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Philippine Standard Time:
13 June 2024, 03:06 AM

BOC exceeds target anew, collects P70.601 Billion in February 2024

March 5, 2024

The Bureau of Customs (BOC) continued its remarkable revenue collection performance by generating P70.601 billion in revenue in February 2024.

Preliminary reports showed that the bureau has exceeded February 2024 revenue goal by generating a surplus of 6.64% or P4.393 billion over the target of P66.207 billion.

From year-to-date, the BOC’s collection grew by an impressive P10.444 billion, or 7.82% compared to 2023 collection for the same period. This notable increase highlights the BOC’s commitment for excellence and dedication in enhancing its collection performance.

Several factors contributed to the surge in BOC collection, including the agency’s higher assessment rate due to improved system of determining the customs value of imported goods. Through enhanced strategies and technological advancements, the BOC has optimized its procedures and trade facilitation efforts.

Additionally, the BOC has bolstered its border protection and anti-smuggling campaign. Earlier in February, the agency participated in the World Customs Organization Regional Intelligence Liaison Office for Asia and the Pacific, reflecting the bureau’s drive to further strengthen its anti-smuggling capabilities.

During the BOC’s 122nd anniversary, Department of Finance Secretary Ralph G. Recto reiterated the bureau’s mission to meet revenue targets while emphasizing its impact on the Filipino people. He stated, “the BOC’s target to raise one trillion pesos this year is not a mere ledger entry to be submitted to the government. Rather, it will fund a spreadsheet of programs, including the solutions to the problems that you yourselves encounter every day.”

Commissioner Bienvenido Y. Rubio affirmed the BOC’s important role in revenue generation and stated, “we remain committed to our mission of excellence, fiscal responsibility, and service to the Filipino people. As we continue to innovate and adapt to evolving challenges, the BOC is poised to achieve even greater milestones in the future.”

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