The Bureau of Customs (BOC) recorded a preliminary actual collection performance of PhP784.54 billion from January to October 2024. This amount marks a robust 6% increase compared to the same period last year, resulting in an additional PhP44.445 billion over the PhP740.095 billion collected in 2023.

The cumulative collection from January to October 2024 exceeded the Development Budget Coordination Committee’s target of PhP779.990 billion by 0.6%, achieving a surplus of PhP4.550 billion based on the actual collection performance of the Collection Districts.

Meanwhile, for October 2024 alone, BOC collected PhP89.502 billion, surpassing its target of PhP86.102 billion by 3.9%, or PhP3.400 billion.

This growth underscores the BOC’s dedication in ensuring accurate duty and tax collections through rigorous verification of imported goods’ values and classifications. It also reflects contributions from the value-added tax refund program and the strict fuel marking initiative. Additionally, PhP3.35 billion was collected from tax credit certificates, significantly boosting overall revenue. Enhanced partnerships with other government agencies played a key role, as well as streamlining procedures and supporting secure trade facilitation.

BOC Commissioner Bienvenido Y. Rubio stated, “We are resolute with our commitment in strengthening our collection capabilities and promoting fiscal growth. Our efforts are directed toward driving sustainable development and advancing our nation’s economic resilience.”

###