play a crucial role in developing vital infrastructure projects, improving educational facilities, enhancing healthcare services and strengthening national security measures, ultimately fostering a conducive environment for sustainable economic growth and prosperity for all Filipinos.

BOC Commissioner Bienvenido Rubio expressed gratitude for the dedication and hard work of the BOC personnel, attributing the success to their efforts in implementing effective strategies and measures to ensure efficient revenue collection.

“Guided by President Ferdinand Marcos, Jr., the BOC remains steadfast in its commitment of enhancing revenue collection and contributing to the economic growth of the country. We are proud of this achievement and will continue to work tirelessly to maintain this positive momentum,” Rubio said.

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