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Philippine Standard Time:
23 June 2024, 23:39 PM

BOC exceeds June revenue collection, surpasses mid-year target by over PHP 13 billion

July 4, 2023

The Bureau of Customs collected P74.861 billion in duties and taxes in June, exceeding by P140 million its assigned target of 74.721 billion for the month.

Based on the report from the Bureau of Treasury, the BOC’s June collection brought the agency’s total collections from January to June to P434.169 billion which is higher by P13.505 billion or 3.21% more than the P420.66 billion assigned revenue target.

The figure reflects a P37.434 billion growth compared to the previous year.
The increase in revenue was achieved despite the challenges in importation volume, which is negative 2.8% this year for high-value commodities.

Furthermore, although the volume of Oil increased by 9.9% this year as compared last year, the revenue from said commodity declined due to decreasing value of oil in the world market (from as high as $1.1 per liter in June 2022 to just $ 0.63 per liter average this month.

BOC’s unrelenting drive against smuggling of all forms significantly contributed to its collection performance. Likewise, the anti-smuggling efforts resulted in the seizure of shipments with aggregate estimated value of P23.8 billion this year. Of these, P15.54 billion are from seizures of counterfeit goods, P2.90 billion are from seizures of agricultural products, and P1.85 billion from seizures of cigarettes/tobacco, among others.

The Bureau has posted significant gains this year. Aside from exceeding its monthly collection targets, a record-breaking daily collection of P7.510, which is the highest collection in BOC history, was recorded this year on April 28, 2023, under the watch of Commissioner Bienvenido Rubio.

Commissioner Rubio thanked the employees of the bureau for their unwavering dedication and hard work that led to this remarkable achievement.

The Commissioner continues to encourage all BOC offices and Collection Districts to maintain the Bureau’s exceptional performance throughout the year by utilizing the BOC’s modernization programs and enhanced reform initiatives aligned with President Ferdinand Marcos Jr.’s 8-point Socioeconomic Program.#

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